After Covid-19, the stock market experienced its worst time since the financial crisis 12 years ago. Stocks dropped as a result of the global Covid-19 outbreak, and healthcare providers were not resistant to the swing. Stock prices for major for-profit hospital system includes Tenet Healthcare Corporation and Community Health Systems fell significantly in a while, with many still in the red.

Whereas, non-profit hospital systems, academic medical centers, and physician practices are also facing financial challenges harming from Covid-19.

One more thing to add on, many hospitals already have less medical supplies like masks and ventilators, and many more are facing shortages of personal protective equipment due to the coronavirus.

Healthcare providers are rapidly executing emergency measures plans, searching places to keep the overflow patients, acquiring diagnostic tests, identifying and protecting staff, and more. To help providers handle the new challenges, the government and payers are helping to reduce the Revenue Cycle hurdle given by Covid-19.

Keeping the billing office running during an outbreak is a key to keep hospitals and practices open for infected persons need care. But, this can be a challenge, especially for smaller organizations with limited cash on hand to respond to Covid-19.

CMS has been at the forefront of helping providers handle the medical billing and coding aspect of COVID-10 testing and treatment. The company recently released two Healthcare common Procedure Coding System (HCPCS) codes that laboratories can use to bill for certain COVID-19 diagnostic tests, including those developed in-house according to new FDA guideline.

The American Medical Association (AMA) also announced that it is fast-tracking the development of a unique Current Procedural Terminology (CPT) code for reporting novel coronavirus testing.

CMS also recently released guidance on billing and reimbursement for treating COVID-19. The company reminded providers that Medicare will pay for evaluation and management and other services provided in a receiver’s home by a physician or non-physician practitioner. The company insists, Medicare will also reimburse providers for many non- face-to-face services used to assess and manage a receiver’s condition.

For hospitals, Medicare will pay the diagnostic-related group (DRG) rate and any cost deviation for the continuous stay if a receiver is a hospital in-patient for medically necessary care. It includes payment for when a patient needs to be quarantined or isolated in a private room.

Hospitals have enough space during an emergency it may also be possible to add a remote location that provides inpatient services even in the absence of an 1135 waiver, CMS debated.

To support providers further, the administration is also reportedly weighing implementing a natural disaster program to pay hospitals and other providers for treating uninsured patient infected with Covid-19. This program pays about 110 percent of Medicare rates to providers.

The Covid-19 created problems and issues surrounded patient financial responsibility. Several reports noticed that patients being left with thousands of dollars in medical bills after seeking care for potential coronavirus symptoms.

Health care providers are struggling hard to develop collection strategies in this phase of high deductible health plans and other cost-managing problems. But utilizing these new strategies during an emergency can be possible.

Payers are admitting the difficulties appearing from patient financial responsibility and many are making it easier for patients to take care and for providers to sleek the financial encounter.

America’s Health Insurance Plans (AHIP) reported that it is executing solutions to lower the cost for people taking testing for and treatment of Covid-19. One of those steps is covering diagnostic testing when prescribed by a physician.

AHIP members ordered physicians for Covid-19 testing, and vowed to “ease network, referral, and prior authorization requirements and/or patient cost-sharing”. They will also work with providers to ensure effective treatment is available for infected individuals. It includes sharing information, mobilizing network providers, and encouraging the use of telehealth.

According to the National Academy of Medicine (NAM), Covid-19 is placing a overburdened health care system, immense the capacity hospitals, emergency departments, outpatient centers. This results in critical shortage of staff, space, and supplies which can have a negative impact on patient outcomes.

Sharing resources relevant when demand starts to exceed those resources is critical to maintain operations running for patients who need care.

Bloomberg School of Public Health experts advised hospitals to use their prepared flu protocols as initial point for sharing resources to Covid-19 management. Major preferences for these organizations should be:

Healthcare providers are rapidly executing emergency measures plans, searching places to keep the overflow patients, acquiring diagnostic tests, identifying and protecting staff, and more. To help providers handle the new challenges, the government and payers are helping to reduce the Revenue Cycle hurdle given by Covid-19.

 Comprehensive and realistic planning based on CDC Flu surge projections and collaborative planning among hospitals in a region
 Maintaining, augmenting, and stretching the workforce
 Allocating limited resources in a rational, ethical, and organized manner to “do the greatest good for the greatest number”

Decision makers at all levels should be actively imposing these preferences by committing in activities like dedicating a full-time infection prevention practitioner, stockpiling personal protective equipment, using buddy teaming, and identifying services and procedures that can be postponed.

NAM also recommends that healthcare providers develop “lined, proactive strategies using the best available clinical information and building on their existing surge capacity plans to improve resource use in the event the current outbreak spreads and creates severe resource demand.”

The organizations tell providers further,

 Protect their workforce by offering staff childcare, alternate housing, balanced shifts, and additional support and training
 Preserve personal protection equipment by reserving these supplies for those performing high-risk interventions, using powered air-purifying respirators in high-risk environments
 Optimizing outpatient services by extending hours, adjusting staffing, closing or reducing specialty clinic hours, and changing documentation

NAM also provides sharing resources tips for other areas of care, including inpatient, critical care, and emergency department.

The organizations also added, “It is important that hospitals take steps now to develop a process for decision making, anticipate what resources may be in shortage, and involve clinical staff in developing strategies to address a broad range of impact.”