Financial Cyber-Resiliency in Healthcare-Cyber Resilience in Heatlhcare presentation (1)

Cyber Resilience in Heatlhcare presentation (1)

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SHOAR Health, founded in 2020, is a company focused on delivering automation solutions for healthcare providers, with a particular emphasis on utilizing the Automation Anywhere RPA platform. Its strategic partnership with Windham Brannon allows it to leverage deep industry expertise to transform healthcare processes efficiently.<br /><br />A significant case study showcased SHOAR's efforts in assisting a non-profit healthcare system covering 15 hospitals in the Midwest, which encountered a severe ransomware cyberattack in 2023. This attack caused major disruptions by affecting systems like the Epic electronic health records, internet, and phone systems, leading to approximately two weeks of downtime and estimated remediation costs between $4 million and $6.5 million.<br /><br />The challenges were notably acute in areas such as medical records management, provider and clinical documentation, and charge capture. These challenges resulted in disrupted revenue cycle functions and delayed billing activities, significantly straining financial operations.<br /><br />Key lessons learned included the necessity for improved disaster recovery plans specifically addressing medical records, the need for standardized documentation procedures, comprehensive clinical staff training, and backup systems for charge capture to enhance financial resiliency.<br /><br />Recommendations for enhancing resiliency and preparedness were put forward, including conducting thorough assessments of billing processes, developing robust business continuity plans, standardizing provider documentation, and training staff to maintain compliance and accuracy. The importance of implementing automated systems and regular audits for charge capture was also underlined to prevent financial losses in future disruptions.<br /><br />The experience highlighted the crucial need for healthcare systems to bolster their preparedness strategically against cyber threats, emphasizing enhancements in documentation and operational processes to cushion against significant disruptions and financial setbacks.

Keywords

SHOAR Health

Automation Anywhere

RPA platform

healthcare automation

ransomware attack

Epic electronic health records

disaster recovery

financial resiliency

business continuity

cybersecurity