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@ShahidNShah
How Revenue Cycle Management’s Security Needs are Evolving
In February 2024, Change Healthcare experienced a network interruption due to a cyberattack. But to the surprise of many, this interruption would last months as the company re-secured its systems and got them operating again.The Change Healthcare cyberattack is likely the largest to affect healthcare this year, and it hit providers where they are already the most vulnerable: their revenue cycles.Provider financial performance nosedived during the height of the COVID-19 pandemic. Revenues have picked up as volumes have stabilized in the last few years. However, provider financial standing is still precarious as facilities experience persistently high expenses, especially in light of labor shortages, and razor-thin margins.
Medigy Insights
Managing vendors across a healthcare organization’s IT environment is a challenge. However, it may be a necessary one to tackle if revenue cycle management leaders want to ensure continuity in the current threat landscape.Healthcare is a top target for threat actors, with a recent study finding that over a third (35%) of third-party data breaches in 2023 affected healthcare organizations. Furthermore, the culprit behind Change Healthcare’s cyberattack, ransomware, is at the top of health tech hazards, according to ECRI, a nonprofit focusing on health tech safety.
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