![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/09/healthcare-wasted-money.jpg?w=258\")
In an era where convenience is king, the healthcare sector remains shackled by outdated payment processes that jeopardize its financial stability. Despite the promise of digital solutions to enhance efficiency and patient experiences, the industry has been slow to adopt these innovations.
\nA\u00a0PYMNTS Intelligence Report, \u201cPains and Gains: Conquering Healthcare\u2019s Payment Woes,\u201d in collaboration with American Express, highlights critical inefficiencies in healthcare payments and reveals how digital transformation could provide much-needed relief.
\nInefficient payment systems threaten the financial health of healthcare organizations. More than half of payment leaders are concerned about delays in processing payments and claims, which they see as significant operational risks.
\n
While 80% believe streamlining these processes is crucial, only 53% have adequately automated their workflows, indicating a reliance on manual methods that result in costly errors and lost revenue. Consider 84% of organizations report financial losses due to outdated accounts receivable processes, and 85% recognize the urgent need to improve payment experiences, emphasizing the demand for a comprehensive overhaul.
\nA dependency on traditional paper statements escalates collection delays. Nearly 70% of providers still use paper for patient communications, while 50% cite that as a primary concern in managing revenue cycles. This antiquated practice not only hampers timely collections, but also prevents healthcare providers from tapping into the efficiency gains offered by digital payment solutions.
\nAs healthcare begins to recognize the potential of digital payment solutions, innovative companies are stepping in to fill the gaps. For instance, Weave recently introduced payment installment plans that allow healthcare businesses to automate recurring payments, enhancing both patient convenience and administrative efficiency. These types of solutions can alleviate some of the $760 billion to $935 billion wasted annually due to payment inefficiencies.
\nPartnerships are also emerging to leverage technology for improved financial operations. Companies like Waystar and Meditech are using artificial intelligence (AI) to streamline billing processes and reduce operational costs. By automating payment workflows and enhancing claims accuracy, they aim to create a leaner healthcare ecosystem.
\nPlanet DDS further illustrates this trend with Cloud 9 Pay, which simplifies payment processing in specialized healthcare settings through features like contactless payments and compliance automation.
\nDespite the advantages of digital payments, barriers to adoption persist. Cybersecurity risks present a formidable challenge, as the report found 78% of healthcare organizations experienced at least one cybersecurity incident in the past year, impacting care delivery for more than 60% of respondents. These threats underscore the necessity for robust security measures as the sector transitions to digital systems.
\nAdditionally, patient acceptance remains a hurdle. About 26% of healthcare professionals report that patient resistance is a key obstacle to implementing digital payment solutions. Educating patients about these technologies is crucial to alleviate their concerns, particularly among older demographics who may feel intimidated by modern payment methods.
\nThe healthcare industry faces significant challenges that require a multifaceted approach to payment modernization. Key strategies include democratizing access to digital payment resources through education, enhancing patient communication with integrated platforms, and adopting AI-driven billing models for precise cost estimates. Additionally, a comprehensive digital health wallet could streamline transactions while ensuring robust cybersecurity.
\nTo navigate these complexities and reap the rewards of modernization, the sector must embrace digital transformation, which promises to enhance efficiency, improve patient experiences, and secure financial stability.
\nThe post 84% of Healthcare Organizations Report Financial Losses Due to Outdated AR Processes appeared first on PYMNTS.com.
\n", "content_text": "In an era where convenience is king, the healthcare sector remains shackled by outdated payment processes that jeopardize its financial stability. Despite the promise of digital solutions to enhance efficiency and patient experiences, the industry has been slow to adopt these innovations. \nA\u00a0PYMNTS Intelligence Report, \u201cPains and Gains: Conquering Healthcare\u2019s Payment Woes,\u201d in collaboration with American Express, highlights critical inefficiencies in healthcare payments and reveals how digital transformation could provide much-needed relief.\nPayment Crisis in Healthcare\nInefficient payment systems threaten the financial health of healthcare organizations. More than half of payment leaders are concerned about delays in processing payments and claims, which they see as significant operational risks.\n\nWhile 80% believe streamlining these processes is crucial, only 53% have adequately automated their workflows, indicating a reliance on manual methods that result in costly errors and lost revenue. Consider 84% of organizations report financial losses due to outdated accounts receivable processes, and 85% recognize the urgent need to improve payment experiences, emphasizing the demand for a comprehensive overhaul.\nA dependency on traditional paper statements escalates collection delays. Nearly 70% of providers still use paper for patient communications, while 50% cite that as a primary concern in managing revenue cycles. This antiquated practice not only hampers timely collections, but also prevents healthcare providers from tapping into the efficiency gains offered by digital payment solutions.\nHarnessing Digital Solutions\nAs healthcare begins to recognize the potential of digital payment solutions, innovative companies are stepping in to fill the gaps. For instance, Weave recently introduced payment installment plans that allow healthcare businesses to automate recurring payments, enhancing both patient convenience and administrative efficiency. These types of solutions can alleviate some of the $760 billion to $935 billion wasted annually due to payment inefficiencies.\nPartnerships are also emerging to leverage technology for improved financial operations. Companies like Waystar and Meditech are using artificial intelligence (AI) to streamline billing processes and reduce operational costs. By automating payment workflows and enhancing claims accuracy, they aim to create a leaner healthcare ecosystem.\nPlanet DDS further illustrates this trend with Cloud 9 Pay, which simplifies payment processing in specialized healthcare settings through features like contactless payments and compliance automation.\nNavigating Obstacles\nDespite the advantages of digital payments, barriers to adoption persist. Cybersecurity risks present a formidable challenge, as the report found 78% of healthcare organizations experienced at least one cybersecurity incident in the past year, impacting care delivery for more than 60% of respondents. These threats underscore the necessity for robust security measures as the sector transitions to digital systems.\nAdditionally, patient acceptance remains a hurdle. About 26% of healthcare professionals report that patient resistance is a key obstacle to implementing digital payment solutions. Educating patients about these technologies is crucial to alleviate their concerns, particularly among older demographics who may feel intimidated by modern payment methods.\nThe healthcare industry faces significant challenges that require a multifaceted approach to payment modernization. Key strategies include democratizing access to digital payment resources through education, enhancing patient communication with integrated platforms, and adopting AI-driven billing models for precise cost estimates. Additionally, a comprehensive digital health wallet could streamline transactions while ensuring robust cybersecurity.\nTo navigate these complexities and reap the rewards of modernization, the sector must embrace digital transformation, which promises to enhance efficiency, improve patient experiences, and secure financial stability. \nThe post 84% of Healthcare Organizations Report Financial Losses Due to Outdated AR Processes appeared first on PYMNTS.com.", "date_published": "2024-09-26T04:00:24-04:00", "date_modified": "2024-09-25T20:29:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/healthcare-payments-xx.jpg", "tags": [ "accounts receivable", "American Express", "Cloud 9 Pay", "digital transformation", "Featured News", "Healthcare", "Healthcare payments", "Meditech", "News", "Planet DDS", "PYMNTS Intelligence", "PYMNTS News", "The Data Point", "waystar", "Weave" ] }, { "id": "https://www.pymnts.com/?p=2103203", "url": "https://www.pymnts.com/healthcare/2024/embr-labs-evolving-womens-health-with-subscriptions-and-community-support/", "title": "Embr Labs: Evolving Women\u2019s Health With Subscriptions and Community Support", "content_html": "For Sam Shames, co-founder and COO of Embr Labs, a degree of renown has followed the Boston-based technology startup since it launched in 2017 with the Embr Wave, a wrist-worn device designed to provide comfort through thermal energy.
\nUnlike traditional watches, the Wave uses algorithms to create sensations of warmth or coolness, helping to relieve hot flashes, improve sleep and manage stress. By targeting the wrist, the device counterbalances discomfort in other parts of the body.
\nEmbr Labs\u2019 wearable thermal technology provides thermal haptic experiences (heating and cooling) at the touch of a button and is helping tens of thousands of people live better lives through personal temperature control.
\nThe technology has won several awards, including an honorable mention in Time Magazine\u2019s Best Inventions, the National Sleep Foundation\u2019s SleepTech Awards, and the AARP Innovator in Aging Award.
\nThis month, Embr Labs was selected as a quarterfinalist for the 2024 Digital Health Hub Foundation: Digital Health Awards in the Best in Class \u2014 Women\u2019s Health category for its commitment to enhancing the lives of women experiencing menopause through innovative temperature therapy. The recognition underscores the company\u2019s impact on women\u2019s health and its dedication to improving healthcare delivery through digital advancements.
\nOf more than 1,500 submissions, 16 quarterfinalists per category were selected. Finalists will be announced Sept. 22, and the winners will be revealed at the HLTH event on Oct. 21.
\nIn an interview with PYMNTS, Shames said the recognition \u201chighlights the real impact Embr Labs is making in our customers\u2019 lives. Our mission is to enhance wellbeing through the power of temperature, and this award underscores the progress we\u2019re making toward that goal.\u201d
\nShames described the Embr Wave as an \u201cintelligent wristband that delivers warming and cooling sensations to help regulate how people feel. Many of our customers use its cooling feature to manage hot flashes, and the technology has been clinically validated for this. Additionally, Embr Wave aids in sleep and stress management, addressing three of the most common challenges women face during menopause. We\u2019re proud of the positive feedback from customers who have experienced its benefits firsthand.\u201d
\nEmbr Labs developed a predictive capability for menopausal hot flashes, Shames noted, adding: \u201cThis breakthrough allows future versions of the Embr Wave to initiate cooling before a woman realizes she is having a hot flash. We are creating a world where women never have to worry about hot flashes again.\u201d
\nShames said the company\u2019s focus has always been on delivering tangible value to its customers and solving their thermal discomforts.
\n\u201cWhat has evolved is how we engage with customers along their journey,\u201d he explained. \u201cThis year, for example, we introduced the Embrship subscription, which provides access to the Embr Wave for just $20 a month and includes benefits like a lifetime warranty and a new device every two years.\u201d
\nEmbr Labs aims to be a strong advocate for women\u2019s health issues, particularly menopause, an area that has been historically underfunded and underserved, and by 2025, there will be 1.1 billion women experiencing menopause, Shames noted.
\n\u201cWe believe that by addressing these gaps, we contribute to a more equitable healthcare landscape,\u201d he said. \u201cEmbr Labs combines clinically validated, patented technology with a customer-first approach. Many companies with strong technology struggle to reach customers, while others that have traction lack validation. We stand out by bridging this gap. This award reinforces our credibility and will help us continue building trust with customers and partners. Our challenge and opportunity lie in scaling Embr Wave to reach as many of those women \u2014 and the broader population benefiting from the product \u2014 as possible.\u201d
\nThe post Embr Labs: Evolving Women\u2019s Health With Subscriptions and Community Support appeared first on PYMNTS.com.
\n", "content_text": "For Sam Shames, co-founder and COO of Embr Labs, a degree of renown has followed the Boston-based technology startup since it launched in 2017 with the Embr Wave, a wrist-worn device designed to provide comfort through thermal energy.\nUnlike traditional watches, the Wave uses algorithms to create sensations of warmth or coolness, helping to relieve hot flashes, improve sleep and manage stress. By targeting the wrist, the device counterbalances discomfort in other parts of the body.\nEmbr Labs\u2019 wearable thermal technology provides thermal haptic experiences (heating and cooling) at the touch of a button and is helping tens of thousands of people live better lives through personal temperature control.\nThe technology has won several awards, including an honorable mention in Time Magazine\u2019s Best Inventions, the National Sleep Foundation\u2019s SleepTech Awards, and the AARP Innovator in Aging Award.\nThis month, Embr Labs was selected as a quarterfinalist for the 2024 Digital Health Hub Foundation: Digital Health Awards in the Best in Class \u2014 Women\u2019s Health category for its commitment to enhancing the lives of women experiencing menopause through innovative temperature therapy. The recognition underscores the company\u2019s impact on women\u2019s health and its dedication to improving healthcare delivery through digital advancements.\nOf more than 1,500 submissions, 16 quarterfinalists per category were selected. Finalists will be announced Sept. 22, and the winners will be revealed at the HLTH event on Oct. 21.\nIn an interview with PYMNTS, Shames said the recognition \u201chighlights the real impact Embr Labs is making in our customers\u2019 lives. Our mission is to enhance wellbeing through the power of temperature, and this award underscores the progress we\u2019re making toward that goal.\u201d\nShames described the Embr Wave as an \u201cintelligent wristband that delivers warming and cooling sensations to help regulate how people feel. Many of our customers use its cooling feature to manage hot flashes, and the technology has been clinically validated for this. Additionally, Embr Wave aids in sleep and stress management, addressing three of the most common challenges women face during menopause. We\u2019re proud of the positive feedback from customers who have experienced its benefits firsthand.\u201d\nEmbr Labs developed a predictive capability for menopausal hot flashes, Shames noted, adding: \u201cThis breakthrough allows future versions of the Embr Wave to initiate cooling before a woman realizes she is having a hot flash. We are creating a world where women never have to worry about hot flashes again.\u201d\nShames said the company\u2019s focus has always been on delivering tangible value to its customers and solving their thermal discomforts.\n\u201cWhat has evolved is how we engage with customers along their journey,\u201d he explained. \u201cThis year, for example, we introduced the Embrship subscription, which provides access to the Embr Wave for just $20 a month and includes benefits like a lifetime warranty and a new device every two years.\u201d\nEmbr Labs aims to be a strong advocate for women\u2019s health issues, particularly menopause, an area that has been historically underfunded and underserved, and by 2025, there will be 1.1 billion women experiencing menopause, Shames noted.\n\u201cWe believe that by addressing these gaps, we contribute to a more equitable healthcare landscape,\u201d he said. \u201cEmbr Labs combines clinically validated, patented technology with a customer-first approach. Many companies with strong technology struggle to reach customers, while others that have traction lack validation. We stand out by bridging this gap. This award reinforces our credibility and will help us continue building trust with customers and partners. Our challenge and opportunity lie in scaling Embr Wave to reach as many of those women \u2014 and the broader population benefiting from the product \u2014 as possible.\u201d\nThe post Embr Labs: Evolving Women\u2019s Health With Subscriptions and Community Support appeared first on PYMNTS.com.", "date_published": "2024-09-20T13:35:39-04:00", "date_modified": "2024-09-20T13:35:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Embr-Labs-Embr-Wave-womens-health.png", "tags": [ "digital transformation", "Embr Labs", "Embr Wave", "Healthcare", "HealthTech", "menopause", "News", "PYMNTS News", "Sam Shames", "subscription commerce", "subscriptions", "Technology", "wellbeing", "Women's Health" ] }, { "id": "https://www.pymnts.com/?p=2101759", "url": "https://www.pymnts.com/healthcare/2024/53percent-of-healthcare-organizations-have-automated-payment-workflows/", "title": "53% of Healthcare Organizations Have Automated Payment Workflows", "content_html": "The healthcare industry faces significant challenges with outdated payment and claims systems, which undermine financial stability and patient satisfaction. Despite the potential benefits of digital payments, the sector has been slow to adopt these innovations due to traditional practices and obstacles.
\nA PYMNTS Intelligence report, \u201cPains and Gains: Conquering Healthcare\u2019s Payment Woes,\u201d done in conjunction with American Express, reveals how the industry must confront these inefficiencies and integrate digital solutions into its payment processes.
\nHealthcare\u2019s payment system inefficiencies are a concern, imposing a considerable burden on organizations. More than half of healthcare payment leaders see delays in payment and claims processing as a severe threat to operational success. Despite this recognition, only 53% of organizations have successfully automated their payment workflows. This discrepancy highlights a troubling reliance on outdated, manual processes, which continue to plague the industry.
\n![\"healthcare](\"https://www.pymnts.com/wp-content/uploads/2024/09/healthcare-inefficiencies.jpg\")
According to the report, inefficiencies in accounts receivable (AR) processes are particularly damaging. Consider 84% of healthcare organizations report financial losses due to cumbersome AR procedures. These inefficiencies are exacerbated by the heavy dependence on paper-based communication, with nearly 70% of providers still using paper statements for patient payments. This reliance on outdated methods not only hinders timely collections but also represents a missed opportunity for leveraging the benefits of digital payments. The result is a financial drain that underscores the urgent need for modernization in healthcare payment systems.
\nDespite these challenges, digital payment solutions are emerging as a beacon of hope. Companies like Weave are leading the charge with innovative payment platforms designed to enhance patient convenience and operational efficiency. Weave\u2019s recent introduction of payment installment plans allows healthcare businesses to manage recurring payments effortlessly, improving cash flow management and patient satisfaction. By automating payments through saved card information, Weave\u2019s platform reduces administrative overhead and simplifies the payment process.
\nAdditionally, artificial intelligence (AI) is being harnessed to address financial waste in healthcare. A collaboration between Waystar and Meditech aims to reduce the estimated $760 billion-$935 billion lost annually due to payment inefficiencies. Their AI-driven solutions focus on automating workflows and improving billing accuracy, which are critical for lowering operational costs and optimizing financial performance in healthcare.
\nSimilarly, Planet DDS is demonstrating how specialized healthcare settings can benefit from digital payments with its Cloud 9 Pay solution. This platform facilitates tap-to-pay and contactless transactions while ensuring compliance with payment card industry standards. By integrating such solutions, specialized practices can streamline operations and enhance the patient experience, showcasing the potential of digital payments to transform even niche areas of healthcare.
\nDespite the promising advancements, the path to widespread digital payment adoption in healthcare is fraught with challenges. Cybersecurity remains a significant concern, with 78% of healthcare professionals reporting at least one cybersecurity incident in the past year. The impact of these incidents on care delivery is substantial, underscoring the need for robust security measures to protect both patient data and payment systems.
\nPatient resistance is a significant obstacle to the adoption of digital payments in healthcare, with 26% of professionals identifying it as a major barrier. To facilitate a smoother transition, it is essential for digital payment solutions to meet patient expectations and build trust. As the industry grapples with outdated payment systems, the shift to digital offers a chance to address inefficiencies and enhance both financial and operational outcomes.
\nThe post 53% of Healthcare Organizations Have Automated Payment Workflows appeared first on PYMNTS.com.
\n", "content_text": "The healthcare industry faces significant challenges with outdated payment and claims systems, which undermine financial stability and patient satisfaction. Despite the potential benefits of digital payments, the sector has been slow to adopt these innovations due to traditional practices and obstacles.\nA PYMNTS Intelligence report, \u201cPains and Gains: Conquering Healthcare\u2019s Payment Woes,\u201d done in conjunction with American Express, reveals how the industry must confront these inefficiencies and integrate digital solutions into its payment processes.\nThe Financial Toll of Outdated Payment Systems\nHealthcare\u2019s payment system inefficiencies are a concern, imposing a considerable burden on organizations. More than half of healthcare payment leaders see delays in payment and claims processing as a severe threat to operational success. Despite this recognition, only 53% of organizations have successfully automated their payment workflows. This discrepancy highlights a troubling reliance on outdated, manual processes, which continue to plague the industry.\n\nAccording to the report, inefficiencies in accounts receivable (AR) processes are particularly damaging. Consider 84% of healthcare organizations report financial losses due to cumbersome AR procedures. These inefficiencies are exacerbated by the heavy dependence on paper-based communication, with nearly 70% of providers still using paper statements for patient payments. This reliance on outdated methods not only hinders timely collections but also represents a missed opportunity for leveraging the benefits of digital payments. The result is a financial drain that underscores the urgent need for modernization in healthcare payment systems.\nDigital Innovations Easing Payment Challenges\nDespite these challenges, digital payment solutions are emerging as a beacon of hope. Companies like Weave are leading the charge with innovative payment platforms designed to enhance patient convenience and operational efficiency. Weave\u2019s recent introduction of payment installment plans allows healthcare businesses to manage recurring payments effortlessly, improving cash flow management and patient satisfaction. By automating payments through saved card information, Weave\u2019s platform reduces administrative overhead and simplifies the payment process.\nAdditionally, artificial intelligence (AI) is being harnessed to address financial waste in healthcare. A collaboration between Waystar and Meditech aims to reduce the estimated $760 billion-$935 billion lost annually due to payment inefficiencies. Their AI-driven solutions focus on automating workflows and improving billing accuracy, which are critical for lowering operational costs and optimizing financial performance in healthcare.\nSimilarly, Planet DDS is demonstrating how specialized healthcare settings can benefit from digital payments with its Cloud 9 Pay solution. This platform facilitates tap-to-pay and contactless transactions while ensuring compliance with payment card industry standards. By integrating such solutions, specialized practices can streamline operations and enhance the patient experience, showcasing the potential of digital payments to transform even niche areas of healthcare.\nChallenges to Widespread Digital Payment Adoption\nDespite the promising advancements, the path to widespread digital payment adoption in healthcare is fraught with challenges. Cybersecurity remains a significant concern, with 78% of healthcare professionals reporting at least one cybersecurity incident in the past year. The impact of these incidents on care delivery is substantial, underscoring the need for robust security measures to protect both patient data and payment systems.\nPatient resistance is a significant obstacle to the adoption of digital payments in healthcare, with 26% of professionals identifying it as a major barrier. To facilitate a smoother transition, it is essential for digital payment solutions to meet patient expectations and build trust. As the industry grapples with outdated payment systems, the shift to digital offers a chance to address inefficiencies and enhance both financial and operational outcomes.\nThe post 53% of Healthcare Organizations Have Automated Payment Workflows appeared first on PYMNTS.com.", "date_published": "2024-09-19T04:00:02-04:00", "date_modified": "2024-09-18T16:46:40-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/healthcare-financing.jpg", "tags": [ "accounts receivable", "cash flow", "data protection", "Digital Payments", "Featured News", "Healthcare", "Healthcare payments", "News", "Patient satisfaction", "Planet DDS", "PYMNTS News", "Security", "Technology", "The Data Point", "Weave" ] }, { "id": "https://www.pymnts.com/?p=2101836", "url": "https://www.pymnts.com/healthcare/2024/cigna-launches-e-treatment-service-for-convenient-patient-access/", "title": "Cigna Launches E-Treatment Service for Convenient Patient Access", "content_html": "As the telehealth sector is projected to reach $450 billion by 2032, Cigna Healthcare recently launched an \u201cE-Treatment\u201d option via MDLIVE, offering customers access to urgent care from board-certified doctors without the need for direct phone or video consultations.
\nStarting this month, patients can submit a virtual clinical interview for common, lower-risk conditions \u2014 such as allergies, urinary tract infections and respiratory illnesses \u2014 and usually receive a diagnosis and treatment plan within an hour.
\nPatients can initiate the process through myCigna.com, completing a virtual interview in eight to 10 minutes. Once reviewed by a doctor, patients receive a summary via text or email, and any necessary prescriptions are sent to their preferred pharmacy.
\nIn an interview with PYMNTS, Shannon Olson, VP of U.S. Employer Strategy and Core Solutions for Cigna Healthcare, talked about the company\u2019s new E-Treatment service.
\n\u201cE-Treatment gives customers another way to quickly access quality care without the need to talk \u2018live\u2019 with a doctor,\u201d Olson said. \u201cCustomers simply provide information about their medical history and current condition through a dynamic online questionnaire in the MDLIVE patient portal.\u00a0The treating doctor will review the information submitted and quickly deliver a diagnosis and treatment plan, including sending any necessary prescriptions to the customer\u2019s pharmacy of choice. Customers will be notified through email or text when their visit summary is ready.\u201d
\nTraditional telemedicine, Olson noted, engages a synchronous model where a doctor and patient talk live either by phone or video.
\n\u201cFor those who don\u2019t have time to step away for a phone or video call or may prefer an asynchronous experience \u2014 maybe from nerves, trouble hearing or a loud household \u2014 E-Treatment is available for the same quality urgent care services,\u201d she said.
\nCigna is committed to expanding access to affordable and convenient care for its customers, Olson said, noting that MDLIVE has become popular since the COVID-19 pandemic.
\n\u201cWe continually look for new options to be added to our portfolio to improve the health and vitality of our customers,\u201d she said.\u201d\u00a0E-Treatment was a great next step in continuing this delivery.\u201d
\nCigna\u2019s customers recognize the convenience of accessing care from their smartphones or computers whenever they need it without having to spend time in traffic or sitting in a doctor\u2019s waiting room, Olson said.
\n\u201cCigna Healthcare has significantly expanded access to covered virtual care services for millions of customers enrolled in [fully insured] employer-sponsored plans,\u201d she added, noting these plans include no co-pays with MDLIVE primary care providers, chronic condition management and integrated referrals to follow-up care with specialists..
\nOlson said E-Treatment is powered by MDLive\u2019s Bright.md technology, which provides clinical questionnaires to support diagnosing and treating conditions.
\n\u201cThese comprehensive questionnaires are evidence-based and dynamically changing \u2014 allowing for a thorough, personalized experience for each patient,\u201d Olson said. \u201cThe questionnaire has been vetted and contributed to by clinical leadership or large, leading health system partners across the U.S. All care decisions are made by board-certified doctors.\u201d
\nWhat has the feedback been?
\n\u201cInternal data show that 99% of patients are happy with their E-Treatment experience,\u201d Olson said, noting many of them are first-time participants. \u201cIn fact, 34% of E-Treatment customers were using virtual care for the first time. E-Treatment is able to be started on a customer\u2019s own schedule so they can initiate care when it is convenient for them.\u00a0It is also available in Spanish (in addition to phone/video visits), where the questionnaire and after-visit summary are prepared in Spanish.\u201d
\nThe PYMNTS \u201cConnectedEconomy![\"\u2122\"](\"https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png\")
Monthly Report\u201d for April 2023\u00a0noted patient participation in telehealth since January 2022 ranged from 30% to 40%, not far below the roughly 50% figure for monthly in-person visits.
In an interview with PYMNTS last year after GNC embraced virtual health, Allison Bentley, senior director of strategic programs at GNC Health, discussed the rationale.
\n\u201cAfter years of research, it was clear how necessary\u00a0supplemental virtual healthcare\u00a0is for many consumers,\u201d Bentley said. \u201cWe know the U.S. healthcare system can be difficult to navigate, especially when dealing with high reliance on private insurance, and the need to see different specialists, who have more and more limited appointment availability, which makes the process even more complex. We took that into account and wanted to address it by offering an accessible and affordable solution for consumers across the nation.\u201d
\nThe post Cigna Launches E-Treatment Service for Convenient Patient Access appeared first on PYMNTS.com.
\n", "content_text": "As the telehealth sector is projected to reach $450 billion by 2032, Cigna Healthcare recently launched an \u201cE-Treatment\u201d option via MDLIVE, offering customers access to urgent care from board-certified doctors without the need for direct phone or video consultations.\nStarting this month, patients can submit a virtual clinical interview for common, lower-risk conditions \u2014 such as allergies, urinary tract infections and respiratory illnesses \u2014 and usually receive a diagnosis and treatment plan within an hour.\nPatients can initiate the process through myCigna.com, completing a virtual interview in eight to 10 minutes. Once reviewed by a doctor, patients receive a summary via text or email, and any necessary prescriptions are sent to their preferred pharmacy.\nHealthcare Accessibility\nIn an interview with PYMNTS, Shannon Olson, VP of U.S. Employer Strategy and Core Solutions for Cigna Healthcare, talked about the company\u2019s new E-Treatment service.\n\u201cE-Treatment gives customers another way to quickly access quality care without the need to talk \u2018live\u2019 with a doctor,\u201d Olson said. \u201cCustomers simply provide information about their medical history and current condition through a dynamic online questionnaire in the MDLIVE patient portal.\u00a0The treating doctor will review the information submitted and quickly deliver a diagnosis and treatment plan, including sending any necessary prescriptions to the customer\u2019s pharmacy of choice. Customers will be notified through email or text when their visit summary is ready.\u201d\nTraditional telemedicine, Olson noted, engages a synchronous model where a doctor and patient talk live either by phone or video.\n\u201cFor those who don\u2019t have time to step away for a phone or video call or may prefer an asynchronous experience \u2014 maybe from nerves, trouble hearing or a loud household \u2014 E-Treatment is available for the same quality urgent care services,\u201d she said.\nCigna is committed to expanding access to affordable and convenient care for its customers, Olson said, noting that MDLIVE has become popular since the COVID-19 pandemic.\n\u201cWe continually look for new options to be added to our portfolio to improve the health and vitality of our customers,\u201d she said.\u201d\u00a0E-Treatment was a great next step in continuing this delivery.\u201d\nCigna\u2019s customers recognize the convenience of accessing care from their smartphones or computers whenever they need it without having to spend time in traffic or sitting in a doctor\u2019s waiting room, Olson said.\n\u201cCigna Healthcare has significantly expanded access to covered virtual care services for millions of customers enrolled in [fully insured] employer-sponsored plans,\u201d she added, noting these plans include no co-pays with MDLIVE primary care providers, chronic condition management and integrated referrals to follow-up care with specialists..\nOlson said E-Treatment is powered by MDLive\u2019s Bright.md technology, which provides clinical questionnaires to support diagnosing and treating conditions.\n\u201cThese comprehensive questionnaires are evidence-based and dynamically changing \u2014 allowing for a thorough, personalized experience for each patient,\u201d Olson said. \u201cThe questionnaire has been vetted and contributed to by clinical leadership or large, leading health system partners across the U.S. All care decisions are made by board-certified doctors.\u201d\nGrowing Acceptance of Telehealth Services\nWhat has the feedback been?\n\u201cInternal data show that 99% of patients are happy with their E-Treatment experience,\u201d Olson said, noting many of them are first-time participants. \u201cIn fact, 34% of E-Treatment customers were using virtual care for the first time. E-Treatment is able to be started on a customer\u2019s own schedule so they can initiate care when it is convenient for them.\u00a0It is also available in Spanish (in addition to phone/video visits), where the questionnaire and after-visit summary are prepared in Spanish.\u201d\nThe PYMNTS \u201cConnectedEconomy Monthly Report\u201d for April 2023\u00a0noted patient participation in telehealth since January 2022 ranged from 30% to 40%, not far below the roughly 50% figure for monthly in-person visits.\nIn an interview with PYMNTS last year after GNC embraced virtual health, Allison Bentley, senior director of strategic programs at GNC Health, discussed the rationale.\n\u201cAfter years of research, it was clear how necessary\u00a0supplemental virtual healthcare\u00a0is for many consumers,\u201d Bentley said. \u201cWe know the U.S. healthcare system can be difficult to navigate, especially when dealing with high reliance on private insurance, and the need to see different specialists, who have more and more limited appointment availability, which makes the process even more complex. We took that into account and wanted to address it by offering an accessible and affordable solution for consumers across the nation.\u201d\nThe post Cigna Launches E-Treatment Service for Convenient Patient Access appeared first on PYMNTS.com.", "date_published": "2024-09-18T17:22:35-04:00", "date_modified": "2024-09-19T10:01:11-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Cigna-E-Treatment.png", "tags": [ "Cigna Healthcare", "E-Treatment", "Healthcare", "MDLIVE", "News", "PYMNTS News", "telehealth" ] }, { "id": "https://www.pymnts.com/?p=2101139", "url": "https://www.pymnts.com/healthcare/2024/fda-oks-software-that-turns-airpods-pro-into-a-hearing-aid/", "title": "FDA OKs Software That Turns AirPods Pro Into a Hearing Aid", "content_html": "The U.S. Food and Drug Administration (FDA) has\u00a0 approved the Hearing Aid Feature (HAF), an over-the-counter (OTC) software that turns Apple AirPods Pro into a hearing aid for those with mild to moderate hearing loss. The HAF is the first FDA-authorized over-the-counter hearing aid software.
\nWith this software, users can customize their hearing experience directly from an iOS device, fine-tuning settings like volume and tone to match their needs. This approval builds on the FDA\u2019s 2022 initiative to simplify access to hearing aids, eliminating the need for prescriptions.
\nAccording to a Thursday (Sept. 12) release, the HAF was tested with 118 participants and demonstrated performance on par with professionally fitted devices. In an interview with PYMNTS, an FDA spokesperson talked about the motivation behind authorizing the HAF software for AirPods Pro.
\n\u201cThe FDA authorized the Hearing Aid Feature as the sponsor demonstrated the device met the applicable criteria to market this product to consumers,\u201d the spokesperson said. \u201cThe FDA believes this technology will further advance the availability, accessibility and acceptability of hearing support for adults with perceived mild to moderate hearing loss.\u201d
\nThe spokesperson noted that the HAF was evaluated in a clinical study of participants at multiple U.S. sites.
\n\u201cThe results demonstrated that subjects who used the HAF self-fitting strategy achieved similar perceived benefit as subjects who received professional fitting of the same device,\u201d the spokesperson said. \u201cResults also showed comparable performance for tests measuring levels of amplification in the ear canal, as well as a measure of speech understanding in noise. No adverse events related to the device were observed in this study.\u201d
\nAccording to the spokesperson, \u201cthis over-the-counter hearing aid software is available on a widely used consumer audio product, thus expanding the potential reach of hearing support for adults with perceived mild to moderate hearing loss.\u201d\u00a0\u00a0
\nThe FDA has addressed the limitations of OTC hearing aids:
\n\u201cIf you are 18 years of age or older and believe you have perceived\u00a0mild to moderate hearing loss, you can buy an OTC hearing aid in a store or online without seeing an ear-nose-throat (ENT) doctor, or a licensed hearing health care professional (audiologist). \u2026 If you, or a friend, or family member suspect that you have a more severe or profound hearing loss, you should consult with a licensed hearing health care professional, as OTC hearing aids may not provide adequate benefit for more severe hearing losses. This is because OTC hearing aids are limited in their maximum output and may not be adequate to treat more severe hearing losses.\u201d
\nAccording to the spokesperson, the HAF uses a self-fitting strategy and users can adjust it to meet their hearing needs without the assistance of a hearing professional.
\n\u201cThe HAF is set up using an iOS device (e.g., iPhone, iPad), and the user\u2019s hearing levels are accessed from the iOS HealthKit to customize the HAF,\u201d the spokesperson said. \u201cUsers can refine the volume, tone and balance settings after setting up the HAF.\u201d
\nAccording to the release, more than 30 million American adults report some degree of hearing loss and \u201cusing hearing aids has been\u00a0linked to reductions in the frequency or severity of cognitive decline, depression, and other health problems in older adults.\u201d
\nThe post FDA OKs Software That Turns AirPods Pro Into a Hearing Aid appeared first on PYMNTS.com.
\n", "content_text": "The U.S. Food and Drug Administration (FDA) has\u00a0 approved the Hearing Aid Feature (HAF), an over-the-counter (OTC) software that turns Apple AirPods Pro into a hearing aid for those with mild to moderate hearing loss. The HAF is the first FDA-authorized over-the-counter hearing aid software.\nWith this software, users can customize their hearing experience directly from an iOS device, fine-tuning settings like volume and tone to match their needs. This approval builds on the FDA\u2019s 2022 initiative to simplify access to hearing aids, eliminating the need for prescriptions.\nAccording to a Thursday (Sept. 12) release, the HAF was tested with 118 participants and demonstrated performance on par with professionally fitted devices. In an interview with PYMNTS, an FDA spokesperson talked about the motivation behind authorizing the HAF software for AirPods Pro.\nImproving Access\n\u201cThe FDA authorized the Hearing Aid Feature as the sponsor demonstrated the device met the applicable criteria to market this product to consumers,\u201d the spokesperson said. \u201cThe FDA believes this technology will further advance the availability, accessibility and acceptability of hearing support for adults with perceived mild to moderate hearing loss.\u201d\nThe spokesperson noted that the HAF was evaluated in a clinical study of participants at multiple U.S. sites.\n\u201cThe results demonstrated that subjects who used the HAF self-fitting strategy achieved similar perceived benefit as subjects who received professional fitting of the same device,\u201d the spokesperson said. \u201cResults also showed comparable performance for tests measuring levels of amplification in the ear canal, as well as a measure of speech understanding in noise. No adverse events related to the device were observed in this study.\u201d\nAccording to the spokesperson, \u201cthis over-the-counter hearing aid software is available on a widely used consumer audio product, thus expanding the potential reach of hearing support for adults with perceived mild to moderate hearing loss.\u201d\u00a0\u00a0\nThe FDA has addressed the limitations of OTC hearing aids:\n\u201cIf you are 18 years of age or older and believe you have perceived\u00a0mild to moderate hearing loss, you can buy an OTC hearing aid in a store or online without seeing an ear-nose-throat (ENT) doctor, or a licensed hearing health care professional (audiologist). \u2026 If you, or a friend, or family member suspect that you have a more severe or profound hearing loss, you should consult with a licensed hearing health care professional, as OTC hearing aids may not provide adequate benefit for more severe hearing losses. This is because OTC hearing aids are limited in their maximum output and may not be adequate to treat more severe hearing losses.\u201d\nNo Doctor Required \nAccording to the spokesperson, the HAF uses a self-fitting strategy and users can adjust it to meet their hearing needs without the assistance of a hearing professional.\n\u201cThe HAF is set up using an iOS device (e.g., iPhone, iPad), and the user\u2019s hearing levels are accessed from the iOS HealthKit to customize the HAF,\u201d the spokesperson said. \u201cUsers can refine the volume, tone and balance settings after setting up the HAF.\u201d\nAccording to the release, more than 30 million American adults report some degree of hearing loss and \u201cusing hearing aids has been\u00a0linked to reductions in the frequency or severity of cognitive decline, depression, and other health problems in older adults.\u201d\nThe post FDA OKs Software That Turns AirPods Pro Into a Hearing Aid appeared first on PYMNTS.com.", "date_published": "2024-09-17T18:26:21-04:00", "date_modified": "2024-09-17T18:26:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Apple-AirPods-Pro-Hearing-Aids-FDA.jpg", "tags": [ "AirPods", "AirPods Pro", "Apple", "digital transformation", "FDA", "Food and Drug Administration", "Healthcare", "hearing aid feature", "hearing aids", "News", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=2097891", "url": "https://www.pymnts.com/healthcare/2024/pfizer-hopes-direct-to-consumer-play-spurs-new-era-of-healthcare-accessibility/", "title": "Pfizer Hopes Direct-to-Consumer Play Spurs New Era of Healthcare Accessibility", "content_html": "As important as the healthcare system is, it remains far from perfect.
\nFragmentation and opacity play a large part in that imperfection. The traditional healthcare journey can often be complex, with multiple touchpoints from primary care to specialists and pharmacies, and that\u2019s before even touching on longstanding billing pain points.
\n\u201cThe basic information of \u2018what to do next\u2019 if you are seeking care and looking for guidance is hard to come by,\u201d James Allen, vice president, U.S. Channel Management and Partnerships, Primary Care at Pfizer, told PYMNTS\u2019 Karen Webster.
\nAnd while the COVID-19 pandemic drastically altered the global healthcare landscape, particularly around the ways in which care organizations connect with patients, there still exists a giant opportunity to streamline, digitize and ultimately democratize how patients seek and process healthcare information.
\nOne of the most notable shifts during the pandemic was the decline in trust in healthcare institutions, particularly after the federal government withdrew from its role as a universal actor. This contributed to widespread confusion about vaccines, treatments and preventative measures, which has persisted even after the worst of the crisis passed.
\n\u201cWe learned by being a major actor during COVID that there\u2019s a receptivity from many consumers around not managing the healthcare journey, but playing a role in helping them toward the path to better care,\u201d Allen explained.
\nHe added that the launch last month (Aug. 27) of PfizerForAll, a direct-to-consumer healthcare platform, is the company\u2019s response to the challenges faced during the pandemic and an attempt to simplify access to healthcare information and services.
Nearly two in every three Americans (65%) say coordinating and managing healthcare is overwhelming and time-consuming, Pfizer said in a news release, citing a poll by the American Academy of Physician Associates. And according to the same poll, 73% of them feel the healthcare system is not meeting their needs. Direct-to-consumer (DTC) healthcare models are designed to make healthcare more accessible, affordable and convenient by reducing barriers to access, empowering patients and simplifying the healthcare journey.
\nThe DTC healthcare model can also play a critical role in addressing the growing doctor shortage in the U.S. \u2014 one projected to reach a deficit of 86,000 physicians by 2036 \u2014 by leveraging technology, improving efficiency and reducing the strain on the traditional healthcare system. As the U.S. faces a shortage of primary care physicians and specialists \u2014 driven by factors like an aging population, physician burnout and insufficient medical training programs \u2014 democratizing access to healthcare via innovative digital channels is becoming more pressing.
\nAllen noted that Pfizer\u2019s efforts during the pandemic earned the company significant consumer trust, and this trust became the cornerstone of Pfizer\u2019s strategic pivot to direct-to-consumer healthcare.
\n\u201cWe\u2019ve recognized the responsibility that comes with this trust. It\u2019s not just about COVID \u2014 it\u2019s about other therapeutic areas where patients are looking for reliable guidance,\u201d he said. \u201cEach patient wants to retain the right to choose their care path. We provide options, whether that\u2019s telehealth, seeing a doctor in person, or getting enough information to return to their regular provider.\u201d
\nPfizerForAll\u2019s key focus is on providing patients with optionality, or multiple paths to care, by giving patients to access healthcare information, the ability to connect with healthcare providers, as well as enabling them to manage treatments more easily.
\nWhile it\u2019s only been a few weeks since the launch, as data comes in, Pfizer expects to make adjustments to the platform, learning more about patient needs and how best to serve them. \u201cWe don\u2019t yet know what all the feedback will look like, but we\u2019re open to learning from it and evolving the platform accordingly,\u201d said Allen. \u201cWe\u2019re watching engagement closely \u2014 how patients interact with the site, where they continue their journey, and what needs they express that we aren\u2019t meeting yet.\u201d
\nBut data from third-party sources indicates the platform will have a warm welcome. An Experian Health survey in late 2023 found that 56% of individuals receiving treatment want more digital options, and an academic survey in August found that respondents who use virtual care did so for greater convenience (39% of respondents), shorter wait times (30%) and the ability to see a specific provider (17%).
\nTelehealth has become an increasingly important part of healthcare delivery, particularly in areas where access to specialists is limited. Allen described how telehealth fits into Pfizer\u2019s strategy, particularly for conditions like migraines where specialist appointments can take months to secure.
\n\u201cTelehealth is a fantastic asset, especially for helping to educate the patient about what to do next. It can act as early triage and appropriately route them into the right setting of care,\u201d he said. This is crucial for patients dealing with chronic conditions that require ongoing management, where immediate care can make a significant difference.
\nWhile PfizerForAll provides virtual care options, Allen stressed that it\u2019s not intended to replace traditional healthcare, but rather to supplement it. \u201cWe want to help people access routine primary care services where it suits them, while also encouraging them to maintain strong relationships with general practitioners.\u201d
\nOne of Pfizer\u2019s primary goals with PfizerForAll is to help reduce healthcare costs, both for patients and the healthcare system.
\n\u201cMany of the interactions we\u2019re supporting are relatively low-cost and can be lower-cost for the patient. For example, vaccinations remain free for most patients with insurance or government coverage,\u201d Allen explained.
\nAn essential \u2014 yet challenging \u2014 element of PfizerForAll is the participation of healthcare providers. However, these providers are not employed by Pfizer, as Allen noted. Instead, Pfizer partners with external entities to manage the recruitment and operation of healthcare professionals who participate in the platform.
\n\u201cThe broader question is, how do you incentivize practitioners to practice virtual care?\u201d Allen asked rhetorically. He noted that many healthcare professionals in the U.S. are increasingly interested in the flexibility that comes with virtual care, offering them a way to balance their in-person and virtual workloads. In many cases, patients can receive care through telehealth consultations rather than waiting for in-person visits, which can be both time-consuming and expensive.
\n\u201cA lot of what we need to do is to reduce the complexity, to increase the information available, and help share that there is a path forward that patients can take that can be positive and that can have a dramatic effect on their wellbeing,\u201d Allen said.
\nThe post Pfizer Hopes Direct-to-Consumer Play Spurs New Era of Healthcare Accessibility appeared first on PYMNTS.com.
\n", "content_text": "As important as the healthcare system is, it remains far from perfect.\nFragmentation and opacity play a large part in that imperfection. The traditional healthcare journey can often be complex, with multiple touchpoints from primary care to specialists and pharmacies, and that\u2019s before even touching on longstanding billing pain points.\n\u201cThe basic information of \u2018what to do next\u2019 if you are seeking care and looking for guidance is hard to come by,\u201d James Allen, vice president, U.S. Channel Management and Partnerships, Primary Care at Pfizer, told PYMNTS\u2019 Karen Webster.\nAnd while the COVID-19 pandemic drastically altered the global healthcare landscape, particularly around the ways in which care organizations connect with patients, there still exists a giant opportunity to streamline, digitize and ultimately democratize how patients seek and process healthcare information.\nOne of the most notable shifts during the pandemic was the decline in trust in healthcare institutions, particularly after the federal government withdrew from its role as a universal actor. This contributed to widespread confusion about vaccines, treatments and preventative measures, which has persisted even after the worst of the crisis passed.\n\u201cWe learned by being a major actor during COVID that there\u2019s a receptivity from many consumers around not managing the healthcare journey, but playing a role in helping them toward the path to better care,\u201d Allen explained.\nHe added that the launch last month (Aug. 27) of PfizerForAll, a direct-to-consumer healthcare platform, is the company\u2019s response to the challenges faced during the pandemic and an attempt to simplify access to healthcare information and services.\nDriving Patient Empowerment Through Technology \nNearly two in every three Americans (65%) say coordinating and managing healthcare is overwhelming and time-consuming, Pfizer said in a news release, citing a poll by the American Academy of Physician Associates. And according to the same poll, 73% of them feel the healthcare system is not meeting their needs. Direct-to-consumer (DTC) healthcare models are designed to make healthcare more accessible, affordable and convenient by reducing barriers to access, empowering patients and simplifying the healthcare journey.\nThe DTC healthcare model can also play a critical role in addressing the growing doctor shortage in the U.S. \u2014 one projected to reach a deficit of 86,000 physicians by 2036 \u2014 by leveraging technology, improving efficiency and reducing the strain on the traditional healthcare system. As the U.S. faces a shortage of primary care physicians and specialists \u2014 driven by factors like an aging population, physician burnout and insufficient medical training programs \u2014 democratizing access to healthcare via innovative digital channels is becoming more pressing.\nAllen noted that Pfizer\u2019s efforts during the pandemic earned the company significant consumer trust, and this trust became the cornerstone of Pfizer\u2019s strategic pivot to direct-to-consumer healthcare.\n\u201cWe\u2019ve recognized the responsibility that comes with this trust. It\u2019s not just about COVID \u2014 it\u2019s about other therapeutic areas where patients are looking for reliable guidance,\u201d he said. \u201cEach patient wants to retain the right to choose their care path. We provide options, whether that\u2019s telehealth, seeing a doctor in person, or getting enough information to return to their regular provider.\u201d\nPfizerForAll\u2019s key focus is on providing patients with optionality, or multiple paths to care, by giving patients to access healthcare information, the ability to connect with healthcare providers, as well as enabling them to manage treatments more easily.\nWhile it\u2019s only been a few weeks since the launch, as data comes in, Pfizer expects to make adjustments to the platform, learning more about patient needs and how best to serve them. \u201cWe don\u2019t yet know what all the feedback will look like, but we\u2019re open to learning from it and evolving the platform accordingly,\u201d said Allen. \u201cWe\u2019re watching engagement closely \u2014 how patients interact with the site, where they continue their journey, and what needs they express that we aren\u2019t meeting yet.\u201d\nBut data from third-party sources indicates the platform will have a warm welcome. An Experian Health survey in late 2023 found that 56% of individuals receiving treatment want more digital options, and an academic survey in August found that respondents who use virtual care did so for greater convenience (39% of respondents), shorter wait times (30%) and the ability to see a specific provider (17%).\nThe Future of Direct-to-Consumer Healthcare\nTelehealth has become an increasingly important part of healthcare delivery, particularly in areas where access to specialists is limited. Allen described how telehealth fits into Pfizer\u2019s strategy, particularly for conditions like migraines where specialist appointments can take months to secure.\n\u201cTelehealth is a fantastic asset, especially for helping to educate the patient about what to do next. It can act as early triage and appropriately route them into the right setting of care,\u201d he said. This is crucial for patients dealing with chronic conditions that require ongoing management, where immediate care can make a significant difference.\nWhile PfizerForAll provides virtual care options, Allen stressed that it\u2019s not intended to replace traditional healthcare, but rather to supplement it. \u201cWe want to help people access routine primary care services where it suits them, while also encouraging them to maintain strong relationships with general practitioners.\u201d\nOne of Pfizer\u2019s primary goals with PfizerForAll is to help reduce healthcare costs, both for patients and the healthcare system.\n\u201cMany of the interactions we\u2019re supporting are relatively low-cost and can be lower-cost for the patient. For example, vaccinations remain free for most patients with insurance or government coverage,\u201d Allen explained.\nAn essential \u2014 yet challenging \u2014 element of PfizerForAll is the participation of healthcare providers. However, these providers are not employed by Pfizer, as Allen noted. Instead, Pfizer partners with external entities to manage the recruitment and operation of healthcare professionals who participate in the platform.\n\u201cThe broader question is, how do you incentivize practitioners to practice virtual care?\u201d Allen asked rhetorically. He noted that many healthcare professionals in the U.S. are increasingly interested in the flexibility that comes with virtual care, offering them a way to balance their in-person and virtual workloads. In many cases, patients can receive care through telehealth consultations rather than waiting for in-person visits, which can be both time-consuming and expensive.\n\u201cA lot of what we need to do is to reduce the complexity, to increase the information available, and help share that there is a path forward that patients can take that can be positive and that can have a dramatic effect on their wellbeing,\u201d Allen said.\nThe post Pfizer Hopes Direct-to-Consumer Play Spurs New Era of Healthcare Accessibility appeared first on PYMNTS.com.", "date_published": "2024-09-12T04:01:17-04:00", "date_modified": "2024-09-11T21:05:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/PfizerForAll.jpg", "tags": [ "Connected Economy", "digital transformation", "Featured News", "Healthcare", "James Allen", "News", "Pfizer", "PfizerForAll", "PYMNTS News", "telehealth" ] }, { "id": "https://www.pymnts.com/?p=2096244", "url": "https://www.pymnts.com/healthcare/2024/zelis-launches-solution-out-of-network-health-bill-payments/", "title": "Zelis Launches Solution for Out-of-Network Health Bill Payments", "content_html": "Healthcare technology company Zelis debuted an out-of-network payments solution.
\nHealth Bill Assist lets payers support plan members with out-of-network health bills at no cost to members, according to a Monday (Sept. 9) press release.
\n\u201cOut-of-network billing is not only confusing and frustrating for members, but the process of handling out-of-network claims, member appeals and provider negotiations adds [a] significant administrative burden to health plans,\u201d Zelis President of Price Optimization Jay Deady said in the release. \u201cWe are proud to provide a level of support not readily available in the market today, helping health plans explain and mitigate these costs effectively.\u201d
\nHealth Bill Assist is designed to improve plan members\u2019 healthcare financial literacy, spot and resolve billing discrepancies, and use Zelis\u2019 team of expert negotiators to settle bills with providers when appropriate, per the release.
\nA Zelis study showed that many consumers face challenges in paying for healthcare, and those who struggle to pay medical bills often face repeated instances of financial strain, according to the release.
\nSimilarly, the PYMNTS Intelligence report \u201cThe Digital Platform Promise: How Patients Want to Streamline Healthcare Payments\u201d found that 21% of consumers encountered at least some trouble when paying for their healthcare. The study also revealed that 16% said insurance covered less than anticipated.
\nSome demographics may be particularly vulnerable if the range of payment options, including cards and payment plans, is narrowed down. According to PYMNTS Intelligence\u2019s 2024 Women\u2019s Wellness Index, nearly a quarter of women who struggle to pay monthly expenses said medical bills are a primary reason for distress.
\n\u201cThat\u2019s why collaboration is critical,\u201d the release said. \u201cIn addition to enhancing the overall value and support provided to members, it leads to a better understanding of financial outcomes and a stronger member experience.\u201d
\nIn other healthcare payments news, Banyan President Alpesh Chokshi told PYMNTS this week about a new collaboration between loyalty program Bilt Rewards and Walgreens \u2014 underpinned by Banyan\u2019s platform and receipt-level data.
\nThe partnership can help eliminate the friction and waste surrounding flexible spending accounts (FSAs) and healthcare savings accounts (HSAs).
\n\u201cConsumers get greater convenience and savings on the healthcare-related items they need; Bilt and payment cards gain increased spend engagement; and Walgreens boosts its sales and customer experience,\u201d the report said.
\nThe post Zelis Launches Solution for Out-of-Network Health Bill Payments appeared first on PYMNTS.com.
\n", "content_text": "Healthcare technology company Zelis debuted an out-of-network payments solution.\nHealth Bill Assist lets payers support plan members with out-of-network health bills at no cost to members, according to a Monday (Sept. 9) press release.\n\u201cOut-of-network billing is not only confusing and frustrating for members, but the process of handling out-of-network claims, member appeals and provider negotiations adds [a] significant administrative burden to health plans,\u201d Zelis President of Price Optimization Jay Deady said in the release. \u201cWe are proud to provide a level of support not readily available in the market today, helping health plans explain and mitigate these costs effectively.\u201d\nHealth Bill Assist is designed to improve plan members\u2019 healthcare financial literacy, spot and resolve billing discrepancies, and use Zelis\u2019 team of expert negotiators to settle bills with providers when appropriate, per the release.\nA Zelis study showed that many consumers face challenges in paying for healthcare, and those who struggle to pay medical bills often face repeated instances of financial strain, according to the release.\nSimilarly, the PYMNTS Intelligence report \u201cThe Digital Platform Promise: How Patients Want to Streamline Healthcare Payments\u201d found that 21% of consumers encountered at least some trouble when paying for their healthcare. The study also revealed that 16% said insurance covered less than anticipated.\nSome demographics may be particularly vulnerable if the range of payment options, including cards and payment plans, is narrowed down. According to PYMNTS Intelligence\u2019s 2024 Women\u2019s Wellness Index, nearly a quarter of women who struggle to pay monthly expenses said medical bills are a primary reason for distress.\n\u201cThat\u2019s why collaboration is critical,\u201d the release said. \u201cIn addition to enhancing the overall value and support provided to members, it leads to a better understanding of financial outcomes and a stronger member experience.\u201d\nIn other healthcare payments news, Banyan President Alpesh Chokshi told PYMNTS this week about a new collaboration between loyalty program Bilt Rewards and Walgreens \u2014 underpinned by Banyan\u2019s platform and receipt-level data.\nThe partnership can help eliminate the friction and waste surrounding flexible spending accounts (FSAs) and healthcare savings accounts (HSAs).\n\u201cConsumers get greater convenience and savings on the healthcare-related items they need; Bilt and payment cards gain increased spend engagement; and Walgreens boosts its sales and customer experience,\u201d the report said.\nThe post Zelis Launches Solution for Out-of-Network Health Bill Payments appeared first on PYMNTS.com.", "date_published": "2024-09-09T15:27:06-04:00", "date_modified": "2024-09-09T15:27:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Zelis.png", "tags": [ "digital transformation", "financial inclusion", "Health Bill Assist", "Healthcare", "News", "PYMNTS News", "Technology", "What's Hot", "Zelis" ] }, { "id": "https://www.pymnts.com/?p=2095239", "url": "https://www.pymnts.com/healthcare/2024/sku-level-data-helps-consumers-avoid-losing-4billion-in-healthcare-fsa-funds-banyan-says/", "title": "SKU-Level Data Helps Consumers Avoid Losing $4 Billion in Healthcare FSA Funds, Banyan Says", "content_html": "Call it the $4 billion year-end problem, plaguing consumers and the healthcare industry like clockwork.
\nThat\u2019s the amount of money that disappears from flexible spending accounts (FSAs) every year as the \u201cuse it or lose it\u201d feature of FSAs kicks in.
\nThere\u2019s a rush as patients figure out what\u2019s eligible, and it\u2019s a conundrum that individuals and households face when deciding how to allocate their pre-tax dollars to pay for their own and their dependents\u2019 healthcare expenses. They\u2019ve funded the accounts, and the hard part is spending that money the right way.
\nThe confusion is compounded at the register, where patients must be careful to put their healthcare spending into buckets \u2014 using their FSA accounts for some items, and their credit and debit cards for others. The paperwork is onerous, and juggling receipts can be daunting.
\nBanyan President Alpesh Chokshi noted to Karen Webster in an interview that a new collaboration between loyalty program Bilt Rewards and Walgreens \u2014 underpinned by Banyan\u2019s platform and receipt-level data \u2014 can help eliminate the friction and waste surrounding FSAs and healthcare savings accounts (HSAs).
\nThe positive ripple effects are considerable. Consumers get greater convenience and savings on the healthcare-related items they need; Bilt and payment cards gain increased spend engagement; and Walgreens boosts its sales and customer experience.
\nTo cut down on the confusion and frictions of juggling separate FSA and HSA cards and credit cards, as well as submitting receipts, Bilt expanded its loyalty rewards program via a collaboration with Walgreens to maximize wellness benefits.
\nThrough this joint retail and financial service effort, powered by the Banyan platform, Bilt members have exclusive access to Automatic Healthcare Savings, a seamless way to apply FSA and HSA benefits when shopping at Walgreens using any card linked to their Bilt account.
\nIn terms of the mechanics, Bilt members shop at Walgreens for everyday items using any card linked to their Bilt account, earning Bilt Points on their spend. Within 72 hours, Bilt notifies the member of any eligible FSA or HSA items, and they can choose to apply their FSA or HSA funds to those items in the Neighborhood > Pharmacy tab of their Bilt account. Bilt then credits the original payment method and charges the FSA or HSA card for the eligible amount.
\nIt\u2019s an automated way to access healthcare spending account funds, Chokshi said. It uses the capabilities of item-level identification and rewarding. The partnership also offers rewards for prescriptions, which in turn makes cards stickier and top-of-the-wallet for many users.
\nChokshi said consumers coming into Walgreens as Bilt Rewards members get automatically rewarded on every purchase, including double points on Walgreens branded products.
\nThe platform model gives Walgreens, and by extension other merchants and issuers, the \u201cdegrees of freedom\u201d they need to monetize their various commerce experiences and higher-margin products, Chokshi said. That\u2019s important given the fact that, as Chokshi said, \u201cthe rewards game is tapped out\u201d with interchange largely given back to consumers in the form of rewards. So, merchants must find new ways to create value, monetize their data with consumers\u2019 permission and offer item-level rewards.
\nBrands that want access to consumers will pay a premium to expose those individuals to a coupon or experience that uses item-level transaction details to personalize those offerings. We\u2019re not far away from a world where, for example, manufacturers of a particular brand of toothpaste can offer \u201cdouble\u201d rewards to Walgreens\u2019 customers automatically, he said.
\n\u201cYou\u2019re tapping into another pool of funds as opposed to a [merchant\u2019s] marketing fund or credit card reward loyalty fund \u2014 and for the manufacturer, that\u2019s a trackable and easy way to see the ROI versus a broad-based rewards program,\u201d Chokshi said.
\nThe fact that the Walgreens and Bilt healthcare spending collaboration has gone live using the Banyan platform, Chokshi said, \u201cwill open up more opportunities\u201d for item-level data-powered use cases.
\nBanyan, he said, is looking toward a launch with a major co-brand partner in the next year that can offer more tailored rewards for different types of spending. The Walgreens and Bilt model can be applied in other controlled spending areas such as the Supplemental Nutrition Assistance Program (SNAP), Electronic Benefits Transfer (EBT) and Special Supplemental Nutrition Program for Women, Infants and Children (WIC).
\n\u201cIt\u2019s exciting to be eliminating the frictions [in healthcare spending],\u201d said Chokshi, adding: \u201cThis is putting money back in people\u2019s pockets that they might have lost otherwise.\u201d
\nThe post SKU-Level Data Helps Consumers Avoid Losing $4 Billion in Healthcare FSA Funds, Banyan Says appeared first on PYMNTS.com.
\n", "content_text": "Call it the $4 billion year-end problem, plaguing consumers and the healthcare industry like clockwork.\nThat\u2019s the amount of money that disappears from flexible spending accounts (FSAs) every year as the \u201cuse it or lose it\u201d feature of FSAs kicks in.\nThere\u2019s a rush as patients figure out what\u2019s eligible, and it\u2019s a conundrum that individuals and households face when deciding how to allocate their pre-tax dollars to pay for their own and their dependents\u2019 healthcare expenses. They\u2019ve funded the accounts, and the hard part is spending that money the right way.\nThe confusion is compounded at the register, where patients must be careful to put their healthcare spending into buckets \u2014 using their FSA accounts for some items, and their credit and debit cards for others. The paperwork is onerous, and juggling receipts can be daunting.\nBanyan President Alpesh Chokshi noted to Karen Webster in an interview that a new collaboration between loyalty program Bilt Rewards and Walgreens \u2014 underpinned by Banyan\u2019s platform and receipt-level data \u2014 can help eliminate the friction and waste surrounding FSAs and healthcare savings accounts (HSAs).\nThe positive ripple effects are considerable. Consumers get greater convenience and savings on the healthcare-related items they need; Bilt and payment cards gain increased spend engagement; and Walgreens boosts its sales and customer experience.\nEasier Savings, More Rewards, Better Wellness\nTo cut down on the confusion and frictions of juggling separate FSA and HSA cards and credit cards, as well as submitting receipts, Bilt expanded its loyalty rewards program via a collaboration with Walgreens to maximize wellness benefits.\nThrough this joint retail and financial service effort, powered by the Banyan platform, Bilt members have exclusive access to Automatic Healthcare Savings, a seamless way to apply FSA and HSA benefits when shopping at Walgreens using any card linked to their Bilt account.\nIn terms of the mechanics, Bilt members shop at Walgreens for everyday items using any card linked to their Bilt account, earning Bilt Points on their spend. Within 72 hours, Bilt notifies the member of any eligible FSA or HSA items, and they can choose to apply their FSA or HSA funds to those items in the Neighborhood > Pharmacy tab of their Bilt account. Bilt then credits the original payment method and charges the FSA or HSA card for the eligible amount.\nIt\u2019s an automated way to access healthcare spending account funds, Chokshi said. It uses the capabilities of item-level identification and rewarding. The partnership also offers rewards for prescriptions, which in turn makes cards stickier and top-of-the-wallet for many users.\nChokshi said consumers coming into Walgreens as Bilt Rewards members get automatically rewarded on every purchase, including double points on Walgreens branded products.\nThe platform model gives Walgreens, and by extension other merchants and issuers, the \u201cdegrees of freedom\u201d they need to monetize their various commerce experiences and higher-margin products, Chokshi said. That\u2019s important given the fact that, as Chokshi said, \u201cthe rewards game is tapped out\u201d with interchange largely given back to consumers in the form of rewards. So, merchants must find new ways to create value, monetize their data with consumers\u2019 permission and offer item-level rewards.\nBrands that want access to consumers will pay a premium to expose those individuals to a coupon or experience that uses item-level transaction details to personalize those offerings. We\u2019re not far away from a world where, for example, manufacturers of a particular brand of toothpaste can offer \u201cdouble\u201d rewards to Walgreens\u2019 customers automatically, he said.\n\u201cYou\u2019re tapping into another pool of funds as opposed to a [merchant\u2019s] marketing fund or credit card reward loyalty fund \u2014 and for the manufacturer, that\u2019s a trackable and easy way to see the ROI versus a broad-based rewards program,\u201d Chokshi said.\nThe fact that the Walgreens and Bilt healthcare spending collaboration has gone live using the Banyan platform, Chokshi said, \u201cwill open up more opportunities\u201d for item-level data-powered use cases.\nBanyan, he said, is looking toward a launch with a major co-brand partner in the next year that can offer more tailored rewards for different types of spending. The Walgreens and Bilt model can be applied in other controlled spending areas such as the Supplemental Nutrition Assistance Program (SNAP), Electronic Benefits Transfer (EBT) and Special Supplemental Nutrition Program for Women, Infants and Children (WIC).\n\u201cIt\u2019s exciting to be eliminating the frictions [in healthcare spending],\u201d said Chokshi, adding: \u201cThis is putting money back in people\u2019s pockets that they might have lost otherwise.\u201d\nThe post SKU-Level Data Helps Consumers Avoid Losing $4 Billion in Healthcare FSA Funds, Banyan Says appeared first on PYMNTS.com.", "date_published": "2024-09-09T04:00:57-04:00", "date_modified": "2024-09-08T20:52:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Banyan-health-fsa-sku-data.jpg", "tags": [ "Alpesh Chokshi", "automation", "Banyan", "Bilt Rewards", "data", "Healthcare", "loyalty rewards", "Main Feature", "News", "PYMNTS News", "pymnts tv", "video", "Walgreens" ] }, { "id": "https://www.pymnts.com/?p=2094674", "url": "https://www.pymnts.com/healthcare/2024/3-billion-healthtech-merger-aims-to-cure-late-payments/", "title": "$3 Billion HealthTech Merger Aims to Cure Late Payments", "content_html": "New Mountain Capital is reportedly combining three HealthTech firms in a $3 billion deal.
\nThe merger is designed to employ artificial intelligence (AI) to help improve payments from health plans to providers, Bloomberg reported Thursday (Sept. 5).
\nAccording to the report, the deal will bring together three companies from New Mountain\u2019s portfolio: The Rawlings Group, Apixio\u2019s payment-integrity business, and a newly acquired firm called Varis. The combined group is valued at more than $3 billion, sources familiar with the matter told Bloomberg.
\nThe report noted that the healthcare sector is riddled with payment errors, with around $100 billion in improper payments in government health programs just last year. That\u2019s brought about the rise of payment integrity firms aiming to reduce insurers\u2019 mistaken outlays.
\nIn the case of New Mountain, the companies hope to combine AI and other digital tools with large health-care data sets to bring more efficiency to the payment system, Matt Holt, the firm\u2019s president of private equity, told Bloomberg.
\n\u201cThe overarching trend is absolutely toward the reduction of administrative cost,\u201d he said.
\nResearch by PYMNTS Intelligence has shown that payment and claims inefficiencies are a drain on healthcare resources, with 84% of organizations saying they\u2019ve suffered financial losses from cumbersome accounts receivable processes.\u00a0
\n\u201cNot surprisingly, 85% acknowledge the crucial need to revamp their payment experiences to curb the time and drain on resources required by current systems,\u201d PYMNTS wrote earlier this year. \u201cWith the overwhelming majority identifying the issue as mission critical, these inefficiencies call for urgent intervention.\u201d
\nMore recently, PYMNTS examined the ripple effects of late payments permeating the health sector in the report \u201cCritical Care: Healing Healthcare With Real-Time Payments,\u201d done in collaboration with The Clearing House.
\nAccording to the report, late payments are a considerable issue, with a quarter of payments to small healthcare providers arriving past due.\u00a0
\n\u201cThis delay jeopardizes their ability to meet payroll, pay vendors and maintain smooth operations,\u201d PYMNTS wrote. \u201cFor many providers, the strain of managing late payments translates into increased pressure on accounts receivable teams and the need for meticulous cash flow management.\u201d
\nThe problem was exacerbated by the recent surge of late payments faced by hospitals and health systems across the country. In the first quarter of this year, a rise in late payments led to revenue shortfalls of as much as 18%. This situation was aggravated by a cyberattack on Change Healthcare, a major payment processor, which exacerbated financial strains for healthcare providers.
\nThe post $3 Billion HealthTech Merger Aims to Cure Late Payments appeared first on PYMNTS.com.
\n", "content_text": "New Mountain Capital is reportedly combining three HealthTech firms in a $3 billion deal.\nThe merger is designed to employ artificial intelligence (AI) to help improve payments from health plans to providers, Bloomberg reported Thursday (Sept. 5).\nAccording to the report, the deal will bring together three companies from New Mountain\u2019s portfolio: The Rawlings Group, Apixio\u2019s payment-integrity business, and a newly acquired firm called Varis. The combined group is valued at more than $3 billion, sources familiar with the matter told Bloomberg.\nThe report noted that the healthcare sector is riddled with payment errors, with around $100 billion in improper payments in government health programs just last year. That\u2019s brought about the rise of payment integrity firms aiming to reduce insurers\u2019 mistaken outlays.\nIn the case of New Mountain, the companies hope to combine AI and other digital tools with large health-care data sets to bring more efficiency to the payment system, Matt Holt, the firm\u2019s president of private equity, told Bloomberg.\n\u201cThe overarching trend is absolutely toward the reduction of administrative cost,\u201d he said.\nResearch by PYMNTS Intelligence has shown that payment and claims inefficiencies are a drain on healthcare resources, with 84% of organizations saying they\u2019ve suffered financial losses from cumbersome accounts receivable processes.\u00a0\n\u201cNot surprisingly, 85% acknowledge the crucial need to revamp their payment experiences to curb the time and drain on resources required by current systems,\u201d PYMNTS wrote earlier this year. \u201cWith the overwhelming majority identifying the issue as mission critical, these inefficiencies call for urgent intervention.\u201d\nMore recently, PYMNTS examined the ripple effects of late payments permeating the health sector in the report \u201cCritical Care: Healing Healthcare With Real-Time Payments,\u201d done in collaboration with The Clearing House.\nAccording to the report, late payments are a considerable issue, with a quarter of payments to small healthcare providers arriving past due.\u00a0\n\u201cThis delay jeopardizes their ability to meet payroll, pay vendors and maintain smooth operations,\u201d PYMNTS wrote. \u201cFor many providers, the strain of managing late payments translates into increased pressure on accounts receivable teams and the need for meticulous cash flow management.\u201d\nThe problem was exacerbated by the recent surge of late payments faced by hospitals and health systems across the country. In the first quarter of this year, a rise in late payments led to revenue shortfalls of as much as 18%. This situation was aggravated by a cyberattack on Change Healthcare, a major payment processor, which exacerbated financial strains for healthcare providers.\nThe post $3 Billion HealthTech Merger Aims to Cure Late Payments appeared first on PYMNTS.com.", "date_published": "2024-09-05T15:26:43-04:00", "date_modified": "2024-09-05T15:26:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/healthcare-payments.jpg", "tags": [ "AI", "Apixio", "artificial intelligence", "debt", "Healthcare", "Healthcare payments", "HealthTech", "late payments", "medical debt", "medical payments", "merger", "mergers", "New Mountain Capital", "News", "PYMNTS News", "Rawlings Group", "Varis", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2077887", "url": "https://www.pymnts.com/healthcare/2024/25-of-small-healthcare-provider-payments-arrive-late-data-shows/", "title": "25% of Small Healthcare Provider Payments Arrive Late, Data Shows", "content_html": "The healthcare sector, often burdened by slow and cumbersome payment processes, is undergoing a transformation aimed at alleviating financial strains. With a high volume of transactions and intricate billing systems, delays in payments have become a pressing issue, impacting cash flow and operational efficiency.
\nA PYMNTS Intelligence report, \u201cCritical Care: Healing Healthcare With Real-Time Payments,\u201d in collaboration with The Clearing House, examines the advent of real-time payments that offers a way to streamline financial transactions and enhance overall industry performance.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/healthcare-payments-sb7.jpg\")
The ripple effects of late payments permeate the healthcare industry. Providers frequently grapple with delayed payments, which disrupt cash flow and create significant operational challenges.
\nAccording to the report, late payments are a considerable problem, with 25% of payments to small healthcare providers arriving past due. This delay jeopardizes their ability to meet payroll, pay vendors and maintain smooth operations. For many providers, the strain of managing late payments translates into increased pressure on accounts receivable teams and the need for meticulous cash flow management.
\nThe problem is magnified by the recent spate of late payments faced by hospitals and health systems across the U.S. In the first quarter of 2024, a surge in late payments resulted in revenue shortfalls of up to 18%. This situation was worsened by a cyberattack on Change Healthcare, a major payment processor, which disrupted payment processing and exacerbated financial strains for healthcare providers. Such incidents underscore the critical need for more efficient payment solutions.
\nReal-time payments offer a potential remedy to the challenges posed by delayed payments. By facilitating instantaneous transactions, real-time payment systems can enhance cash flow and improve financial management for healthcare providers.
\nPYMNTS data reveals that 61% of small to mid-sized healthcare providers who use real-time payments cite speed as a primary benefit, with many also noting improvements in cash flow management and accuracy.
\nEighty-three percent of small healthcare businesses used real-time payment options last year, and 81% of those reported high satisfaction with these systems. This positive feedback underscores the potential benefits of real-time payments in bolstering operational efficiency and financial stability.
\nAs more healthcare providers adopt real-time payments, they are experiencing enhanced cash flow and reduced administrative burdens, allowing them to focus more on patient care rather than financial transactions.
\nDespite the evident advantages, the transition to real-time payments is not without challenges. Many healthcare providers continue to rely on legacy payment systems due to concerns about fraud and the slow adoption of new payment methods by customers. PYMNTS reports that 17% of small healthcare providers do not use real-time payment systems, primarily due to fears of increased fraud risks, with 31% of these providers citing fraud as a major concern.
\nOther barriers include limited consumer adoption, with 26% of providers who did not receive real-time payments citing this as a key issue. Additionally, some providers are deterred by perceived costs and the complexity of integrating new payment systems into existing infrastructures. Oracle Health\u2019s challenges in modernizing its recently acquired Cerner payment systems illustrate the broader difficulties faced by the industry in updating financial technology.
\nThe rising demand for faster payment options highlights a shift toward greater efficiency and convenience in healthcare. Patients now expect the same ease in financial transactions as they experience in other digital interactions.
\nTo meet growing patient expectations, healthcare providers are adopting real-time payments, boosting cash flow and financial stability. This approach improves patient satisfaction, encourages repeat visits, and reduces administrative burdens and unpaid bills.
\nChallenges, however, such as system integration, data security and patient adoption persist. Digital payment platforms and automated systems can help overcome these obstacles, enhancing both financial management and patient care.
\nThe post 25% of Small Healthcare Provider Payments Arrive Late, Data Shows appeared first on PYMNTS.com.
\n", "content_text": "The healthcare sector, often burdened by slow and cumbersome payment processes, is undergoing a transformation aimed at alleviating financial strains. With a high volume of transactions and intricate billing systems, delays in payments have become a pressing issue, impacting cash flow and operational efficiency. \nA PYMNTS Intelligence report, \u201cCritical Care: Healing Healthcare With Real-Time Payments,\u201d in collaboration with The Clearing House, examines the advent of real-time payments that offers a way to streamline financial transactions and enhance overall industry performance.\nDelayed Payments Disrupt Healthcare\n\nThe ripple effects of late payments permeate the healthcare industry. Providers frequently grapple with delayed payments, which disrupt cash flow and create significant operational challenges. \nAccording to the report, late payments are a considerable problem, with 25% of payments to small healthcare providers arriving past due. This delay jeopardizes their ability to meet payroll, pay vendors and maintain smooth operations. For many providers, the strain of managing late payments translates into increased pressure on accounts receivable teams and the need for meticulous cash flow management.\nThe problem is magnified by the recent spate of late payments faced by hospitals and health systems across the U.S. In the first quarter of 2024, a surge in late payments resulted in revenue shortfalls of up to 18%. This situation was worsened by a cyberattack on Change Healthcare, a major payment processor, which disrupted payment processing and exacerbated financial strains for healthcare providers. Such incidents underscore the critical need for more efficient payment solutions.\nReal-Time Payments Heal Healthcare\nReal-time payments offer a potential remedy to the challenges posed by delayed payments. By facilitating instantaneous transactions, real-time payment systems can enhance cash flow and improve financial management for healthcare providers.\nPYMNTS data reveals that 61% of small to mid-sized healthcare providers who use real-time payments cite speed as a primary benefit, with many also noting improvements in cash flow management and accuracy.\nEighty-three percent of small healthcare businesses used real-time payment options last year, and 81% of those reported high satisfaction with these systems. This positive feedback underscores the potential benefits of real-time payments in bolstering operational efficiency and financial stability. \nAs more healthcare providers adopt real-time payments, they are experiencing enhanced cash flow and reduced administrative burdens, allowing them to focus more on patient care rather than financial transactions.\nBarriers to Real-Time Healthcare Payments\nDespite the evident advantages, the transition to real-time payments is not without challenges. Many healthcare providers continue to rely on legacy payment systems due to concerns about fraud and the slow adoption of new payment methods by customers. PYMNTS reports that 17% of small healthcare providers do not use real-time payment systems, primarily due to fears of increased fraud risks, with 31% of these providers citing fraud as a major concern.\nOther barriers include limited consumer adoption, with 26% of providers who did not receive real-time payments citing this as a key issue. Additionally, some providers are deterred by perceived costs and the complexity of integrating new payment systems into existing infrastructures. Oracle Health\u2019s challenges in modernizing its recently acquired Cerner payment systems illustrate the broader difficulties faced by the industry in updating financial technology.\nThe rising demand for faster payment options highlights a shift toward greater efficiency and convenience in healthcare. Patients now expect the same ease in financial transactions as they experience in other digital interactions. \nTo meet growing patient expectations, healthcare providers are adopting real-time payments, boosting cash flow and financial stability. This approach improves patient satisfaction, encourages repeat visits, and reduces administrative burdens and unpaid bills.\n Challenges, however, such as system integration, data security and patient adoption persist. Digital payment platforms and automated systems can help overcome these obstacles, enhancing both financial management and patient care.\nThe post 25% of Small Healthcare Provider Payments Arrive Late, Data Shows appeared first on PYMNTS.com.", "date_published": "2024-08-30T04:00:27-04:00", "date_modified": "2024-08-29T19:46:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/real-time-healthcare-payments-.jpg", "tags": [ "Digital Payments", "faster payments", "Featured News", "Healthcare", "Healthcare payments", "instant payments", "News", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "The Clearing House", "The Data Point" ] } ] }