COVID-19 – How Your Healthcare Institution Can Manage Through This Crisis
As COVID-19 continues to spread throughout the United States, our national healthcare system is likely to be stressed by the significant increase in patient admissions related to the Coronavirus.
During this unprecedented time, it will be critical for financial systems to run smoothly to support the activity of caregivers providing essential services at the front lines of this pandemic, as well as providing additional support to healthcare providers that will likely struggle over the coming months.
Administrators at these healthcare institutions will need to focus their efforts effectively in three primary areas to maintain continuity of care and system viability; (1) data collection, (2) managing and monitoring cash flow and (3) communication, both internally and externally, with stakeholders.
Data Collection: Real time operational data (i.e. volume, service mix, etc.) will be essential to understanding the COVID-19 impact, and its near-term financial implications on each health system, acute-care based facility, physician practice, and healthcare support entity.
It is critical to collect data in an efficient and fluid way to support both treatment and reimbursement. Adjusting existing data systems where necessary, setting up separate cost codes to monitor COVID-19 activity (to potentially streamline COVID-19 related reimbursement), and stress-testing those systems will be essential for the efficient collection of real time data to assess the COVID-19 impact. This data will be essential to provide management with the real-time visibility needed to make immediate and impactful decisions.