The Impact of Cyberattacks on Revenue Cycle Management

Healthcare organizations are experiencing a record number of cyberattacks and data breaches. As attackers become increasingly sophisticated and enterprises more broadly adopt technology, healthcare leaders need to know how to navigate increased risk.

Guidehouse revenue cycle and cybersecurity experts Ian Stewart, Partner, Managed Services and Erik Pupo, Director, Commercial Health IT Advisory, share insights and best practices to prevent cyberattacks, reduce risk, and respond to potential attacks.

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During the first half of 2024, the healthcare industry experienced more than 300 data breaches, including costly high-profile ransomware attacks that impacted major healthcare organizations. These incidents have proven to be a wake-up call in the industry.

“The majority of healthcare organizations do not have as good of a grasp on their cybersecurity posture as they may have thought even six or 12 months ago,” said Pupo.

Stewart agreed, “We’ve seen ‘never events,’ that we thought would never happen, actually happen four times in a row, back-to-back.”

Stewart and Pupo outline steps that can help prevent cyberattacks or minimize impact if an attack occurs:

• Network segmentation: Isolating different devices and systems on separate networks.
• Perimeter protection: A robust network monitoring protocol and intrusion detection prevention.
• Training and education: Creating a culture of security involving clinical teams, front-end employees, and those who work on the revenue cycle.

Additionally, predictive analytics, AI, and large language models can be used to forecast potential security breaches, create preemptive measures, and identify potential unusual security patterns and anomalies.

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