Hot Financial Mess

On July 14th my fellow librarians and I spoke on the webinar, Facilities and Personnel Management While Your Library is Closed, Open, Reopening or Somewhere In-Between. In that webinar one of the things I briefly touched up on was library budget and the impact from covid-19. Well, brace yourselves medical librarians and library vendors, because 2020 and 2021 are going to be a hot mess financially. So when we say we have no money, please know it is worse that the library has no money. We have no money means our funding agency, our institution and/or state literally has no money. The only way I can easily discuss it is to break it into two parts, hospitals and universities/colleges. Many had financial problems prior to the pandemic. But all have been impacted financially by the coronavirus but in different ways. Hospitals:There had been a shift in recent years where smaller rural or urban, less profitable hospitals have been either bought by larger systems or were closed due to several financial reasons. So the idea that some hospitals have been losing money hasn’t been new. But now with the coronavirus even large previously financially healthy hospital systems have seen losses in the hundreds of millions to billions of dollars. Hospitals and Health Systems Face Unprecedented Financial Pressures Due to COVID-19. American Hospital Association. May 2020.COVID-19 and the Financial Health of US Hospitals. JAMA. 2020; 322 (21):2127-2128.Facing $3B loss, Mayo...
Source: The Krafty Librarian - Category: Databases & Libraries Authors: Tags: Uncategorized Source Type: blogs