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Hospitals could be facing lower patient volumes for a while due to COVID-19. How are they responding?
Patient volumes at hospitals have rebounded after major dips in March and April due to the COVID-19 pandemic. But new data show they are still below pre-pandemic levels and could stay there for a while. The stagnant volumes and the persistent spread of the virus have forced some hospitals to plan more conservatively in their budgets for the next year and embrace new ways to generate revenue, experts say.
A conversation with Artifact Health
I sat down with Artifact Health to discuss a wide range of topics including the impact of COVID-19 on hospital revenue cycles and how healthcare organizations can maximize cashflow during this time. Read the full interview over at Artifact Health.
South Florida Hospitals Trying to Lure Patients Back
Although many Florida hospitals reopened for non-emergency medical procedures on Monday, they found themselves in an unanticipated position: convincing patients to return. After six weeks of hearing that hospitals are ground zero for the COVID-19 crisis, some South Floridians say they are too afraid of catching the virus to go to one.
‘C’mon back,’ says Baylor Scott & White in a Bid to Attract Patients and Boost Revenue
“Increases in patient volume from COVID-19 cases appear to have been dramatically offset by declines in other parts of the business, said Brian Sanderson, managing principal of health care services at Crowe. And federal relief packages, such as the $100 million sent to Baylor last month, won’t cover the gap…”
Excluding NYC AND SF, Hospitals losing $1.4B In Revenue Per Day Due To COVID-19 Pandemic
Outside of New York City and San Francisco, hospitals across the country are losing approximately $1.4 billion in net revenue per day due to the ongoing coronavirus disease 2019 (COVID-19) outbreak, according to a Crowe LLP report released Friday morning.
Is revenue cycle management co-sourcing the new outsourcing?
"For many situations, we recommend to health systems - don't outsource the entire process," says Brian Sanderson, National Managing Principal of Crowe Horwath LLP's Healthcare Services.
Patient Accounting System Conversion Results in Revenue Cycle Disruption at Hospitals, Data Shows
MediRevv: "The effects of a PAS conversion can have a dramatic impact on a hospital's revenue cycle. Although the long-term benefits of system conversion might outweigh the short-term challenges of implementation, the additional costs associated with implementations can be substantial if they're not tightly managed," said Brian Sanderson, managing principal of Crowe healthcare services, the organization spearheading the report.
Read the full article here.
Data Confirms Seasonality Impact on Hospital Net Revenue
Using data gathered by the Crowe Revenue Cycle Analytics (Crowe RCA) software, Crowe analyses revealed that seasonality materially affects hospital net revenue. The Crowe report, "Seasonality Has a Bigger Net Revenue Impact Than You Think," provides support for these findings.
Protecting Revenue at Risk
Healthcare organization leaders should be familiar with and create strategies for effective performance under Medicare’s new “pay-for-value” quality programs.
One Healthcare RCM Leader Shares his Perspectives on Navigating the Shifting Landscape
Healthcare Innovation Magazine. Brian Sanderson, managing principal of Crowe Horwath LLP healthcare services group, discusses strategies for CFOs to navigate the shifting landscape around revenue cycle management and reimbursement.
In a high-deductible age, free care isn't just for poor people anymore
Crain’s Chicago Business News: “Hospitals are struggling to collect that increased patient share of the cost, said Brian Sanderson, managing principal of Crowe healthcare services group. Their data show overall managed care net revenue has declined 2.5% for outpatients and 1.4% for inpatients based on unchanged contract rates over the past year. The cause was lower collection rates for “patient responsibility” dollars than for payer responsibility dollars.”
Health insurance exchanges will impact hospital revenue cycles
Healthcare Finance News: A well-managed revenue cycle would enable hospital administrators to focus on maximizing the stream of revenue created by the new healthcare insurance exchanges. Even though it has not been determined what impact the exchanges will have on hospital finances, there are steps hospitals can take to increase the likelihood of positive effects on their revenue cycles.