It’s been 5 months since the first cyberattack on Change Healthcare was reported on 2/21/24. It is difficult to articulate the severe impact felt by just about everyone in the healthcare sector. Change Healthcare is the largest billing and payment system in the US, and this attack was the most impactful incident against the US health system in history. This affected the ability for hospitals and physicians in private practice to verify eligibility, order prescriptions, send claims, and receive payments.
Thousands of hospitals and private practices were impacted financially; in fact, 80% of physicians reported lost revenues from unpaid claims. Many physicians had to use personal funds to cover expenses, and some practices were forced to close. Practices are still, these many months later, struggling to keep their doors open. The overall financial impact will be impossible to estimate.
At Larsen Billing, I am happy to report that our team hunkered down and did whatever it took to take care of our clientele. We used alternate means to submit claims, we checked portals for information that was no longer coming to us electronically, and we continue to spend countless hours performing manual processes that used to be done through automation before the cyberattacks. We were able to minimize the impact to our clients throughout these last several months, and the revenue of our clients has remained stable. We have internalized as much of the impact as possible to protect our clients from financial strain. This has reminded me of the incredible resilience that our team demonstrates: we put clients first and foremost.
If you are struggling with the impact of this incident, or with anything having to do with your revenue cycle management processes, please reach out to us – we would love to help you as well.