Hospitals Must Protect Revenue Cycle Capabilities to Limit COVID-19’s Financial Fallout
Any initial effort to meet the anticipated financial impact of the COVID-19 pandemic must start with:
- Revising financial performance targets, cash flow projections, and operational plans
- Determine operational issues that can occur related to the COVID-19 outbreak that could negatively impact cash flow and overall performance
Trusted and timely third-party assistance
Whether hospitals and other providers elect to shift revenue cycle staff to the home setting or not, consider partnering with a trusted third-party capable of taking over elements of the revenue cycle for the duration of the crisis. Healthcare Financial Resources provides a full range of outsourced AR follow-up services, including aging claims resolution, denial management and bad debt mitigation to help ensure claims are clean and paid the first time around to mitigate any delays. More than 98% of the company’s workforce is now deployed remotely and all of ParaRev’s remote work processes are HITRUST CSF®-certified.