The COVID-19 pandemic reached the United States more than a year ago and has since infected nearly 30 million people and claimed more than 500,000 lives. Hospitals have been at the forefront of the fight against the contagious SARS-CoV-2 virus, scrambling to accommodate the influx of patients and incorporate safety precautions to prevent infection transmission within healthcare facilities.
The pandemic has not only affected hospital policies, infrastructure and morale, but it has also taken a serious toll on hospital finances. A Kaufman Hall study that drew data from 900 hospitals across the country from January 2020 to January 2021 found a significant downward trend in hospital’s margins and revenues. Not taking into account federal aid, hospitals’ operating margin fell by 46.1%, according to the report.
Healthcare Finance News has estimated that the median cost of inpatient care for a COVID patient without insurance or who is out of network is $45,683 for people aged 51 to 60 and $34,662 for people aged 23 to 30. The statistics indicate that many Americans will be unable to pay these bills. Medical debt is one of the leading causes of bankruptcy, and finance company Credit Karma estimates their members alone have a total of $45 billion in medical debt.
While government relief programs and stimulus packages alleviate some of the burden on the healthcare system and the American population, COVID-19 has dealt a serious financial blow in addition to the impact it is having on public health.
Life Balance understands the pressure hospitals and healthcare facilities are facing as they seek to manage patient care and enforce infection control measures while their staff and finances are strained beyond what could have been imagined. We have developed a software that helps healthcare facilities more easily and effectively monitor and manage air flow and quality in order to meet infection control parameters and reduce the transmission of SARS-CoV-2. To learn more, visit our Software page.
Life Balance Technologies helps hospitals and other companies easily analyze air quality conditions and effectively manage their HVAC systems. By streamlining the process for compliance, auditing, and reporting, we help reduce costs and save lives.
