What You Should Know:
– Talkiatry, a provider of in-network psychiatric care, has partnered with Cedar, a healthcare financial engagement platform, to optimize the billing experience for their patients.
– The strategic partnership prioritizes not only mental health treatment itself, but also the financial barriers that often prevent individuals from seeking or continuing care.
Mental Health Crisis Demands Solutions
The United States faces a significant mental health crisis, with one in five adults experiencing mental illness each year. While stigma and provider shortages pose challenges, a major hurdle to obtaining care is often the financial burden. Even with health insurance, complex billing can discourage people from seeking or continuing mental health treatment. Aligned with their focus on a caring and patient-centered approach, Talkiatry partnered with Cedar to improve the financial aspect of seeking mental healthcare.
Cedar Pay Streamlines Online Payments
Talkiatry implemented Cedar Pay in a mere 12 weeks, successfully transitioning nearly all payments online. This user-friendly system offers patients a stress-free experience, including:
– Personalized communication: Patients receive clear and timely updates at every step of the billing process.
– Transparency: Easy-to-understand statements and an online help center empower patients to find answers quickly.
– Control and Choice: Patients can choose when and how they pay, with convenient options like Apple Pay and card-on-file.
Positive Impact for Patients and Providers
The partnership has demonstrably improved the billing experience for Talkiatry patients. Within the first year, the Cedar Pay platform achieved a remarkable 96% digital self-service payment rate and an impressive 86% patient satisfaction rating with the billing process.
“At Talkiatry, we’re committed to eliminating barriers that prevent patients from accessing quality psychiatric care and therapy,” said Todd Yu, Chief Financial Officer of Talkiatry. “Billing friction creates an extra layer of stress and anxiety at a time when patients should be focused on treatment. Cedar allows us to cater to patients’ needs.”
