The COVID-19 pandemic has substantially altered the health care system and changed how providers handle outpatient care. To decrease the risk of transmitting the virus to either patients or health care workers, hospitals and health systems across the U.S. differed and continue to suspend revenue-generating elective and preventive visits. With the world facing severe challenges amid a pandemic, it may seem difficult to imagine what things will look like after we move through this period. But now is the time to think of possibilities and to use the learnings of today to prepare for the future.
As the scramble to supply hospitals with much needed protective equipment for doctors and nurses fighting on the front lines continues, hospital leaders around the country warn that they are running low on another essential supply: money. Hospitals have taken a significant hit as they cut back elective procedures to free up resources needed to treat COVID-19 patients. At the same time, these practices have been pouring money into efforts to fight against the virus by purchasing personal protective equipment, making payments for staff members, and transforming facilities to meet the needs of patients. Still, hospital leaders in numerous states have echoed the dire concerns about their facilities and the urgent need to boost liquidity.
This is the time when boards and CEOs will likely have the largest opportunity in their careers to positively impact their organizations and the communities they serve. Health systems across the country will need to prioritize creating an environment where decisions are made calmly and based on facts. Given the high degree of uncertainty, leaders will need to ensure they are actively engaged in real-time information from all levels of their organization to make informed decisions. But the real question to be answered is … are there concrete solutions for health systems to boost liquidity and get back to generating healthy amounts of revenue?
The answer is YES and this starts with the ability to act, innovate, and execute through the use of a financial technological tool such as CURAE™. Throughout the pandemic, hospitals have had a simple message: “stay home if you’re sick.” And that message worked to isolate those who were most vulnerable, but now the message is changing to “seek care when you are sick.”
Creating the safest possible environment to slowly resume in-person care is on the minds of health care leaders, but from mid-March through mid-April, outpatient visits have declined nearly 60 percent. The decline is largely due to the cancellation of elective procedures, but a large challenge is the willingness of members within communities to come back in person. And patient financial responsibilities are another barrier that will prevent many patients to continue with their elective procedures.
Being a vital part of the revenue cycle, hospitals will have to meet the demands of patients and provide care that can be paid for with ease. Utilizing Curae™ will allow your organization to create a patient-centric solution, while simultaneously benefiting your health system’s financial standing. With decades of experience, millions of customers served, and billions of dollars in loans funded, Curae™ gives any health system the ability to provide their patients with flexible payment options.
Curae’s non-recourse technology platform enables providers to offer a revolving line of credit for patients exclusive to their Health System. You can now receive funding within 24-48 hours, reduce accounts receivable, and increase patient satisfaction through and automated and easy to use design. Right now, is the time to consider positively impacting your health organizations and the lives of those who rely on you for treatment. Empower your community to say yes to the best healthcare for their best selves with Curae™. To learn more about Curae™ or find out if Curae™ is the right solution for your organization, Get Started Now.