This episode features Molly Gamble, Vice President of Editorial at Becker’s Healthcare. Here, she discusses how the state of the economy is impacting major health systems after a challenging 2022.
Summary
The Impact of the Economy on Major Health Systems
Introduction
With the economy facing challenges due to the Covid-19 pandemic, a major impact has been seen on health systems across the United States. In this episode, Molly Gamble, Vice President of Editorial at Becker’s Healthcare, shares insights on the challenges faced by hospitals and the steps they are taking to combat them.
Decreased Patient Volumes and Revenue
Hospitals have been struggling with decreased patient volumes, lower emergency department visits, and fewer discharges, resulting in decreased revenue. To overcome this, hospitals are reducing their reliance on contract labor and increasing their focus on outpatient care. However, experts warn that these measures may not be enough to make up for the loss.
The Proposal to Repeal the ACA's Medicaid Expansion
There is a proposal to repeal the Affordable Care Act's (ACA) Medicaid expansion, which could have a big impact on hospitals. The Medicaid expansion helped millions of Americans gain health insurance, but it also led to increased costs for hospitals, particularly in rural areas. Molly emphasizes the importance of Medicaid expansion in helping rural hospitals and the need to allocate more money to hospitals and health systems.
President Biden's Budget Proposal for Rural Hospitals
President Biden has proposed a budget to help rural hospitals facing financial challenges due to the pandemic. The budget includes investments in infrastructure, workforce development, and expanding access to care. Molly highlights the importance of this budget, particularly for rural hospitals that have been struggling with financial challenges even before the pandemic.
Conclusion
The impact of the pandemic on the economy has been significant, leading to challenges for major health systems across the United States. Hospitals are taking measures to combat decreased revenue, such as reducing reliance on contract labor and focusing on outpatient care. However, more investment is needed to overcome these challenges, particularly for rural hospitals. President Biden's budget proposal is a step in the right direction, but more needs to be done to ensure the sustainability of health systems across the country.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 03/01/2023 and can be listened here.