The coronavirus pandemic of 2020 threw a punch at the economy, and at healthcare in particular, from which it will be challenging to recover.
Due to the pandemic, healthcare spending in the U.S. declined by 18% in the first quarter of 2020, the largest decline since 1959, according to the U.S. Department of Commerce. The American Hospital Association reports that hospitals and health systems lost $200 billion in the first quarter of this year, while the Medical Group Management Association (MGMA) indicates that 97% of physician practices experienced negative financial impact as a result of the virus.
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Though it will be difficult, coming back from the pandemic is achievable and will require a wide range of strategic and tactical initiatives which are outlined in this white paper.