Accounting & Financial Management
With Christopher Kerns, Advisory Board's vice president for Executive Insights.
If 20% of the US population were to become infected with COVID-19, it would result in an average of $163.4 billion in direct medical costs.
Margins significantly across broader health systems, which often include substantial physician and ambulatory operations outside of the hospital.
If such facilities can't bring in new residents, their business model essentially collapses.
Having rolling budget forecasting, following coding guidelines and anticipating patient behavior changes will help with the coronavirus aftermath.
The funding is unlikely to fully compensate providers for the revenue hit caused by cancelled elective surgeries and by labor and PPE costs.
The data was gathered before COVID-19 began its spread across the globe, meaning the outlook for rural hospitals may yet worsen.
Because there's such a high level of uncertainty, the risk of a more severe economic impact is elevated and expenses will rise.
While not all insurers may be aware of it, prior authorizations can have detrimental downstream financial effects for hospitals and health systems.
Health plans will be responsible for data sharing and patient access in a way they're not used to. "A lot will have to go into meeting that deadline," one expert says.