Optimize Self-pay collection strategies to stay financial healthy
Adverse effect of pandemic is rise in an unemployment, providers need to optimize self-pay collection strategies to support patients and revenue collection during this difficult time.
Healthcare is the industry most at-risk during the coronavirus (COVID-19) pandemic. Providers are on the front lines of response efforts. At the same time, the financial implications of the pandemic are also creating significant revenue cycle challenges, putting providers even more at risk during the pandemic.
With over 36 million Americans claiming unemployment at the end of March 2020, the number of individuals without health insurance is reaching record highs. If projections by the Federal Reserve hold up, upwards of 7.3 million workers and their family members will become uninsured by the time the pandemic has run its course.