Cycle Up

Hospitals and health systems are estimated to lose $202.6 billion from March 1 through June 20, 2020, according to a recent report from the American Hospital Association (AHA), noting that financial losses are expected to average $50.7 billion per month. These losses are tied to COVID-19 expenses from hospitalizations, lost revenue from postponed or canceled surgeries and other services, including the cost of purchasing personal protective equipment and support for frontline workers.
In order to reduce expenses, many hospitals, health systems and physician groups have cut staff. On-site RCM workforces have moved to work-from-home, have been furloughed or permanently laid off.  With the hospital CEOs, CFOs and fellow RCM colleagues I’ve spoken with throughout this pandemic, the irony doesn't seem to be lost on them that they are cutting down on the revenue center that is RCM. It doesn’t have to be that way.

Innovations often evolve slowly, but global upheavals caused by events like COVID-19 can accelerate big changes. That is the case with artificial intelligence (AI) and the hospital revenue cycle.

There are going to be many complex challenges facing hospitals and health systems coming out of the COVID pandemic, sadly many of which are going to be health related, but others financially related. We are seeing extreme complexities around multi-tiered government mandates for coverage of care, individual payer rules and each patient's own personal circumstances.

Before COVID-19 forced conferences to cancel or postpone their events, Robert Hall, VP Regional Sales, represented Meduit at the North Carolina HFMA Annual Conference, which was held March 4-6 in Pinehurst, NC.

As one of the nation’s leading revenue cycle solutions companies, Meduit has a proven track record of driving accounts receivable for patient transport providers. We have published a compelling case study that demonstrates how a nine-state ambulance company accelerated its cash by over 25% by partnering with Meduit.

As hospitals and health systems have responded to COVID-19, on-site RCM workforces have moved to work-from-home arrangements just like more than half of Meduit’s workforce has done in this moment as a result of the pandemic.

As a national leader in healthcare RCM solutions, Meduit can improve accounts receivable performance for any healthcare organization. We invite you to test the health of your accounts receivable process and performance with our RCM Health Calculator.

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