Hospitals across the country are looking to restore revenue after drops in patient volumes due to canceled or postponed nonemergency services led to reimbursement that is significantly lower than before the COVID-19 pandemic.
During a June 16 webinar hosted by Becker's Hospital Review and sponsored by Allscripts, presenters discussed how an IT platform in which clinical and financial solutions share the same database can help an organization maintain or improve cash flow. They also addressed the staffing effects of the public health crisis as well as how to preserve patient volumes.
Presenters were:
- Terry Henderson, director of Allscripts Solutions Management
- Angie Ray, senior manager of Allscripts Solutions Management
- Carolyn Fallon, senior manager of Allscripts Solutions Management
- John Randzo, senior manager of Allscripts Solutions Management
Here are the five takeaways presented:
1. Task force to continue healthcare mission. During the pandemic, aCOVID-19 task force led by executives is crucial to maintain financial viability, according to Ms. Ray. The task force helps implement changes such as enabling a remote workforce and scaling out telehealth options in cost-efficient ways. It also monitors revenue and helps identify nonessential resources and services.
2. Patient volume. To preserve patient volume, and in turn revenue, telehealth provides one option. For example, an Allscripts hospital client used the company's Clinical Performance Monitor,— which provides customized reports and dashboards displaying clinical and financial performance information, to identify the services they could provide via telehealth. The client was able to go beyond offering remote office visits and was able to offer rehabilitation services remotely, said Ms. Fallon. This included speech therapy and, in some cases, physical therapy and occupational therapy.
3. Staffing impacts. Hospitals across the country have furloughed, laid off or cut pay for workers, citing the financial fallout from COVID-19. They are also having some employees work from home. This provides greater opportunity for organizations to go paperless in certain areas — since they aren't printing as much — and potentially save money, according to Ms. Fallon.
4. Managing cash flow and receivables. Managing cash flow and accounts receivable is more important than ever as hospitals see depressed patient volume and move staff to different locations or work from home, according to Mr. Henderson. He said one Allscripts hospital client put together a plan that involved a strategy for tackling aged receivables. Mr. Henderson said Allscripts was able to help the hospital initially target high areas of value. The hospital worked accounts starting with high value and low complexity. They targeted low value and high complexity accounts last and were able to restore the revenue they needed to maintain cash flow, said Mr. Henderson.
5. Recovery from effects of pandemic. Some hospitals have started to resume certain nonemergency procedures and services. However, patients have delayed revenue-generating services and may be apprehensive about receiving medical care in the near term, according to Mr. Randzo. He recommends hospitals develop a plan to reengage these patients from a marketing perspective to restore lost revenue. Mr. Randzo said a marketing campaign may not be needed in all service areas, but if the hospital has treated COVID-19 patients, people may need assurances that safety measures have been taken before they are comfortable returning.
Click here to learn more about Allscripts. Click here to listen to the webinar recording.