The health insurance industry has changed how it reimburses for telemedicine and diagnostic testing for COVID-19-related services. Maureen Sullivan, chief strategy and innovation officer at the Blue Cross Blue Shield Association, told Yahoo Finance the industry is likely to see more widespread change related to reimbursement as telemedicine use and testing climb.
Ms. Sullivan said that while the association's 36 Blue Cross and Blue Shield insurers are expected to have a strong year financially, "there is a recalibration that is happening, and not just with Blue Cross Blue Shield."
As a "new normal" settles in, physicians and insurers will likely see a combination of in-person and at-home care. Whether reimbursement parity will be adopted for virtual services remains uncertain, but the industry is likely to see long-lasting change nonetheless.
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