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In
response to the outbreak of novel COVID-19 pandemic, the health care system and
hospitals are facing several issues. The comparable statistics are available to
gauge the individual impact on health care services. Overall, healthcare
systems are experiencing varying levels of rising infection rates and strain.
The COVID-19 pandemic posed significant challenges for the economy of countries
suffering from it. The health care expenditure per capita for Australia, United
Kingdom, New Zealand, United Kingdom, Germany, United States and Canada are
$5,612, $4,015, $2,332, $4,924, $10,612, and $4,491 respectively
Considering
the financial impact, the National Association of ACOs (NAACOS) analyzed the
statistics and identified that the pandemic causes medicare cost between $38.5
billion and $115.4 billion in the coming year. The analysis highlighted issues
and hardships that healthcare organizations are facing such as patient
spending, ACOs, and burden on the plans. NAACOs analysis measured that 2 per
cent of all the Medicare beneficiaries have potential new cost range from $7.7
billion to $23.1 billion. The spending is increased by 6 to 18 per cent due to
COVID-19
Another
major issue the psychological impact of an outbreak in the health care workers.
The psychological depression, anxiety, distress, and stress examined by the
health care workers are becoming a major issue in the medical industry. Tan et
al. (2020) used questionnaire from the health care workers and 14.5%
participants were screened for anxiety and stress, 89% for depression, 6.6% for
stress, and 7.7% for clinical concerns
The
health care service providers and hospitals are experiencing a clear reduction
in-person clinic visits due to social distances and the major effect is on the
bottom line that halts the elective procedures and surgeries due to outbreak of
novel COVID-19. The revenues of hospitals are historically higher as from
surgeries and elective procedures as compared to the intensive care units and
emergency rooms. On average, hospitals are facing a loss of $3000 per COVID-19
patient due to resource intensity and the length of stay. Government and
responsible departments are stimulating the funds to increase the reimbursement
of COVID-19 and hospitals are expected to lose more than $1000 per COVID-19
patients
The
considerable facts about the impact of COVID-19 on the revenue cycle of
hospitals are to understand if the patients are still enforceable, revenue
estimates are up to date, considerations, variables, and progress measures, how
hospitals can account for insurance proceeds, what are the possible and
expected credit losses on the trade receivable. The assets are being used in
the most appropriate amounts, the non-financial assets become impaired with
different conditions of goodwill and intangible assets. Hospital is struggling
to pay the number of revenues under the contracts
The
trading commodities of hospitals are medicines and services. COVID-19 is
lasting the impact on the supply chain of health care and hospitals. One of the
most affected areas is the supply chains and medical devices. There are
different bipartisan supports for the legislation and provide current medical
equipment supply chain. Countries are developing an action plan to potentially
address the current need for medical equipment. COVID-19 has thrust the medical
supply chain in an intense situation
The
social and economic response due to cOVID-19 is causing exacerbate to the
health inequalities. The issues are low paid and insecure work, existing
conditions of health, social isolation, difficulties to face the expense and
significant impact on mental and physical health. Hospitals are preparing
special systems to mitigate the impact and to reduce the transmission rate of
COVID-19. World health organization (WHO) designed new strategies that help
hospitals in mitigating the adverse impact. The strategies under WHO to
mitigate are listed below,
1. Access
and mitigate the potential barriers and vulnerable groups of people. The
hospital staff is supposed to ensure clarity in coordination, roles,
responsibilities and mechanism of health system governance.
2. Optimize
social protection and impact on public health by measuring financial security.
3. Review
all the health coverage policies that ensure that hospitals are not facing any
barriers to diagnostic tests, health visits, treatment, and emergency transport.
The care-seeking and treatment charges are waived for all the COVID-19
patients.
4. Health
care service providers and hospitals are supposed to establish a mechanism to
monitor the outbreak about the groups of people and provide complete access to the
care.
5. Hospitals
are developing mechanism and intervention packages that facilitate prevention
efforts and provide support access.
6. The
wide range of vulnerabilities is considered to be reduced by specified
strategies.
7. Per
patient testing and treatment cost is increasing as equipment transportation
and supply chain is highly affected by the issues. Therefore, hospitals are
developing social protection mechanism to reduce the number of infected
patients of COVID-19. The public health measures have an indirect and direct
impact on the financial security and have an adverse impact on health,
adherence, and care-seeking process
Curae. com. (2020). COVID-19 poses a long-term
financial impact on hospitals & health systems. Retrieved from
curae.com: https://curae.com/2020/04/13/covid-19-poses-long-term-financial-impact-to-hospitals-health-systems/
Euro. who. int. (2020). Strengthening the health system
response to COVID-19 Recommendations for the WHO European Region .
Retrieved from www.euro.who.int: http://www.euro.who.int/__data/assets/pdf_file/0003/436350/strengthening-health-system-response-COVID-19.pdf
Hcinnovationgroup. com. (2020, 03 30). Projected Financial
Impact of COVID-19 Leaves Healthcare Leaders Searching for Help. Retrieved
from www.hcinnovationgroup.com:
https://www.hcinnovationgroup.com/finance-revenue-cycle/article/21131880/projected-financial-impact-of-covid19-leaves-healthcare-leaders-searching-for-help
Ibisworld. com. (2020). Effects of COVID-19 on Global
Healthcare Systems. Retrieved from
https://www.ibisworld.com/industry-insider/coronavirus-insights/effects-of-covid-19-on-global-healthcare-systems/
Mpo-mag. com. (2020). COVID-19’s Lasting Impact on
Healthcare’s Supply Chain. Retrieved from www.mpo-mag.com:
https://www.mpo-mag.com/issues/2020-04-01/view_editorials/covid-19s-lasting-impact-on-healthcares-supply-chain/
Tan, B. Y., Chew, N. W., Lee, G. K., Jing, M., Goh, Y., Yeo,
L. L., . . . Ahmad, A. (2020). Psychological Impact of the COVID-19 Pandemic on
Health Care Workers in Singapore. Ann Intern Med, 01(02), 01-10.
Vitalrecord.tamhsc. edu. (2020). LONG-LASTING IMPACTS OF THE COVID-19 PANDEMIC ON THE HEALTH CARE SYSTEM. Retrieved from vitalrecord.tamhsc.edu: https://vitalrecord.tamhsc.edu/long-lasting-impacts-of-the-covid-19-pandemic-on-the-health-care-system/
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