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Healthcare Confidential Podcast

The Healthcare Confidential Podcast | Episode 15 “Financial Forecasting and Planning to Get Through the Covid-19 Crisis with Joseph Tomaino, CEO of Grassi Healthcare Advisors”

micTheresa Jacobellis |todaySeptember 20, 2020 7

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    The Healthcare Confidential Podcast | Episode 15 "Financial Forecasting and Planning to Get Through the Covid-19 Crisis with Joseph Tomaino, CEO of Grassi Healthcare Advisors" Theresa Jacobellis |


 

 

Financial Forecasting and Planning to Get Through the Covid-19 Crisis with Joseph Tomaino, CEO of Grassi Healthcare Advisors

Covid-19 has hit medical providers extremely hard, and many continue to struggle. According to a June 18 JAMA article, some doctors are experiencing such severe revenue losses that they have turned to GoFundMe campaigns to help meet their overhead expenses. In early May, the Texas Medical Association conducted a survey that found 68% of practicing physicians had reduced their work hours, and 62% saw a reduction in their salaries due to Covid-19.

In this episode of Healthcare Confidential, Joseph Tomaino, CEO of Grassi Healthcare Advisors, talks about the tools and strategies he uses to help medical practices navigate financial challenges. Joe has a unique background as both a clinician and administrator, which gives him unique insights into the difficulties providers face.

In this conversation, Joe shared some financial forecasting and planning strategies that enable practices to maintain a stable cash flow. He also discussed the emergence of telehealth, the various stimulus packages and programs geared to medical providers, and the non-Covid-19 health risks that accompany a prolonged economic shutdown.

The Take-Away: Long-range planning by looking ahead six to nine months, adjusting expenses to align with revenues, and scenario planning can help providers be prepared for whatever may happen next.

Contact Joseph Tomaino: Joe can be reached at [email protected]. His website is www.grassihealthcareadvisors.com, or you can call him at 212-223-5020.


Healthcare Confidential Podcast

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