More than a year into the COVID-19 pandemic, healthcare organizations are seeing clear signs of financial recovery, but not all sectors have returned to pre-pandemic activity levels. To better understand the state of healthcare recovery, we analyzed data from more than 125,000 physicians and 1,000 hospitals in March 2021 — one year after COVID-19 caused drastic changes to the U.S. healthcare system — and compared it to the same time period in 2019, which led to three key findings:

Nearly all organizations struggle with budgeting — creating the right reporting mechanisms, getting everyone to input their numbers, and responding to executive input.

Axiom™ Budgeting, part of the Axiom Financial Planning suite, helps by aggregating data from various source systems, streamlining data input and approvals, and creating reports that show only the data relevant to that audience. Independent analysis estimates that Axiom reduces time spent creating budget reports by 75%.¹

Hospitals, health systems, and other healthcare providers continue to grapple with a tumultuous healthcare environment due largely to heightened expense pressures and unstable volumes. Healthcare leaders nationwide are searching for viable strategies to curtail rising costs, address widespread labor shortages, and manage fluctuations in demand. Many wonder: When will inflation ease? When will volumes stabilize? Will the healthcare labor market ever truly recover? 

Healthcare provider organizations find themselves in a challenging environment today, recovering from pandemic fallout while dealing with increased competition and ongoing consolidations.

Regardless of the challenge, long-term business imperatives remain clear — identifying opportunities and implementing plans to grow strategically, transform costs, improve quality outcomes, and optimize reimbursements.

Guide organizational transformation with current and extensive financial, clinical, and operational benchmarks

Market Insights provides healthcare consulting firms with the industry’s most timely operational and financial analytics. Leveraging data from over 1,300 hospitals and 135,000 physicians, more than 6,000 robust benchmarks empower you to deliver more value to clients by objectively comparing clients’ performance to peer organizations. 

Key capabilities include: