What are the Medical Treatment and Costs Associated with COVID-19?
Officially named a pandemic by the World Health Organization (WHO) on March 11, 2020, the novel COVID-19 virus, part of the family of Coronaviruses, has disrupted healthcare and the economy worldwide. Coronaviruses are transmitted between animals and people, but this new strain, not previously identified, causes symptoms of fever, cough and shortness of breath. In severe cases the virus can cause pneumonia, severe acute respiratory syndrome (SARS), kidney failure and death.1 The highly contagious virus originated in Wuhan, China, a city with a population of 11 million people, and the virus has spread rapidly throughout the world, with potentially dire consequences for frail or elderly Americans with co-morbid cardio-pulmonary conditions, chronic disease or disability, accounting for 40% of the U.S. population.2 While many people are asymptomatic and recover with minimal if any care, medical exposure as a compensable workers compensation event, or exposure involving our fragile Medicare and Medicaid populations, is a growing concern.3
As our public service during this difficult time, Care Bridge International is offering a FREE interactive tool at https://www.AnalyticPoweredCOVID19.com for businesses and people who need to understand the average medical cost associated with a COVID-19 diagnosis for a Workers Compensation, Group health, General Liability or Medicare claim.
Where Technology Meets Action
One of the biggest challenges that Healthcare providers and insurance companies will face in the coming months will be how to effectively handle the deluge of claims related to COVID-19. For a lot of organizations, this sudden uptick in claims activity will put an enormous strain on resources that are already at capacity. Fortunately, we live at a time where smart technology and intelligent data enables us to be proactive and tackle some of these challenges head on and at scale. Through the careful integration of People, Process, Technology and Data, we can augment the traditional claims team with innovative and intelligent tools that help reduce friction, increase productivity and create the opportunity for smarter decision making at scale.
At Care Bridge International, we host the largest independent data set of property and casualty claims accident / injury data. Our data intelligence approach to forecasting medical treatment and costs for claims is setting a new standard in delivering accuracy and reliability in forecasting medical reserves, settlement valuations and Medicare Set Asides involving Medicare beneficiaries. We wanted to understand what the data says about medical exposure for claimants with commonly associated symptoms of COVID-19, leveraging advanced analytics to predict exposures.
COVID-19 Medical Exposure Data Available Now
For mild to moderate symptoms of COVID-19, costs can range between $400 to $3,500 if an individual seeks care in a Physician’s office, urgent care clinic or Emergency room undergoing diagnostic tests released with prescription and/ or over the counter medication coupled with home care remedies such as increased fluid intake and rest.
For severe symptoms requiring hospitalization to treat COVID-19 related pneumonia, bronchitis, lower respiratory infection or life threatening Acute Respiratory Distress Syndrome (ARDS), the costs may increase significantly, involving a six-day average inpatient hospital stay ranging anywhere from $9000 - $20,000 or upwards of $55,000 for patients requiring mechanical ventilation. 4
Our FREE, easy and rapid analysis of the average COVID-19 medical costs are based upon average fee schedule prices by insurance payer type. The Analytic-Powered COVID-19 data driven model assumes an average six-day inpatient hospital stay for severe cases, and is powered by Care Bridge International’s Analytic-Powered Claims Database©, current evidence based and researched clinical protocols, updated as new information becomes available. Medical services are priced using Redbook® AWP for prescription drugs and the use of the average state workers compensation and/ or liability UCR fee schedules, commercial group health costs and Medicare Fee schedule based upon the payer type.
For a more precise medical forecast using area specific fee schedule pricing or claim specific details or for assistance with understanding actual billed services and fees for treatment of the COVID-19 virus, please contact us at Support@AnalyticPoweredCOVID19.com and a representative will assist you.
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1 Coronavirus. 2019. World Health Organization (WHO). WorldWideWeb https://www.who.int/health-topics/coronavirus
2 Wyatt Koma, Tricia Neuman, Gary Claxton, Matthew Rae, Jennifer Kates, and Josh Michaud. How Many Adults Are at Risk of Serious Illness If Infected with Coronavirus? March 2020. Kaiser Family Foundation (KFF). WorldWideWeb http://files.kff.org/attachment/Data-Note-How-Many-Adults-Are-at-Risk-of-Serious-Illness-If-Infected-with-Coronavirus.pdf
3 William Arnone. COVID-19 and Social Insurance. March 16, 2020. National Academy of Social Insurance (NASI). WorldWideWeb https://www.nasi.org/discuss/2020/03/covid-19-social-insurance
4 Matthew Rae, Gary Claxton, Nisha Kurani, Daniel McDermott and Cynthia Cox. Potential Costs of Cornavirus Treatment for People With Employer Coverage (KFF). WorldWideWeb https://www.healthsystemtracker.org/brief/potential-costs-of-coronavirus-treatment-for-people-with-employer-coverage/