Healthcare Providers can recover from Revenue Loss in 2020
The healthcare system was stretched thin from the pandemic and the road to revenue cycle recovery does not need to be a long one.
The COVID-19 pandemic created a financial burden on the healthcare industry. Not only did providers feel the pressure on care delivery and supply chain, but on revenue as well. The cancellation of elective procedures, which many providers rely on consistently for revenue, put additional pressures on the balance sheets of many.
The Burdens Providers Face:
- Financial Burden: According to an MGMA survey from April 2020, 90% of practices have experienced a negative financial impact directly or indirectly related to the pandemic. Practices, on average, report a 55% decrease in revenue and a 60% decrease in patient volume since the beginning of the COVID-19 crisis.
- Decreased Revenue Burden: Based on the analysis from a study of private insurance claims, healthcare utilization is down year over year comparatively from 2019 to 2020. Nationally, from April 2019 to April 2020, utilization decreased by 88% and revenue decreased by 48%.
- Unemployment in Healthcare Burden: Unemployment increased significantly in the U.S. as a result of the lockdown measures for COVID-19, and the healthcare industry was not immune to job loss. The healthcare industry lost 1.4 million jobs in April 2020, with ambulatory services seeing the biggest impact. While healthcare employment increased by 312,000 jobs in May 2020, job losses continued in nursing and residential facilities and hospitals.
The Solution Providers Choose:
Experienced Medical Billing Services, such as ebix, Inc. Our proven Revenue Cycle Management (RCM) Service record helps private medical practices capture up to 10% more revenue quickly.
- You’ll Get Paid Quickly
- Outsourcing to a Medical Billing Partner actually can Reduce Costs
- Time is Freed up for Office Staff
- Prevent Problems from Starting
Ever-changing payor rules and mandates, specialty coding, and billing requirements can be tough to navigate for providers as well as for billing staff. Many times, internal billers depend on providers to share appropriate CPT and ICD codes. Only providers may not be up to date on the latest coding guidelines. This lack of knowledge and coding experience can place a handicap on your receivables. ebix, Inc. understands that each specialty brings its own set of challenges. Accordingly, we work to develop custom workflows and a unique set of coding rules based on services provided by your healthcare organization.
Contact ebix, Inc.
Don’t flounder in an endless sea of denied claims, feeling as though it is impossible to get anything approved. Contact us today, and let us help you get paid. You’ll maximize the time your employees spend at work. There’s less liability on your shoulders when you outsource work to a medical billing consultant.
- Sources:
https://www.mgma.com/resources/government-programs/covid-19-financial-impact-on-medical-practices - revenuecycleintelligence.com
- fairhealth.org
- https://www.beckershospitalreview.com/workforce/1-4-million-healthcare-jobs-lost-in-april.html
- https://www.bls.gov/news.release/empsit.nr0.htm