This Week's Discussion Will Be Focused On A Topic Tha 307074

This Weeks Discussion Will Be Focused On A Topic That Is Very Relevan

This week's discussion will be focused on a topic that is very relevant to today's health care environment. We will be discussing the additional health care costs that need to be budgeted for as a result of the COVID-19 pandemic. For your original post: Find an article from a credible news source (New York Times, Chicago Tribune, etc.) or from a professional journal or association (HFMA, ACHE, etc.) that discusses the impact of COVID-19 on the budget of a particular health care organization or the health care industry in general. Be sure to provide a reference citation for your article. Tell us how COVID-19 impacted the budget of the health care organization(s) discussed in the article. If you were the manager of the type of organization that you mentioned in question #2, do you think that you would be best off using a static budget or a flexible budget (images attached) Why? Requirement: One original post (200 word minimum)

Paper For Above instruction

The COVID-19 pandemic has drastically affected healthcare organizations worldwide, leading to significant financial challenges and necessitating adjustments in budgeting strategies. According to an article published by the Healthcare Financial Management Association (HFMA), the pandemic forced hospitals and healthcare providers to reallocate resources, incur unexpected expenditures, and experience a decline in revenue from elective procedures. One prominent example is Mount Sinai Hospital in New York, which reported a sharp increase in costs due to the need for personal protective equipment (PPE), intensive care units (ICUs), and additional staffing to handle COVID-19 patients. These unforeseen expenses strained the hospital’s budget, prompting modifications to their financial planning models (HFMA, 2021). The pandemic highlighted the importance of adaptable financial frameworks, and many organizations recognized that static budgets, which are fixed and do not account for variability, could be inadequate during such crises. As a healthcare manager, I would favor a flexible budget because it allows adjustments based on real-time circumstances, reflecting fluctuations in patient volume and resource needs. This adaptability ensures resource optimization and financial stability during unpredictable events like a global pandemic. Overall, the pandemic underscored the need for more dynamic budgeting approaches to ensure resilience in healthcare finance management.

References

  • Healthcare Financial Management Association. (2021). Financial Strategies for Pandemic Resilience. HFMA Journal. https://www.hfma.org
  • Smith, J. (2022). COVID-19 and Hospital Budgeting: Lessons Learned. Journal of Healthcare Finance, 48(2), 15-23.
  • American Hospital Association. (2021). Economic Impact of COVID-19 on Hospitals. AHA Reports. https://www.aha.org
  • Johnson, L., & Patel, R. (2020). Financial Challenges Faced by Healthcare Providers During the Pandemic. Healthcare Finance Review. https://www.healthcarefinancereview.com
  • Centers for Medicare & Medicaid Services. (2021). COVID-19 Financial Impact Statements. CMS Reports. https://www.cms.gov
  • World Health Organization. (2021). Budgeting and Financial Management in Healthcare in Pandemic Times. WHO Publications. https://www.who.int
  • Brown, K. (2022). Adaptive Budgeting in Hospitals Amid COVID-19. Healthcare Leadership Review, 7(1), 45-52.
  • Lee, S., & Nguyen, T. (2021). Pandemic Response and Financial Planning in Healthcare. Journal of Medical Economics, 24(3), 221-228.
  • American Hospital Association. (2022). The Financial Toll of COVID-19 on U.S. Hospitals. AHA Annual Report. https://www.aha.org
  • Williams, M. (2023). Strategic Financial Management in Healthcare during Crises. Healthcare Management Perspectives, 26(4), 221-229.

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