Helping Healthcare Providers Navigate the Pandemic
The global COVID-19 health crisis has put an unprecedented strain on healthcare providers, from organizations directly providing acute care to those offering behavioral, at-home, and long-term care. During the pandemic, these businesses have been designated as critical service providers, and received substantial government financial assistance, allowing them to stay afloat while continuing to fulfill their mission. Now, as the initial wave of financial assistance subsides, difficult adjustments may need to be made to preserve revenue and manage costs.
At Carl Marks Advisors, we help healthcare providers navigate through economic cycles, business challenges, and the impact of regulatory and other changes in the marketplace. Throughout the pandemic, we have worked with these providers to reassess their business models and adjust their strategies. Below are some of the issues that key sectors of the industry continue to confront, and the ways our team is helping meet the challenge:
The behavioral health industry has seen an increase in the need for services throughout the pandemic, particularly in the areas of mental health and substance abuse. At the same time, providers are struggling to meet regulatory requirements, adjust to shifting reimbursement rates and retain qualified staff. Carl Marks Advisors has an extensive background working with behavioral health providers and the critical issues they are facing. Our expertise includes helping navigate the challenges of physician and staff turnover, complying with state licensing requirements, and pivoting administration of care to telehealth platforms.
The pandemic has been a significant catalyst for the home healthcare industry, as care for more patients was moved into a home setting due to restrictions in institutional environments and to manage costs. These changes have exacerbated some of the long-standing challenges home health providers have faced related to staff turnover and training, wage pressures, Medicare reimbursement rates, and quality management. Carl Marks Advisors has experience helping home health providers navigate these issues and operate more efficiently.
Long-Term Care and Skilled Nursing
Long-term care facilities have faced increasing challenges in the areas of staffing, employee retention, regulatory compliance, and maintaining the health and safety of patients and staff. The team at Carl Marks Advisors understands these dynamics and can help address the unique needs of both shorter-term skilled nursing providers and long-term care facilities.
We Can Help…
Carl Marks Advisors is well-equipped to guide healthcare providers and help assess their financial and operational options during this unprecedented crisis. If you need a partner, our team of professionals brings deep experience and industry knowledge to help determine the right path forward for your organization.