The rapid rollout in March of the federal FFCRA (Families First Coronavirus Response Act) and CARES (Coronavirus Aid, Relief and Economic Security Act) Acts – and specifically section 6001 of the FFCRA, which defines requirements for insurers – has left providers, labs and insurers uncertain, at times, of their respective responsibilities for COVID-19 testing.
The 2019 CAQH Index reported that the healthcare industry is spending approximately $350 billion annually for administration due to its complexity, and that about one-third of that amount could be saved by automating administrative transactions. For many, the mind-boggling $13.3 billion in available cost savings cited in the study begs this question: If healthcare revenue cycle management (RCM) technology has been evolving for over two decades, and the point of most technology is to help processes run more efficiently, what is causing administration costs to be sky-high with such an enormous opportunity for savings?
As patient volumes declined drastically during COVID-19, facilities are eager to get more patients back into the office and provide the care that was delayed. Quadax personnel are speaking with clients about their own efforts to increase patient volumes and boost revenue.
We recently sat down with Professor Thomas Campanella to ask him questions about what’s next in the complex world of healthcare – after the coronavirus has subsided. We hope you find his insights valuable.
After over a month of not performing elective surgeries, healthcare providers are losing a significant amount of revenue. The pause on elective surgeries was meant to flatten the curve of COVID-19 and allow hospitals to prepare for a major influx of infected patients.
Telemedicine has been a hot topic in the healthcare industry for a decade now. Every year, analysts have predicted telemedicine would become more of a priority for healthcare providers. However, adoption rates remained low until the outbreak of COVID-19 forced healthcare providers to embrace telemedicine to recoup drastically declining revenue.
