The Change Healthcare Cyberattack and How to Bounce Back

June 3rd, 2024 | Healthcare Strategies

The recent cyberattack on Change Healthcare’s systems has highlighted the urgency and importance of maintaining consistent operations, particularly in the area of revenue management. Private practices need to know how to respond to these types of attacks.

Keep reading to learn more about the Change Healthcare cyberattack and what you can do to protect your practice from disruptions.

The Change Healthcare Cyberattack: What Happened?

At the end of February, UnitedHealth Group’s Change Healthcare was the victim of a cyberattack that caused major disruptions in service for healthcare providers across the country. Change Healthcare is responsible for handling some 14 billion healthcare transactions per year, and the cyberattack caused delays in getting prescriptions, discharges from hospitals, and other services. 

Since then, files containing personal information about countless Americans have been recovered from the dark web.

The Impacts of the Change Healthcare Cyberattack

According to the American Medical Association, the effects of the February cyberattack have been widespread and ongoing. While UnitedHealth has stated that service is restored, a survey from the AMA recently revealed that 80% of physician practices who responded face revenue losses due to the attack, and 85% reported needing to commit additional staff and resources to handle their billing. More than a third of respondents said they were facing a suspension in claim payment, and just under a third were unable to submit claims.

Our Solution to Private Practice Billing 

Here at Rockett Healthcare Strategies, we’re proud to introduce a new trusted partner: Favored Medical Billing (FMB). FMB offers medical billing services throughout the country to all types of providers. FMB’s services have been carefully tailored to meet your immediate needs. These services include but are not limited to:

  • EFT Payment Setup: With an efficient Electronic Funds Transfer (EFT) setup, you can streamline your payment process and ensure secure and timely transactions.
  • AR Claim Follow-up: You can shrink outstanding balances, speed up cash flow, and maximize your potential revenue by consistently monitoring accounts receivable claims.
  • Managing Timely Claims Denials: For claims made during the dates affected by the Change Healthcare cyberattack, FMB has thoroughly researched to ensure claims are not wrongfully denied.

FMB also offers error and omission coverage, Certified Professional Coders, and certified practice and chart auditing, among other services. 

Stop cyberattacks from disrupting your revenue stream. Work with FMB and ensure smooth operations and financial stability.

See Your Private Practice Thrive With Rockett Healthcare Strategies

From major cyberattacks to the everyday challenges of providing care, a healthcare consultant can help you navigate the many complex hurdles that come with running a private practice, helping ensure the best possible outcomes for you, your business, and your patients. 

If you’re struggling with the effects of the Change Healthcare cyberattack, get in touch with Rockett Healthcare Strategies today. We can help you find the right path forward to stabilize your revenue flow.

If you’re ready to take your practice to the next level, reach out to healthcare consultant Rock Rockett for guidance.

Talk to Rock