Financial Cyber-Resiliency in Healthcare (RC2026-2028)-Financial Cyber Resilience 9-12-24

Video Transcription

Video Summary

Valerie Barkoff, a seasoned expert in revenue cycle consulting, discusses cyber resiliency in healthcare, drawing from her experience as CEO of SHOAR, a technology company focused on innovative healthcare solutions. Valerie shares insights from a catastrophic cyberattack on a nonprofit health system in the Midwest, which resulted in two weeks of downtime and significant operational challenges. This incident highlighted the need for hospitals to reassess their preparedness for cyberattacks, emphasizing that organizations must not only focus on prevention but also on survival and operational continuity during such events.<br /><br />Key takeaways include the necessity for comprehensive disaster recovery plans, especially for medical records, and standardizing documentation procedures to ensure complete and accurate records during system downtimes. Valerie advises on adopting real-time backup documentation tools, conducting regular audits and training, and optimizing charge capture processes. Furthermore, she emphasizes the importance of developing a robust financial recovery strategy, assembling a crisis management team, and continuously updating contingency plans. Recommendations also involve performing cyber resiliency assessments to identify vulnerabilities and improve preparedness to minimize financial and operational impacts.

Keywords

cyber resiliency

healthcare cybersecurity

revenue cycle consulting

disaster recovery plans

medical records backup

crisis management team

financial recovery strategy

cyberattack preparedness