American hospitals and health systems are facing financial struggles like never before.
From the cancellation of non-emergency surgeries to disrupted supply chains and historically high unemployment rates resulting in higher numbers of uninsured patients, the pandemic has created tremendous financial turmoil.
The strategy that more than 70% of hospitals and health systems are turning to is embracing telehealth and other digital approaches, according to a survey conducted by the Healthcare Financial Management Association.
WHAT’S THE IMPACT: WHAT HEALTH SYSTEMS CAN DO TO RECOUP LOST REVENUE
“Telehealth is an area that, in some ways, is going to erode some of the financial hardships that providers may be experiencing by allowing them to resume a lot of those much needed medical services,” said Richard Grape, the director of market planning for LexisNexis Risk Solutions – Health Care, in an interview with Healthcare Finance News.
Grape points out that using telehealth services can allow providers to continue to meet with patients while minimizing the risk of exposure to illness during the pandemic.
Once the pandemic is over, technology will continue to be a key aspect in financial recovery, according to Tim Costantino the VP and head of product for AdvancedMD. He told Healthcare Finance News that telehealth services will be able to help hospitals and health systems handle the increase in demand for care once the backlog of procedures releases.
“So then the technology has two purposes,” Costantino said. “One is to just help the folks that aren’t comfortable [going in to see their doctor] but two, it will help capture more of that revenue when that bounce back comes in.”
Technology is just one aspect of the complete financial recovery, according to Ryan Pollard, the director of product management at AdvancedMD.
Pollard and Constantino agree that the key for practices to regain their financial footing is to be as flexible as possible.
Courtesy of Mallory Hackett of Healthcare Finance News.
