If you’ve ever worked behind the scenes at a provider organization, you likely gained a deep understanding of what makes medical practices tick, giving you the ability to make fairly accurate assumptions about how patients will probably behave in different scenarios. However, when it comes to the patient payment experience, inevitably some patients respond differently than expected. Seasoned healthcare workers have likely experienced a number of common misconceptions about patients’
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Patient Financial Experience | News, Analysis, Insights
Consumers Cite Healthcare Affordability as Biggest Concern to Paying Medical Bills
What You Should Know: Rising healthcare expenses, lack of certainty over costs and financial support and poor coordination between providers and payers have caused consumers to feel more stressed than ever before about their healthcare bills. According to the 2024 Healthcare Financial Experience Study, 72% of consumers cite affordability as the biggest challenge to paying larger healthcare bills—not that they don’t want to. Struggling to afford healthcare bills isn’t just a headache, it can
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Financial Experience: Empowering Patients to Improve Affordability
It’s no secret that healthcare costs have continued to rise over the years. In fact, a staggering four in 10 Americans have skipped medical care due to financial concerns. The rise of high-deductible health plans means more financial responsibility has fallen directly on patients, as out-of-pocket costs have skyrocketed by 111% since 2010 and are projected to increase by 10% each year through 2026. But there’s good news. According to our own research and data, there is roughly $58
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RCM: Cedar, Google Cloud Partner to Gen AI Tools to Improve Healthcare Billing for Patients
What You Should Know: Cedar, an enterprise financial engagement platform that improves the end-to-end journey for consumers announced a strategic collaboration with Google Cloud. As part of the collaboration, Cedar will be using Google Cloud’s generative AI tools, including Vertex AI, Generative AI App Builder and others to build solutions that will assist patients in understanding and resolving their healthcare bills. Generative AI Tools to Improve Patient Financial
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With A Recession Looming, Here’s How Practices Can Ensure Minimal Revenue Loss
Healthcare systems driven by insurers fronting most of their members’ healthcare bills have allowed hospitals to be relatively immune to economic downturns in the past. However, this dynamic began to shift as consumer-directed health plans hit the mainstream. Exaggerated by the rise of the current consumer mentality, even more, patients will be vulnerable to healthcare financial responsibility due to the prevalence of high deductible plans (HDHPs) as consumers embark on the looming bust. To
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Epic, Impact Advisors, Nordic, Chartis Named 2023 Overall Best in KLAS® Awards
What You Should Know: Epic, Nordic, Impact Advisors and The Chartis Group won the 2023 Overall Best in KLAS® awards. Epic was named the top Overall Software Suite for the thirteenth straight year in 2023 Best in KLAS – Software & Services report, released, which reports on the top vendors for 2022. Epic was also named the top Overall Physician Practice Vendor. Epic won thirteen other Best in KLAS awards in various market segments. - Impact Advisors tied with Nordic to be a
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Patient Financial Experience: 40% of Americans Confused by Medical Bills
What You Should Know: - AKASA™, a developer of AI for healthcare operations, released findings from a new survey conducted on its behalf by YouGov. - The survey findings highlight uncertainty looms among patients about what is included in a bill and if they can pay - two factors that drive the most confusion on medical bills. However, there are strategies healthcare organizations can take to be proactive and prevent billing surprises from trickling down to patients. Understanding
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How Fines Push Hospitals To Go Beyond CMS Price Transparency Rules
The gamble is over for hospitals that avoided complying with CMS price transparency mandates. After a slow start since they were implemented more than 18 months ago, CMS has issued 350 warnings for noncompliance, 157 corrective action requests, and finally issued fines to two Georgia hospitals in June. It seems many more will be on the way. The fines are significant. The first two hospitals faced fines of roughly $880,000 and $214,000. Noncompliant hospitals with 550 beds or
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Healthcare Payments: 3 Ways to Make the Experience Better for Patients and Providers Alike
The past few years have seen an enormous acceleration in the adoption of technologies that streamline and modernize payments across all industries. As embedded finance becomes more popular and companies begin to embrace automation technologies, there’s a clear opportunity for healthcare providers to embrace digital payments. Through the use of digital payment technology, healthcare professionals can make their services easier for their vendors, suppliers and patients. Simplifying the Patient
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Modernizing Medical Payments: Why Providers Must Enrich the Patient Financial Experience
Medical billing issues cause many consumers to shop for different providers. Customers expect a simple, automated billing experience. Insider Intelligence’s recent Spotlight on Modernizing Medical Payments looks at what drives consumers away from their medical providers, and what providers can do to modernize their billing processes. Incorrect or Confusing Bill Cause Patients to Leave Their Doctors According to a December 2021 report on Patient Payment Technology, 64% of respondents
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