Blue Shield of California to help hospitals get cash quicker

Blue Shield of California is providing up to $200 million in direct financial support to hospitals and physicians who are facing new pressures from the COVID-19 pandemic.

The insurer said it is working with two financial institutions to fiscally support California providers through guaranteed loans and advanced payments based on anticipated healthcare costs. Blue Shield said it intends to offer favorable repayment terms to help providers get through the next six months, with more details to come as the initiatives are finalized.

In addition to restructuring provider contracts and easing some prior authorization requirements, Blue Shield is accelerating the launch of its new patient billing solution that is currently in a pilot phase with a provider in Northern California. The solution, which will be offered to more in-network providers in California, allows providers to get the patient's portion of a bill at the time of claim adjudication. Blue Shield has been working with technology startup OODA Health and San Francisco-based Dignity Health, among others, on the initiative.  

More articles on healthcare finance:
16 insurers waiving costs for COVID-19 treatment
Trump administration to use hospital stimulus funds to pay for uninsured COVID-19 treatment
Humana to expedite claim processing, suspend more prior authorization rules

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