Anyone else feeling the effects of this:
My company hasn’t received claims since Feb 20th. Finally going to do something in the reserving process that I have NEVER done before.
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Set up an ibnr reserve?
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HAR!
Just remember that this Feb has 29 days of Eventually Incurred Claims. Add another 4% or so for that.
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I’m on the provider side. Many of our clinics are struggling with expenses, so we are working quickly to advance payments to them for 2023 and 2024 shared savings from VBC contracts. We are hoping to get the first ~$36M in payments out very soon with another ~$50M to follow within a few weeks.
We will eat the interest on this and give them a 0% loan. Some will get paid back this year, some will float until 2025.
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We finally started to pay claims (well, the non-paper claims) yesterday for the first time in about 30 days! Not really back to normal levels but it is a good start.
Our claim payor had to switch their process from Change Health to S&S.
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I haven’t heard any updates on when Change might get this resolved, so we are continuing to provide loans to practices. The first dozen or so payments are out the door and now we are scaling, it’s not super easy to stand up $90M in loans.