10 COVID-19 takeaways from the 2020 Crowe Healthcare Summit

The 2020 Crowe Healthcare Summit featured 18 keynote and breakout sessions hosted by 75 different presenters on topics ranging from S-10 worksheet audits to Medicare area wage index calculations. But all of the sessions, including 14 pre- and post-summit boot camps, shared a common thread: COVID-19.

Everything that happened among the presenters and the more than 800 Crowe Healthcare Summit attendees took place through the filter of the once-in-a-century pandemic. The summit itself, held in September, pivoted to an all-virtual event as a result of the pandemic.

Culled from the many attendee polls taken during the Crowe Healthcare Summit sessions are 10 insights from healthcare finance, net revenue, and reimbursement leaders that show how their community has reacted to COVID-19.

Each insight includes the percentage breakdown of responses, the total number of responses, and a link to the session where it was discussed. (Note that results might not add up to 100% due to rounding.)

Takeaway 1: Leaders say they adjusted their reserve models for the financial implications of COVID-19.

Session: COVID-19 net revenue modeling and budgeting considerations

Takeaway 2: Leaders say technology, automation, and innovation have become a higher priority because of COVID-19.

Session: Innovation keynote: Intelligent healthcare experience

Takeaway 3: Leaders say their organizations might incur higher bad debt expenses because of COVID-19.

Session: Net revenue modeling through and beyond a crisis

Takeaway 4: Leaders say their organizations have kept COVID-19 financial relief funds from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Session: Opening keynote: After the crisis: A leader’s guide to financial recovery

Takeaway 5: Leaders say they’re automating key tasks to maintain performance during the pandemic.

Session: Opening keynote: After the crisis: A leader’s guide to financial recovery

Takeaway 6: Leaders say their staff is working remotely.

Session: Opening keynote: After the crisis: A leader’s guide to financial recovery

Takeaway 7: Leaders say they expect patient volume to return but with a different patient mix and a different service mix.

Session: Opening keynote: After the crisis: A leader’s guide to financial recovery

Takeaway 8: Leaders say the need to create a COVID-19-safe environment for patients is critical to their organizations’ financial success.

Session: Opening keynote: After the crisis: A leader’s guide to financial recovery

Takeaway 9: Leaders say strategic partnerships in reaction to COVID-19 will have the biggest impact on the healthcare market in the year ahead.

Session: Emerging trends in 2020 healthcare

Takeaway 10: Leaders say reducing operating expenses has become a high priority because of COVID-19.

Session: Operating in the new normal of healthcare: Cash management and cost efficiency

The power of community

The COVID-19 outbreak in the U.S. no doubt has affected the way healthcare finance, net revenue, and reimbursement leaders do their jobs. The pandemic has changed everything from strategic priorities to how work is performed. But, as these takeaways from the attendee polls at the 2020 Crowe Healthcare Summit show, the leaders are not alone. They’re part of a community of leaders across the country that is facing the same challenges because of COVID-19.

How has COVID-19 affected your organization? We can help you assess your situation and find workable solutions that can help you reopen, recover, and thrive in the new healthcare economy that lies ahead.

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Daniel Gautschi

Principal, Healthcare Consulting Leader

+1 317 208 1953

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Brian B. Sanderson

Principal

+1 630 574 1607

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