Cyberattack On Healthcare Claims Processor Costing Hospitals $2 Billion A Week In Cash Flow, Kodiak Solutions Data Show

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The cyberattack on Change Healthcare has had a major financial impact on hospitals, health systems, and medical practices. According to data from Kodiak Solutions, there has been a significant decrease in claims to payers since the attack on February 21.

The data collected from over 1,850 hospitals and 250,000 physicians shows that the weekly estimated cash value of claims has dropped by more than a quarter in the first week after the attack. Currently, it has fallen to only 63% of the expected baseline. This decline in cash flow ranges from $1.84 billion in the first week to $2.53 billion in the most recent full week compared to the baseline.

Colleen Hall, the senior vice president and Revenue Cycle leader at Kodiak Solutions, emphasized the immediate and long-term consequences of the cyberattack on healthcare providers. She mentioned that the disruption in claims processing will not only result in reduced cash flow but also lead to an increase in insurance denials for medical necessity, prior authorization, and timely filing.

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