Some hospitals are reporting a decline in patient admissions for elective procedures as American consumers look for ways to cut or delay unnecessary expenditures in the midst of an economic downturn, the New York Times reports.
Knee replacements, hernia repairs and weight-loss surgeries are among the services belt-tightening patients are more likely to forgo during a recession, according to the Times. They're also some of the biggest moneymakers for hospitals, which rely on the revenues from these procedures to offset charity care and unpaid bills. While some hospitals are already noticing a decline in admissions from paying patients, the trend may get worse in the coming months as more Americans are in danger of losing their jobs and health insurance.
"It's safe to say hospitals are no longer recession-proof," David A. Rock, a healthcare consultant in New York, tells the Times. He predicts that hospitals may begin to scale back services, such as bariatric surgery, that require patients to spend large sums of money out of pocket.
Even hospitals that haven't seen declines are already taking steps to stay afloat, such as cutting administrative jobs, consolidating facilities and halting capital expenditures, reports the Times.
Irene Tskitas |