Healthcare Strategic Growth Blog

Innovative Solutions to the Healthcare Revenue Crisis

Posted by Morgan Atkins on Jul 7, 2020 4:00:00 PM

Key Opportunities Hospitals Leaders Shouldn’t Overlook

By Morgan Atkins

The trials of 2020 have left many in the healthcare industry searching for ways to diversify their income. Due to COVID-19, hospitals across the nation are estimated to lose $200 billion between March 1 and June 30, according to a report from the American Hospital Association. This current financial strain and shaky future prospects are pushing healthcare institutions to find creative ways to keep revenue flowing while still maintaining high-quality care.

Becker’s Hospital Review cites the reimbursement landscape challenges and dwindling patient volumes as two main factors leading at least 29 hospitals across the U.S. to file for bankruptcy this year. In this post, we’ll consider how hospital leaders can turn these leading indicators of distress into golden opportunities for growth.

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Tags: leadership, healthcare leadership, innovation, revenue, telehealth, telemedicine, virtual care, market reimbursement analyzer

Following the Numbers: A Data-Based Look at Virtual Care

Posted by Dave Sellers on Jun 9, 2020 4:42:43 PM

Early Data Shows the Rapid Shift in How Patients are Receiving Care

By Dave Sellers, Beth Duke, and Lee Ann Lambdin

In a recent blog post on planning for the future of telehealth, we shared tips for how to shift to a more aggressive virtual care strategy. We discussed ways growth planners can embrace telehealth and be better prepared for the future. We also talked about the importance of data while growth planning and how All-Payer Claims Data (APCD) provides unique insights that can inform hospitals and health systems as they prepare to respond to the growth of telemedicine.

We won’t have complete data insights until July as to the full impact of COVID-19 and the resulting rapid adoption of virtual care. The data we do have shows the drastic impact of the virus and the resulting stay-at-home mandates. By tracking the “Telehealth” care setting, we see a momentous spike in virtual care in March of 2020. While the transition to virtual care began to take effect in 2018, it clearly jumped in March of 2020 due to virus concerns. Take a look at claims and encounter data below to see the spike in virtual visits.

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Tags: strategic planning, hospital strategic planning, all-payer claims data, apcd, telehealth, telemedicine, virtual care

Planning for the Future of Telehealth

Posted by Brian C. Young on Apr 14, 2020 9:18:59 PM

Tips for Shifting to a More Aggressive Virtual Care Growth Strategy

By Brian C. Young and Lee Ann Lambdin

Hospitals and caregivers across our country are pivoting in response to COVID-19. While the impact on individual hospitals varies greatly, a common theme for all providers is the need to keep patients at home, whenever possible, for the safety of both patients and providers. This has opened the door for telehealth growth and we’re witnessing a rapid shift from a previously deliberate adoption path to a record pace of uptake. 

“Telehealth is bridging the gap between people, physicians, and health systems, enabling everyone, especially symptomatic patients, to stay at home and communicate with physicians through virtual channels, helping to reduce the spread of the virus to mass populations and the medical staff on the frontlines,” said Dedi Gilad, CEO, and co-founder of Tyto Care, a telehealth technology company, in this Healthcare IT News article. 

So what is the future for telehealth, after the current “stay home” mandates are lifted? How can hospital planners prepare for a change in strategy in light of our collective embrace of virtual technologies?

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Tags: strategic planning, hospital strategic planning, telehealth, telemedicine, virtual care, market reimbursement analyzer, reimbursement

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