Slow Financial Recovery

Many hospitals are struggling to get back on solid financial ground post-COVID. Billions of dollars were lost during the pandemic due to things like: ● Having to cancel more lucrative services and surgeries to prepare for COVID surges, ● The current inability to reopen floors due to nursing and other hospital staff shortages, ● Drug inventory shortages and pricing issues as well as time spent trying to find other products and substitutes. ● A “new normal” of simultaneous cases of COVID, flu, and RSV in addition to the ebbs and flows of flu season.

An analysis presented by Kaufman, Hall & Associates, LLC was released by the American Hospital Association in the fall of 2022, showing the financial challenges that hospitals and healthcare systems are facing. With expenses rising for everything from supplies and equipment to drugs and labor, “all categories are projected to remain approximately 20-25% above pre-pandemic levels, with drug and supplies increasing the most.”

The trends are expected to continue into 2023, but in order to address these financial challenges hospital pharmacy leaders must be focused on recovering patient volumes and revenues by honing their efficiency in purchasing, inventory, and other important areas. Manage costs and improving margins will help with financial recovery as well as instilling confidence in healthcare so that patients are more likely to return to hospitals for services.

Source: https://www.completerx.com/blog/current-issues-facing-hospital-pharmacies/