Episode 67: What We Can Learn from the Change Healthcare Cyber Attack

03/05/24 • 12 min

The recent cyberattack on Change Healthcare has sent shockwaves through the healthcare market, underscoring the critical importance of cybersecurity in the healthcare sector. This event not only disrupted the company's operations but also had a cascading effect on physician practices and medical groups reliant on its services for billing, claims management, and healthcare IT solutions. It continues to cascade down to impact patients as well. The attack highlights the vulnerability of healthcare providers to cyber threats, which can lead to significant operational and financial repercussions.

Let’s understand some of the major effects of this particular cyberattack on the Healthcare Market and Physician Practices:

First and likely most concerning is the Disruption of Billing and Claims Processing. Many physician practices are experiencing delays in billing and claims processing, which is pivotal for maintaining cash flow. This disruption can lead to a backlog of unprocessed claims, affecting practices' revenue cycles and cashflow.
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Let’s understand some of the major effects of this particular cyberattack on the Healthcare Market and Physician Practices:

Previous Episode

Episode 66: Show Me the Money! Innovations in Patient Payment Systems

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In this episode, we're exploring a topic that's revolutionizing the patient payment landscape in healthcare: Digital Wallets and Contactless Payments. The days of writing checks and swiping cards are fading into the backdrop of healthcare payments. Today, we're witnessing a remarkable transformation, a shift towards more modern, tech-driven solutions. But what exactly are digital wallets and contactless payments? And how are they changing the way medical groups manage transactions?
Digital wallets, like Apple Pay, Google Pay, and Samsung Pay, are essentially your wallet in a digital form. These electronic devices or online services let individuals make electronic transactions effortlessly. And then there's contactless payments – using RFID or NFC technology, patients can now pay their medical bills with just a simple tap of their smartphone or contactless credit card.

But how are these advanced payment options being adopted in healthcare? Well, it's not just about keeping up with technology but also about enhancing the patient experience. Imagine a patient finishing their consultation and simply tapping their phone on a reader to complete the payment. No fumbling for cards, no waiting for change. It's all about making the process seamless and secure.
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Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
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Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

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Episode 68: Succession Planning, New Partners and Practice Sales - A Conversation with Debra Phairas

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Practice transitions can be easy if you plan for them or difficult if you don't. Join me for a conversation with long time practice consultant Debra Phairas of Practice & Liability Consultants, a west coast consulting company.
Debra brings many years of experience in valuing and consulting to practices and walks through many common scenarios that can help you to make transitions smoother. Debra can be reached at: [email protected] or via: https://practiceconsultants.net/
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com