Sectors that lost revenue during pandemic and looks to be stable post pandemic
Series 1 – Healthcare Providers
– Advanced Analytics Practice
- Loss in revenue to providers as people opting out from elective surgeries and physician visits. Online physician consultancy at lower charges is leading to revenue loss as well.
- However, post-pandemic, elective surgeries and physician visits are expected to surge due to pending surgeries. Healthcare providers will start seeing a similar demand as before.
- The $2 trillion federal stimulus bill, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), that was recently signed into law by President Trump, includes $100 billion for hospitals [Reference]. It also boosts reimbursements by 20 percent for treating medicare patients with coronavirus. Even with the 20 percent increase in Medicare reimbursement for COVID-19 cases, however, a recent analysis from Strata Decision Technology found that hospitals, on average, will lose about $1,200 per COVID case and up to $6,000 to $8,000 per case for some hospital systems, depending on their payer mix.
- The American Hospital Association estimates a total four-month financial impact of $202.6 billion in losses for America’s hospitals and health systems, or an average of $50.7 billion per month [Reference].
- HCA Healthcare reported a profit of $581 million for the first quarter of 2020, down almost 45% year over year as the coronavirus pandemic continues to stress provider finances [Reference]. HCA, which has cared for 5,500 patients testing positive for COVID-19 so far, withdrew its 2020 guidance due to financial uncertainty from the pandemic. Its stock fell roughly 5% premarket on the results.
- Revenues have reduced due to suspended elective services. Hospitals need an effective financial recovery plan to reduce the impact of such losses.
- During COVID-19, the rise and adaptation of telehealth and remote patient monitoring arises an opportunity for hospitals as well as a challenge to implement it in the right manner.
Artificial Intelligence Powered Solutions:
- Elective surgery recovery plan – AI is helping hospitals by accessing the impact of suspended elective surgeries on revenues in different geographies. Understanding in-person visit data, appointments, cancelations, and past patient records, AI is suggesting which patient should be re-engaged for surgery, which patient for an in-person visit, and which patient for telehealth consulting. Using this data, hospitals can access their capacity and safely plan to re-engage patients.
- Remote Healthcare – During the lockdown due to COVID-19, telehealth, and remote patient monitoring has won the confidence of patients and are ready to become a new normal. Data analytics companies with the help of wearable devices (like health bands, smartwatches, and mobiles) capturing patient data, enabling patients with self-management and empowering clinicians to better monitor patients. Using the patients’ medical profile and their current lifestyle, AI is also helping clinicians with suggestions on the right intervention plan for effective patient care management. Goal-based intervention plans suggested by AI where a patient gets incentives (like loyalty points) for completing their health goals is driving higher patient engagement and adherence.