While federal COVID-19 relief funding for health systems sounds good in theory, many organizations have found accessing and using these monies overwhelming and frustrating. Federal guidance has been inconsistent or incomplete, and continued changes to relief packages and policies challenge organizations to develop pragmatic financial recovery strategies. Financial leaders who are confronting more questions than answers need a simple framework to move confidently into recovery.
The following five expert financial- and healthcare-based guidelines will help organizations navigate and optimize COVID-19 relief funding:
- Regularly review legislative and regulatory updates and agency activity.
- Make the most of what’s available.
- Use required reporting as a decision-making tool.
- Prepare now for the inevitable audit.
- Test compliance now to eliminate headaches (or litigation) later.