ADAM: Hey, guys, welcome to Prescription for Growth. I'm Adam Peebles, the SVP of Growth for Trilliant Health, joined by my co-host Jason Nardella, VP of Data Intelligence.
Thinking about elective procedures, and putting back on your former days of being a hospital administrator, how do you recommend that hospitals need to be evaluating and thinking about the mass unemployment?
So, I think a stat that I read the other day was that for every 1% of unemployment that goes up, it's 2 ½ million people that are leaving the commercially insured market. Whether they're going to Medicaid or completely uninsured, how do we need to be consulted in working with our partners to make sure that they're thinking about continuing to engage with us commercially through patients and get back to profitability, back to those elective procedures?
JASON: So, the pool of commercially insured folks has gone down, obviously, with the more unemployment. The focus on keeping those patients within your system and really catering to their needs and being attentive to their individual.
Being understanding that they are a patient, they have their needs, they've got their family. Doing what you can to make them feel comfortable and feel like you're doing everything possible for them to keep them within your system is gonna be huge. I would like to point out that a lot of people are potentially getting off of commercial care, and there might be shifting over to Medicaid or some other platforms. However, this will pass. This is not like other financial crises or bubbles that there's gonna be a huge lasting impact on this.
I think that what you will see is that it's gonna be a slow bounce-back. But those patients that you're seeing today that may have had commercial insurance before and now are on Medicaid, chances are they're gonna get back on commercial insurance.
And so, ignoring them or putting them behind others might end up being a strategic flaw. It's worth taking the Medicaid dollars now, it's worth taking care of that patient with whatever insurance they do have now, because when they do have their commercial insurance later, they'll come back with that commercial insurance.
So, really knowing who your patient base is, knowing what their history is within your organization, and what they've been paid for is really key. Because this will pass, there will be changes undoubtedly, but 70, 80% of the people that are now going on Medicaid will probably get off of Medicaid in the next six to 18 months. When they get off Medicaid, how you treated them and how your organization cared for them is gonna be front and center of their mind.
ADAM: Thanks, Jason, and thank you everybody for joining Prescription for Growth, hosted by Trilliant Health. If you have any questions, comments, or if you'd like just to talk to Jason and I about anything healthcare growth related, we'd be happy to do it. Put it in the comment section or shoot us a direct message (firstname.lastname@example.org or email@example.com). Thank you.