As nations are ramping up their efforts to deal with COVID-19, healthcare providers are being proactive in their response to the coronavirus outbreak. These efforts may have a considerable effect on the revenue cycle for health care and the budgets of the providers.
Coronavirus has been a major concern for health care providers on the frontline of tracking and treating infected people. The impact COVID-19 will have on the health-care revenue cycle and financial operations is among their concerns.
Maintaining the billing office in optimum operation during an epidemic is key to keeping hospitals and clinics open to people who are sick and need treatment. But this can be a challenge to respond to COVID-19 demands, particularly for smaller organizations with a limited amount of funds available.
The COVID-19 outbreak also illustrates issues relating to the financial responsibility of patients. Accounts have surfaced of patients left with medical bills of thousands of dollars after seeking care for suspected symptoms of coronavirus. Healthcare providers in the age of high deductible health plans and other cost-sharing programs are struggling to build collection strategies.
Payers recognize the efforts arising from financial responsibility for patients and many are taking steps to ease the process for patients to seek care and for providers to simplify the financial encounter.
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