In March, we published a prediction on how the COVID-19 issue would affect our clients. We looked at the fact that many billing companies were closing down and moving to work-at-home arrangements and many payers were looking at changes caused by their on-shore and offshore facilities being closed down.
We are now taking our first look back on how well we did on our predictions:
Above is an example for one of our clients and how their revenue is playing out. As you can see, our initial projection showed revenue dipping quickly in April, but in reality, it looks like the true damage wasn’t done until May. I was wrong in this assessment.
Payments were close to the projected numbers so far, but remember we haven’t finalized May collections and June is yet to play out. Bottom line: our projection was closer to the initial projection.
May and June may be impacted by several things. First, there may be issues as other countries come up from their COVID isolation. This is important as it will pertain to claims being processed correctly. The question must be asked, will some payers hang on to provider revenue to shore up their bottom line during this time? The second issue will be how closely billers attend to the old AR and denial laid up during the slowdown. It is obvious some billers will be very aggressive and others will likely react differently.
There is one truism in all of this: medical billing will be a series of train-wrecked box cars until early fall at the least. We expect to see many different issues and to work diligently with our clients to solve these issues.