Resources Mentioned in Today's Episode
Modern Healthcare article: Deferred Procedures Drain Hospital Revenue by $60 Billion a Month
Health Leaders article: Three Revenue Cycle Hurdles for Resuming Elective Procedures
Key Takeaways
Revenue Loss for Hospitals and Health Systems
- COVID-19 is going to continue to be a financial pain; commercial payments will be important moving forward to turn a profit.
- According to the Robert Wood Johnson Foundation, an estimated 25-43 million people could lose their employer-sponsored health insurance coverage before things settle. Some will land in state Medicaid programs, some will buy individual plans they can afford, and as many as half will go without insurance.
Challenges for Rapid Recovery
- Opening back up will involve organization across the health system; from service lines, to staffing, OR space, and even determining the priority of patients.
- PPE will be an ongoing concern for weeks, if not months. Reassuring staff and patients that you have adequate supply is essential.
- Measures should be made clear on the visitation process for patient families and guests. Communicate your plan on how to keep these individuals safe.
- If you haven’t already, marketers need to find a way to be a part of the reopening committee. It will aid in how you communicate when going to market and gaining patient trust.
Financial Fear
- Consumers are concerned with their financial situations and are withholding out of pocket spending even if they are employed.
- The idea of stretching out prescriptions and putting off medical expenses is a significant financial fear for health systems. It is taking more effort to convince patients to come back into a hospital post-COVID-19.
- Marketing owns the consumer lens in a health system, and we should be bringing that outside perspective about financial fears through our communication strategies to meet our community where they find themselves.
