It will be more than a year for the U.S. healthcare industry to return to normal, with physicians expecting the new normal to be sometime around August 2021—once a vaccine for COVID-19 has been distributed.
HHS is distributing another $35 billion from the CARES Act designated for healthcare providers responding to the crisis. The CARES Act allocated $175 billion in relief funds to hospitals and healthcare providers, especially those majorly affected by the pandemic.
Kaiser Permanente is among a handful of major healthcare organizations that have promised to refund the government millions in aid meant to help health systems and hospitals deal with the COVID-19 pandemic.
Only 12% of chief financial officers of hospital and health provider organizations say they plan to cut or defer spending on digital transformation of their financial systems despite 100% saying they expect a significant revenue decline this year due to the coronavirus.
Some major healthcare companies, including DaVita, Cigna, Encompass, CVS Health and Walmart, are sending back federal aid funding they received that was intended to help hospitals and healthcare providers during the COVID-19 pandemic.