How COVID-19 affected revenue cycle operations: Insights from finance execs

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Erratic and unpredictable workload was the most common effect the pandemic had on revenue cycle operations, according to a recent survey of 587 hospital finance leaders. 

The survey, released April 8, was conducted through the Healthcare Financial Management Association's Pulse Survey program and commissioned by revenue cycle firm AKASA.

One of the questions in the survey asked respondents to select the biggest impacts COVID-19 had on their revenue cycle operations. They were allowed to select more than one answer. 

Here were the most common answers:

  • Work/claim volumes have been erratic and unpredictable — 50.5 percent 
  • Increase in workload due to confusion over codes and requirements for COVID-19 claims — 37 percent
  • Overstaffing due to decreases in claim volume — 35.8 percent
  • Decreases in staff productivity due to remote work shift — 34.7 percent
  • Decrease in staff productivity due to workforce reductions — 32 percent
  • Understaffed due to uptick in claim volume — 4.2 percent
  • Decrease in staff productivity due to staff being out sick with COVID-19 — 2.9 percent

 

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