PLANO,
Texas, May 1, 2024 /PRNewswire/ -- Community
Hospital Corporation (CHC) today announced its inaugural survey of
community and rural hospital executives on financial resiliency
issues impacting their institutions.
CHC's comprehensive survey, completed in Q1 2024,
found that most of the executives surveyed indicated their
hospitals showed a less-than-stellar financial performance,
impacted by economic and regulatory forces. Two-thirds of the
respondents (69%) rated the financial health of their hospitals as
poor or average. In comparison, 31% responded that their hospitals
were in good or excellent financial condition.
In response to health industry challenges,
respondents said a mix of expense-reduction and revenue-generating
strategies were needed to bolster their hospitals' resiliency.
Adding services (70%) and reducing contract staff (69%) were the
most popular choices for improvement, followed by physician
recruitment (63%) and reducing supply costs (58%).
Jim Kendrick,
CHC's President and CEO, commented: "The survey findings underscore
the pressing need to fortify the financial resilience of community
hospitals. As healthcare landscapes continue to evolve and economic
pressures persist, these institutions remain steadfast in their
commitment to serving local communities."
Kendrick added: "It's important for these
facilities to leverage partnerships, embrace innovation, and
proactively address challenges to navigate the complexities ahead.
It will take the collective efforts of healthcare leaders,
policymakers and public support to ensure the financial resilience
of community hospitals and safeguard access to essential healthcare
services."
The survey covered a broad cross-section of
hospital executives -- with 64% in CEO and CFO positions -- located
in half of U.S. states. Eighty-six percent of the total 99
respondents were affiliated with not-for-profit hospitals of which
81% were community hospitals, including critical access facilities.
Other respondents represented Long-Term Acute Care hospitals and
rural emergency hospitals, among other hospital types. The survey
focused on hospitals with up to 250 beds, and the net patient
revenue for two-thirds of the respondents' hospitals was
$75 million or less.
To download the full survey report, visit
https://chc.com/2024-community-hospital-executive-survey/
About Community Hospital Corporation – HELP
WHERE HOSPITALS NEED IT®
Community Hospital Corporation
owns, manages and consults with hospitals through CHC Hospitals,
CHC Consulting and CHC ContinueCARE. Visit http://chc.com.
Media Contact: Anne
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972-943-6470
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SOURCE Community Hospital Corporation