Colin G. McCulloch, Member of the Firm in the Health Care & Life Sciences practice, in the firm’s Washington, DC, office, was a featured in HealthLeaders, in "Healthcare Financial Trends to Follow in the COVID-19 Era," by Jack O'Brien.
Following is an excerpt:
The coronavirus disease 2019 (COVID-19) pandemic continues to present hospital and health system executives with critical challenges to maintaining the bottom line and supporting operations.
While there are several opportunities for revenue diversification and growth, namely in the digital health space, hospital leaders must still make crucial adjustments to navigate the uncertainties spurred by the virus.
Seven healthcare stakeholders weigh in on the financial challenges related to the pandemic that hospitals and health systems will face in the weeks and months ahead. …
Former Hospital CFO on the State of Affairs
Colin McCulloch is an attorney who works as a member of Epstein Becker Green’s healthcare and life sciences practice. McCulloch also previously served as CFO for both nonprofit and for-profit health systems.
Citing the pandemic, McCulloch said there are not “many winners on the provider front,” adding that the industry is in a “panic mode” while focusing on what costs can be effectively mitigated without creating additional problems down the line.
“The CFOs I talk to are not being stupid, they’re not just wholesale laying off staff because they believe that things will eventually get back to something closer to what there used to be,” McCulloch said.
He added that plenty of hospital finance executives are reexamining their supply chain operations and ensuring that there’s an adequate personal protective equipment inventory for the coming months.
“When I was a CFO, we were talking more about ‘just-in-time inventory,’ not about warehouses. But now that’s become a winning strategy,” McCulloch said.