The COVID-19 pandemic is undoubtedly affecting many areas of society in a significant manner, including, to a large degree, businesses and the economy. As business owners and executives are dealing with their own financial challenges, their decisions most likely will affect the financial situation of their employees as well.
One area that has seen near-constant change is employee healthcare, which is particularly relevant within the context of the current global pandemic. Now, only 17.2% of Americans were covered by Medicare in 2017, but as employee financial situations continue to fluctuate, so too will this percentage. Medical facilities must be prepared to accommodate the needs of their patients’ financial situations.
In a report by Bowen Garrett, Senior Fellow of the Urban Institute, he suggests that between 25 and 43 million individuals will lose their employer-sponsored healthcare benefits. This, and the possibility of a large influx of unemployed individuals needing medical services, means that families will be much more cautious when it comes to choosing a healthcare coverage option, weighing every option at their disposal and opting for the one that is most beneficial and cost-efficient to them. Medical facilities must also be able to adapt and adhere to the coverage that patients choose — or are forced to opt for, depending on their circumstances.
Of the people who lose their employer-sponsored healthcare benefits, the majority will transition to Medicaid coverage, while the rest will need to gain Marketplace or other private coverage, or in the worst of cases, become uninsured and pay in cash for any needed healthcare services.
In cases where employees or members of their family need medical attention for chronic or critical conditions, a medical center must be well-equipped to meet this variety of coverage options with the same level of efficiency that standard forms of coverage are met with. It is imperative to a patient and their family’s well being that financial processing goes through smoothly, so as to avoid unnecessary stresses nor delays in their treatment.
Healthcare facilities that wish to service the same patients will need to have technology systems and processes in place to smoothly adapt to their rapidly-changing coverage scenarios, particularly in the face of the COVID-19 pandemic, in which demand for healthcare services is predicted to increase. One such tool to achieve this accommodation is selecting healthcare administration software which utilizes various extensions and flexible scalability to meet the demands of whatever specific healthcare facilities need.
Not only that, but healthcare administration software also helps to make pre-existing processes much more efficient by lowering the margin of error, cutting down lengthy document processing, and doing away with cumbersome records accessing, among other benefits.