Healthcare Business & Technology

3 challenges hospitals can overcome with medical financial aid platform

NOVEMBER 24, 2020

As the full impact of the COVID-19 pandemic continues to unfold, CEOs, CFOs and senior level management at health systems face increased pressure to recover lost revenues while providing the maximum level of financial assistance for their uninsured and underinsured patients. The American Hospital Association (AHA) estimates a total four-month financial impact of $202.6 billion in losses for America’s hospitals and health systems, or an average of $50.7 billion per month, due to the COVID-19 pandemic.

Despite the availability of 10,000+ sources of medical financial aid to resolve these issues – including coverage for COVID-19 related treatments – health systems are often mired in obsolete legacy methods of identifying these resources, engaging and enrolling patients, and managing the claims reimbursement process across the system.

As more health systems strive to help patients access and afford the care they need, they should look to adopt innovative technology and service solutions to accelerate the rate at which they secure medical financial aid reimbursement for all eligible patients. The right solution will address and resolve three key challenges.

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