Physicians are facing significant financial challenges following a cyberattack that has disrupted their practices. According to a survey conducted, 80% of respondents reported lost revenue from unpaid claims, 85% had to allocate additional staff time and resources for revenue cycle tasks, and 51% experienced revenue loss due to the inability to charge patient co-pays. AMA President Jesse M. Ehrenfeld, M.D., MPH expressed concerns, stating, “The disruption caused by this cyber-attack is causing tremendous financial strain... practices will close because of this incident, and patients will lose access to their physicians.”
Despite the hardships, only 15% of practices have reduced hours. The survey revealed that 55% of respondents had to use personal funds to cover expenses, 44% were unable to purchase supplies, and 31% struggled to meet payroll. To cope, physicians have resorted to various measures such as advance payments, temporary funding assistance, and loans. Some assistance has been received from organizations like the Centers for Medicare & Medicaid Services, state Medicaid plans, UnitedHealth Group/Optum, and other health plans.
The survey, which included feedback from over 1,400 respondents, highlighted the ongoing challenges faced by small practices, with 78% of respondents being from practices with 10 or fewer physicians. Despite assurances from UnitedHealth Group that claims would be back on track by a certain date, disruptions persist, underscoring the vulnerability of physician practices in the face of cyber threats.
