Earlier this year, Change Healthcare, among the world’s largest health care clearinghouses for medical claims, experienced a devastating cybersecurity incident. The event shut down the organization’s electronic payment platforms and pharmacy network services. The impact continues to be far-reaching for any health care system that relied on Change Healthcare’s services. Critical processes at health care organizations came to a halt, hampering both providers and patients.
According to an American Hospital Association survey, 94% of hospitals are experiencing a financial impact from the Change Healthcare cyberattack, with more than half describing it as “significant or serious.”
“Many medical practices and health systems continue to experience major revenue struggles that threaten their overall financial viability not only due to the revenue cycle disruption, but also because of the impact on basic financial operations such as processing payroll,” says Greg Vetter, an RSM principal and health care cyber risk services leader.