Pioneering Business Continuity in Healthcare: FinThrive's Standby Solutions

In an era marked by rapid technological advancements and unforeseen challenges, healthcare institutions are increasingly vulnerable to interruptions. These interruptions, often in the form of cybersecurity threats, have the potential to halt operations and compromise sensitive data, leading to significant financial losses and eroding patient loyalty. 

To highlight this vulnerability further, a recent AHA survey indicates that more than 80% of hospitals said cyberattacks affected their cash flow, and of those, nearly 60% report the impact on revenue is $1 million per day or more. This alarming figure highlights the critical necessity of proactive strategies to mitigate the risk of operational standstills and protect vital patient information. In response to this escalating threat landscape, healthcare leaders need new solutions that can assure operational continuity in the face of attacks on critical infrastructure.

Introducing Standby Eligibility and Standby Claims Manager Solutions

FinThrive's Standby Eligibility and Standby Claims Manager solutions bring the industry’s first solutions to this tumultuous situation. Developed in close collaboration with healthcare providers, these solutions offer a preemptive business continuity strategy, ensuring hospitals and health systems can maintain critical operations without interruption, even in the face of unforeseen circumstances.

Standby Eligibility – Insurance Verifier

The Standby Eligibility solution, Insurance Verifier, is a cost-effective business continuity tool designed to be implemented and maintained as a backup option. This solution helps ensure uninterrupted eligibility services if the primary eligibility vendor experiences unexpected downtime. This solution not only automates the process of identifying coverage and benefits but improves the patient experience by verifying insurance eligibility efficiently and accurately before care is received.

Standby Claims Manager – Claims Processing Continuity

FinThrive’s Standby Claims Manager solution is another first-to-market tool designed to ensure claims processing activities are uninterrupted, in the event of unexpected downtime with the primary clearinghouse provider. When activated, this solution automates the submission and tracking of claims, integrates seamlessly with existing EHR/PAS systems and gives confidence to providers that they’ll continue to receive timely reimbursements in any given circumstance. By maintaining the flow of claims processing, Standby Claims Manager helps reduce financial risk and improve operational efficiency.

The Urgency of Cybersecurity Contingency Planning

The recent surge in cyberattacks on US hospitals underscores the critical need for reliable contingency plans. With attacks becoming more sophisticated and frequent, the financial and operational impacts on healthcare institutions are devastating. In a recent report, the American Hospital Association cites direct patient harm caused by these events, labeling them a "threat to life that endangers public health." Considering the financial, reputational, and public health impacts of the industry’s unmitigated cybersecurity risks, FinThrive's standby offerings are being made available not only offer a safeguard against potential disruptions but ensure healthcare providers can continue to deliver essential services without compromise.

Partnering for a Resilient Future

With over 4,100 customers and servicing more than 50% of hospitals and health systems, FinThrive’s commitment to security is unparalleled. We adhere to strict compliance standards, including NIST CSF, HITRUST, SOC, EHNAC. Furthermore, our comprehensive disaster recovery and business continuity plan, coupled with rigorous security operations, engineering and risk management processes, give our customers confidence that they’re properly equipped to handle a cybersecurity threat in the aftermath of an attack.

As the healthcare sector continues to navigate a complex and challenging environment, the importance of robust business continuity planning can’t be overstated. FinThrive is at the forefront of this effort, providing solutions that help ensure healthcare providers can thrive in the face of adversity. Together, we can build a more resilient and secure healthcare ecosystem for the future.

Learn more about our Standby Eligibility and Standby Claims Manager solutions today.