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
Read More
Patient Financial Experience | News, Analysis, Insights
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
Read More
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
Read More
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
Read More
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
Read More
Vytalize Health to Acquire Patient Financial Experience Platform MedPilot
What You Should Know: - Vytalize Health to acquire patient financial experience platform MedPilot to accelerate data-driven engagement technology to its ACO's Medicare population. - An alumnus of the Cedars-Sinai Accelerator, MedPilot’s platform has already helped over 1 million patients to date and boasts a 97% patient satisfaction score. Vytalize Health, a leading provider of value-based healthcare announced it is acquiring MedPilot, a Cleveland-based patient financial
Read More
Epic, Galen Healthcare, Chartis Group Named 2020 Overall Best in KLAS Awards
What You Should Know: - Epic was named the top Overall Software Suite for the eleventh consecutive year in the Best in KLAS 2021 Software & Services report, released today, which reports on the top vendors for 2020. Epic was also named the top Overall Physician Practice Vendor. Galen Healthcare Solutions was named the top Overall IT Services Firm. The Chartis Group earned the award of top Overall Healthcare Management Consulting Firm, edging out last year’s winner,
Read More
Cedar Joins Epic App Orchard to Enable Patient-First Billing Experience in MyChart
What You Should Know: - Patient financial engagement platform Cedar announced the
availability of its patient billing solution, Cedar Pay in the Epic App Orchard
marketplace. - Cedar engages patients through a frictionless billing
experience that is embedded in MyChart using single sign-on. By tailoring
in-app messaging and balance resolution workflows. Cedar, a leading
patient financial engagement platform, today announced that Cedar Pay, its
flagship patient billing solution, is
Read More
Patient Payment Strategies to Accelerate Cash Flow Amid COVID-19
In the past few months, the COVID-19 pandemic has shaken societies, economies, and human wellbeing to the core. While protecting public health and welfare are top priorities for hospitals, the harsh reality is that it takes cash to keep the doors open and serve patients effectively. Revenue is down significantly as a result of canceled elective surgeries, while the costs of medical supplies and in-demand personal protective equipment for workers have skyrocketed. Hospitals’ operating challenges
Read More
DrChrono, ClearGage Integrate Patient Estimator and Finance Tools
What You Should Know: - DrChrono announces that ClearGage has integrated its
patient estimator and financing tools into DrChrono‘s Practice Management
platform. - The ClearGage app offering gives practices the ability
to provide patient estimates directly within appointments. DrChrono Inc., the
company developing the essential platform and services for modern medical
practices, announced today that ClearGage has integrated
its patient estimator and financing
Read More
