Patient Volume and Revenue Take Drastic Plunge Due to COVID-19

For the first time in many years, hospitals as a whole, are laying off nurses and getting thrashed financially. In fact, hospitals are reporting drastic revenue losses, losing an aggregate of $1.4 billion per day. The loss in revenue is directly attributed to COVID-19 in that hospitals eliminated elective procedures thereby eliminating the cash that is used to run the hospital. Additionally, the COVID-19 cases are producing additional losses for hospitals as the price of acquiring equipment and PPE supplies continue to soar. Stories range from entire wings of hospitals being closed to patients being placed in halls due to lack of room availability. Hospitals are digging in and rapidly exploring revenue alternatives.

In the myriad of hospital vendors, FairCode fits the bill as a new DRG revenuesource for hospitals. In this time of crisis, FairCode will help bring revenue and profit, as well as increase case mix index (CMI). FairCode utilizes 100% physician review of patient charts in real time and can be deployed in as little as two weeks. Implementation of FairCode services is quick and efficient as there are no startup costs and no heavy IT lift. From clinical validationand chart reviewsto payor denial defense, FairCode’sphysicians and data scientists become a part of a hospital’s coding team.

FairCodeincreases clean claim ratios by combining the domain expertise of experienced physicianswith modern data science and analytics technologies to increase hospital revenue. FairCodebridges the gap between a hospital’s attending physicians and hospital coders. The result? Patient acuity and Case Mix Index (CMI) are more accurately captured with the correct DRG, and hospital reimbursements adjust accordingly. DRG Validationand physician conducted medical chart reviews happen in real time, significantly impacting hospital quality rankings, CMI)and bottom-line results. From clinical validationand chart reviews to payor denial defense, FairCode’sphysicians and data scientists are part of a hospital’s coding team. Add FairCodeto your existing CDI initiatives and see the difference. Outcomes are measurable and significant. FairCodeaverages greater than 4:1 Gross Return on Investment.

http://www.faircode.com/