The following is a column from Vachette CEO Mick Raich:
With the next round of COVID-19 infections making the news, we are seeing some states and health systems closing down elective surgeries again. This will drastically affect health care providers as many are only now seeing cash return to pre-COVID levels, while others are still struggling to get their cash flow back in line.
Perhaps it is best to update your COVID Curve projection and see how this fall will play out.
We could very well see another drop in charges in late July and early August, followed by a subsequent drop in revenue collected in September. It is important to track this each and every month and use some predictive analysis as many variables are still changing. Imagine if the combined gross charges actual/revised noted above takes another drop as it did in May? How will your company survive?
Here is how Vachette is trying to help: We will continue to offer a discount on our service to our clients who get hit by these losses. We have the flexibility to work with each client and adjust their fee accordingly. This isn’t about cash, it’s about keeping our customers afloat and providing our value to our clients in a time when they need it most.
We are out front with payer changes and denials, and are providing guidance on how to handle government programs like the Payroll Protection Plan and the HHS stimulus monies. We are resource for many and our free webinars are helping to educate providers while our Client Representatives are making sure our clients are surviving. Are your other vendors doing the same? Who’s watching your wallet?