Digital wallets are a payment option that continues to gain traction among consumers due to their simplicity and ease. Many providers, however, may be unfamiliar with the technology and how it can benefit their practices and patients. At the most basic level, a digital wallet is a digital, mobile version of patients’ financial accounts that is easily accessible via a computer or smartphone, eliminating much of the need to carry an actual wallet. Digital wallets can be used by consumers
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Patient Financial Experience | News, Analysis, Insights
AccessOne Acquires CueSquared to Address Patient Financial Experience
What You Should Know: - AccessOne acquires one-touch mobile payment platform CueSquared. The acquisition adds mobile billing and payment product to existing patient financing offerings, extending AccessOne solution portfolio to address the overall patient financial experience. AccessOne, a leading provider of inclusive Care Now, Pay Later patient financing solutions that help all consumers manage their healthcare costs, today announced that it has acquired CueSquared, a
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Medical Bills Continue to Plague Consumers as Source of Anxiety, Mystery and Frustration
What You Should Know: - More than half (55%) of consumers find it stressful paying a medical bill, understanding their plan's coverage and benefits (53%) or comprehending what they owe (53%), according to results of Cedar’s Annual Healthcare Consumer Experience Study. - 4 in 10 (41%) are unsatisfied with their billing experiences, and nearly 90% of consumers would find it at least "somewhat useful" if their healthcare provider posted pricing information on their website around expected
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Northwell Selects Cedar to Deliver Personalized Financial Experience
What You Should Know: - Northwell Health, the largest health system in New York State, and Cedar, a market-leading healthcare financial technology platform, today announced a collaborative relationship to improve the financial experience for 2 million patients across Northwell’s 23 hospitals and various facilities. - Northwell will leverage Cedar Pay, Cedar’s post-visit patient engagement and payment platform, delivers a more streamlined patient
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TailorMed Raises Additional $5M to Close $25M Round for Patient Financial Navigation Platform
What You Should Know: – TailorMed Medical Ltd., a New York City-based patient financial navigation technology company, today announced it has raised an additional $5M of funding, increasing the overall investment to $25 million. The new strategic investors, American Cancer Society’s impact investment fund, BrightEdge, OSF Healthcare’s corporate investment arm, OSF Ventures, and Citi via their Citi Impact Fund, seek to reduce medical costs through TailorMed’s platform across all treatments and
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How Built-In Financial Services Can Help Healthcare Providers Rebound Post-Pandemic
While their staff grappled with the medical toll of the COVID-19 pandemic, healthcare provider’s financial struggles went largely uncovered. But a 2021 KaufmanHall report revealed that hospital operating margins lag well behind pre-outbreak levels—a gap even the CARES Act assistance couldn’t help bridge. To make matters worse, cash flow has been bogged down in bureaucracy, further highlighting the need for providers to ensure fiscal stability. Yet this recent financial blow is only part of a
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Tegria, Cedar Partner to Humanize the Patient Financial Experience
What You Should Know: - Tegria, a Seattle-based healthcare technology, and services company, and Cedar, a New York City-based healthcare financial technology platform, announced the formation of a strategic partnership. The partnership will bring Cedar's consumer-facing financial engagement platform to Tegria customers and deliver Tegria's robust revenue cycle management expertise to Cedar's extensive client base, enabling a seamless, intuitive, and dependable financial experience for both
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TailorMed Nabs $20M for Patient Financial Navigation Platform, Backed by Providence Ventures
What You Should Know: - TailorMed Medical Ltd., a New York City-based patient financial navigation technology company, today announced a $20 million investment led by Providence Ventures. The round included new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel and Discount Capital with participation from existing investors Accelmed, Sanara Ventures and Triventures. - Founded in 2016, TailorMed is focused on ensuring patients get the care they need in a difficult
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R1 Acquires Patient Financial Engagement Platform VisitPay for $300M
What You Should Know: - Today R1 announced they will acquire patient financial engagement company VisitPay for $300 million in cash, leading the charge in overhauling the patient experience in the area with the most pain points - from surprise billing to price transparency. The acquisition marks R1’s third acquisition in the last year, transitioning the organization from a revenue cycle management services leader to a leading technology company. - VisitPay’s cloud-based platform is used by
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Waystar Launches Price Transparency Solutions to Meet Consumer Demand
What You Should Know: - Waystar, a provider of healthcare payments software, today announced the addition of the Text Statements feature to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency and convenience to the patient financial experience – a long-standing focus for Waystar. - Patients frequently don’t know what they’ll owe weeks, if not months after the point of care, If
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