Even in times of turmoil and unprecedented obstacles, opportunities begin to emerge.
Pandemic. Shutdowns. Work from home. Workforce shortages and broken supply chains. In the past year, hospitals have been faced with a series of truly unprecedented events. While COVID has presented a unique set of obstacles to growth, silver linings are beginning to emerge. Opportunities to address your hospital’s challenges hold the promise of redefining how hospitals work and grow. Federal spending on population health, health equity and mental health poses tremendous opportunities. Hospitals who take steps now to anticipate and adapt will find themselves poised for improved performance, efficiency and profitability.
The expenditures will be enormous — and so will the opportunities
While major programs such as PPP and the Coronavirus Relief Funds (CRF) have largely run their course, new spending on the horizon – especially through the American Rescue Plan Act (ARPA) – will pose tremendous opportunities in the healthcare industry. Many of these programs give state and local governments a wide range of flexibility as to how and where funds are allocated.
Within these programs are a wealth of hidden opportunities to those who know how to find, access and qualify for them. For example, the Department of Health and Human Services has issued 1,300 grants with the goal of improving healthcare in 2022 alone.
$350+ billion has been earmarked to address mental health, health equity and population health challenges. Investing in analytic services is a compliant use of stimulus funds and should be top of mind for administrators.
Use Federal Funds to Improve Health Disparities
The federal government has incentivized healthcare organizations to invest in technology infrastructure, community health outreach, capacity building resources, health insurance coverage expansion, investments in medical equipment, water/sewer infrastructure, broadband infrastructure, and ventilation upgrades to name a few.
From initial funding to final reporting, we help you harness federal funds to drive growth.