Abstract
U.S. health care spending grew 4.6 percent in 2018, reaching $3.6 trillion or $11,172 per person. For comparison, Switzerland the country with the second highest healthcare expenditure in the Organization for Economic Cooperation and Development (OECD) spent $7,280 per person. As a share of the nation's Gross Domestic Product in 2018, United States health spending accounted for 17.7 percent. A 2018 survey indicated that hospital Chief financial officers (CFOs) rank cost reduction opportunities as the most important priority for the upcoming year. Fast forward to 2020 and hospitals find themselves under even greater fiscal strain due to the consequences of the Covid-19 pandemic.