While every organization is unique and will need to tailor performance metrics to their situation, below are practical strategies that cancer programs can deploy to position themselves for a successful pandemic recovery.
» Develop a formal and holistic financial improvement plan that prioritizes high impact initiatives and describes the financial impact and related implications.
» Initiate conversations with payers to explore alternative payment models (e.g., value based approaches) and develop innovative arrangements. Ask payers about assistance programs available during the pandemic (e.g., accelerated or advanced payments for provider organizations).
» Identify efficiencies or optimizations to advance the cancer care delivery model (e.g., hypofractionated radiation therapy, oral chemotherapy).
» Expand financial navigation to support patients in need of payment plans.
» Double down on A/R collection efforts; consider adding staff or pursuing short term vendor support.
» Reevaluate capital plans and delay unnecessary investments. Consider alternative approaches that increase capacity without expanding physical space (e.g., virtual visits, volumes shifted to satellite clinics, remote work for administrative staff).
This is part of the COVID-19 oncology response series from ECG Management Consultants. For more information, visit ECG’s website.
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