The healthcare industry has been thrown a curveball with the introduction of the Coronavirus Disease 2019 (COVID-19). Becoming one of the biggest threats to the global economy and financial markets, the monetary impact remains unknown – both on the provider and patient side. HFMA Policy Director, Chad Mulvany, spoke out to provide guidance on the four things health systems should be doing now to keep coronavirus patients satisfied with their experience after they return home.
Get familiar with payer policy exceptions for coronavirus.
America’s Health Insurance Plans has compiled a list of what some health plans are doing. Many are waiving copays for testing and covering telehealth services. Furthermore, the IRS has said that high-deductible health plans (HDHPs) can pay for testing and treatment without losing their HDHP status. Knowing what payers are doing will make for a more seamless billing experience for the patient, Mulvany said.
Rethink the organization’s financial assistance policies.
Many patients are losing work due to closures and restrictions resulting from the coronavirus and won’t be able to pay a bill that may not have been a problem a few months ago. It might make sense to extend assistance to people who wouldn’t otherwise qualify, Mulvany said. “I don’t know if it’s reasonable to do, but it’s a conversation to have,” he said.
Screen patients for financial assistance.
Be sure to communicate all applicable policies and practices for medical account debt resolution and provide financial assistance and/or charity options, if applicable.
Stay current with coronavirus coverage.
The Centers for Disease Control and Prevention has a wealth of information and resources on their website that is updated frequently.
With the uncertainty the coronavirus brings, Quadax understands researching new revenue cycle management solutions or vendors is most likely not a high priority on your list. But, please know, we are committed to serving and helping our clients’ billing processes. We hope you all stay happy and healthy!
Ken Magness is a focused healthcare professional with more than a decade of experience in helping clients understand the true value of automation in the revenue cycle management process. As the Strategic Initiatives Leader at Quadax, Ken and his team are passionate about connecting with healthcare providers to help them create and leverage the appropriate technology solutions to optimize the revenue cycle process and improve the experience of their patients and staff.