As healthcare organizations deal with the real-time clinical needs of COVID patients, they are sometimes turning to alternative methods of patient care, such as telemedicine and alternative sites of service. While payer guidelines and government regulations have been put in place to accommodate these shifts, there are nuances in billing and reimbursement that need to be addressed.
In the short term, it is critical to review billing policies, include the coding department in decision making, align with IT to ensure they can support charge capture and coding for remote visits, and audit payments related to COVID cases.
As we look forward, it is critical to take steps to alleviate the eventual financial impact of COVID on your organization across all the stages of the pandemic. For example:
- Reset phase: Rapidly deploy training and control measures across the revenue cycle continuum, including coding, charge capture, and billing, to minimize billing errors and mitigate denials.
- Recovery phase: Analyze revenue cycle KPIs, including staff productivity, unbilled and aged accounts receivable (AR) to identify at-risk populations.
- New reality phase: Future-proof revenue cycle functions through technology solutions, as well as alternative staffing models, leveraging intelligent automation and remote workforce policies.
For more information on how to address COVID-related impacts on your revenue cycle, please click here.