Checklist: Financial Considerations for Healthcare Organizations during COVID-19

A CHECKLIST FOR HEALTHCARE PROVIDERS DURING AND AFTER DISASTERS

It is recommended you collect information from the outset of the event to capture all costs potentially eligible for reimbursement. This checklist is intended to assist you through the financial recovery process including, Requests for Public Assistance (RPA).

The Hospital Incident Command System (HICS) provides a set of valuable tools to assist organizations in the documentation (and tracking) of expenses and staff time during an incident. It is recommended that Hospital Incident Management Teams look to begin expense documentation at the immediate onset of an event.

We have linked the following downloadable HICS resources in addition to our financial actions checklist for facilities to use and customize in order to meet their needs.

  1. HICS FORM 256 - PROCUREMENT SUMMARY REPORT

  2. HICS FORM 252 - SECTION PERSONNEL TIME SHEET

Download the checklist bundle below, which includes a “ready to use” PDF and a Word document template you can customize for your organization.


COORDINATE RESPONSIBILITIES REGARDING ALL FINANCIAL MATTERS FOR THE DISASTER.

  • Appoint a Finance Section Chief in your command center. 

  • Account for costs associated with the event including personnel time, patient care, resources, equipment, and facility operations.  

  • Coordinate the financial recovery resources such as reimbursement through FEMA disaster assistance or insurance coverages that are in place.

STANDARDIZE THE METHOD AND TYPE OF CONTENT GATHERED RELATED TO THE EVENT.

  • Establish a cost center to be used for all expenses related to the event to be tracked for insurance/reimbursement purposes.

  • Retain all invoices and receipts to track and record, and report all expenses during and related to the event including loss of revenue (i.e.: income the hospital will not receive), physical losses (i.e.: damage done to space and equipment) fixed costs (i.e.: non-variable costs paid whether department(s) are operating or not)  and operating costs (i.e.: variable costs that may increase due to the event).

  • Track, record and report all on-duty time for personnel who are working during the event. 

IDENTIFY AND DOCUMENT EXPENSES AND ACTIVITIES OUTSIDE OF NORMAL SERVICES OR EXCEED TYPICAL COSTS.

  • Identify any services you are providing as part of COVID response. For example, individual assistance on behalf of FEMA such as clinical and mental health services. 

  • Identify the exceptional costs associated with normal products experiencing price inflation due to demand.

  • Consider costs associated with temporary and unaffiliated professionals working to scale disaster response including travel, accommodations, supplies, and wages as applicable.

Download this checklist and an editable template Word document to prepare your organization for financial reimbursement activities.

It is recommended that the finance department document a continuity of operations plan that includes procedures regarding continuity and recovery of specific financial services (e.g. payroll and accounts payable), departmental emergency operations, and downtime procedures during IS downtimes.

For further informatoin, please see  GNYHA COVID Emergency Funding Resource for Hospitals


In preparation for a global Coronavirus (COVID-19) pandemic, Wakefield Brunswick began collaborating with the international healthcare community at the beginning of January 2020. Since then, we’ve authored and co-created numerous clinical, procedural, and advisory resources in-use at hospitals across North America.

WE ARE CONSTANTLY UPDATING OUR FREE RESOURCE LIBRARY ON OUR WEBSITE…

View our COVID-19 Resource Collection and our Risk & Resiliency Resource List.

Upcoming updates will include lessons learned and resources regarding staffing, triggers for decision support, and continuity of operations.

Have a question? Send us an email at team@wakefieldbrunswick.com.

WORK COLLABORATIVELY. ACT DECISIVELY.

The WB Team

Disclaimer: We at Wakefield Brunswick feel strongly that in order to effect positive outcome change in this critical time, conveying information in a timely manner is critical. We will continue to follow the advice of medical experts and to disseminate actionable information as fast as possible. We further understand that this will necessitate periodic revisions and clarifications of some of our recommendations. Please remain flexible to update your protocols with these modifications if and when they become necessary.