It’s clear: the healthcare industry will never be the same. The COVID-19 pandemic has shaken health systems, exposing vulnerabilities that have been present for some time and speeding change that we believe will be long-lasting.
As a recent Kaufman Hall report shows, health systems have been greatly impacted financially, with health systems experiencing lower patient volumes and significant decreases in revenue. Meanwhile, the health threat of the pandemic continues, making those hospitals more important than ever.
VisitPay is helping health systems recover and adapt. With proven experience and industry-leading technology, VisitPay is helping chart a course forward. And it’s all about redefining the financial experience to be patient-friendly, with self-service digital platforms, flexible payment plans, and increased transparency and communication.
The Kaufman Hall Report: The Impact of COVID-19
Kaufman Hall, industry experts in consulting and financial planning, released an insightful exploration of the issues facing health systems today: The 2020 State of Healthcare Performance Improvement Report: The Impact of COVID-19. The report dives into how hospitals and health systems are navigating the COVID economy with extensive surveys and interviews.
Through their research, Kaufman Hall uncovers how industry professionals view the financial viability of their organizations without an effective vaccine or treatment. Nearly three-quarters of all survey respondents said they were either extremely concerned (22%) or moderately concerned (52%) about the financial health of their workplace. That’s not too surprising when you also see that one-third of the survey’s respondents saw year-over-year operating margins decline by more than 100% from Q2 2019 to Q2 2020. Additionally, overall volumes have reduced significantly, and are recovering slowly. According to the majority of respondents, all areas but one (oncology) have yet to see volumes return to more than 90% of pre-pandemic levels.
Health systems need support now more than ever. This industry-wide crisis has left large payment gaps, sudden shifts in patient patterns, and a great deal of uncertainty in the future. The healthcare industry needs a plan. VisitPay is uniquely qualified to lead through this complicated time, with a solution that can immediately put health systems on the right track.
Facing the Challenges Together
Since the beginning of the pandemic, we’ve been gathering information and sharing experiences across our clients to help accelerate revenue performance in a way that is compassionate for patients. We’ve held valuable health system summits, where our clients share best practices and benchmarks. We’ve dug into the immense data and insights gleaned from each of our implementations with enterprise-scale health systems. Our community of users has rallied around the VisitPay platform, believing that a self-service payment platform has become an essential tool for both patients and providers to help overcome today’s difficult challenges.
A digital service of this kind gives people access to their information whenever they want it, including a consolidated and easy-to-understand breakdown of their medical bills. It offers health systems a way to stay engaged with the patient, providing easy communication in the method that the patient prefers—text, phone, or email. Most importantly, patients have proven that they truly want to pay their bills, and a self-service system allows them to do so in a way that works for them. With flexible payment options that are tailored to the individual, each patient will have a plan that fits their current situation, leading to both higher rates of payment and higher patient satisfaction.
The Kaufman Hall report gives context and detail to what we know to be true: the healthcare industry is facing monumental challenges. The industry continues to undergo a serious evolution—and the changes aren’t slowing down. But health systems can embrace change and even thrive by adapting to the times and the new needs of their patients. VisitPay is here to help. Together, we can build a better patient financial experience and come out of this difficult time stronger than ever.