Financial

New Jersey hospitals a microcosm of potential COVID-19 financial impact

COVID-19 continues to have deep and lingering financial impacts on hospitals in New Jersey. A mid-year analysis of financial data shows nearly 60% of the state’s hospitals in the red and an average statewide operating margin of negative 4%.

The effects have been profound, and serve as a potential microcosm of the continuing impact of the coronavirus on hospital operating margins nationwide.

The decline in the state is the result of a dual blow of declining revenues and rising expenses, according to the report from the Center for Health Analytics, Research and Transformation at the New Jersey Hospital Association. Officials said the state’s hospitals haven’t experienced this level of fiscal distress in more than 20 years.

In fact, the last time margins sunk so deeply into the red was in the late 1990s. At that time, the Balanced Budget Act of 1997 resulted in significant payment cuts to the state’s

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Hospital, health system financial leaders want automation tools for revenue cycle management

A greater part of main economic officers and income cycle leaders at hospitals and wellness techniques throughout the U.S. feel automation tools must be developed precisely for healthcare income cycle management, according to a study commissioned by Alpha Wellness.

About 92% of respondents explained it was possibly essential or very essential for automation tools to be crafted to help income cycle management.

The study was set jointly by Alpha Wellness, which created automation tools for healthcare income cycle management. It was done by way of the Health care Money Management Association’s Pulse Study software from mid-May to mid-June of this 12 months. More than 580 CFOs and income cycle leaders participated in the study.

Regardless of no matter whether the respondent represented a clinic or wellness procedure or how considerably income it produced, the greater part of respondents really feel it is essential for automation tools to be developed for

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