June 18, 2024 at 09:22AM
The US government is ending financial support for healthcare providers affected by the ransomware attack at Change Healthcare. The funding program, initiated in March, will conclude on July 12. Centers for Medicare & Medicaid Services intervened to help struggling providers submit claims. CMS encouraged cybersecurity vigilance and noted the attack’s significant financial impact.
Based on the meeting notes, the key takeaways are:
1. The US government is phasing out financial support for healthcare providers, which was initiated after the ransomware attack at Change Healthcare in February.
2. The Centers for Medicare & Medicaid Services (CMS) has been instrumental in providing financial aid to healthcare providers impacted by the attack.
3. Various measures were taken, such as introducing relaxed rules for clearing houses, encouraging advanced funding from Medicare Advantage organizations, and facilitating Medicaid and Children’s Health Insurance Program managed-care plans to offer advanced funding.
4. Nearly 9,000 accelerated payments totaling more than $3.2 billion were made to Medicare providers, with the majority of payments having been recovered by now.
5. Change Healthcare incurred significant financial costs due to the attack, with expenses nearing $1 billion as of April.
6. While many of the company’s core systems have been restored, ongoing restoration efforts for older systems are still in progress.
Overall, the government’s support played a crucial role in mitigating the fallout from the cyberattack, and ongoing vigilance and cybersecurity measures are being emphasized across the healthcare industry.