The coronavirus crisis has upended much of the economy, including the health care system.
Local hospitals saw a double financial hit from both the expense of ramping up the response along with the loss of revenue from elective surgery and other cancellations.
Thomas Campanella teaches the business of health care at Baldwin Wallace University.
In a webinar Tuesday hosted by Crain’s Cleveland Business looking at the impact of COVID-19, he said the outbreak has heightened pressures to trim costs.
“Payers and everything else are really going to be forcing hospitals and healthcare systems to reevaluate their business model, reevaluate their care models to deliver more cost-effective, value-based care, and the pressure will be on to evaluate the fixed costs that hospitals have.”
The Cleveland Clinic this week announced it’s taking measures to stem a $500 million loss in revenue.
Campanella says on the upside, the pandemic has led to unprecedented collaborations among the local health care systems.