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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Patient Financial Experience | News, Analysis, Insights
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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Survey Reveals 44% of Consumers Avoided Healthcare Due to Cost
What You Should Know: New price transparency government mandates are on the horizon, but how much does cost really impact consumers? HealthSparq published its Annual Consumer Sentiment Benchmark report, which found that 44% of respondents have avoided getting healthcare services because they were unsure of the costs (compared to 25% last year). The survey of 1,000+ healthcare consumers unveils their opinions on price transparency in
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Nearly 60% of Hospitals and Health Systems Have More Than 100 Job Vacancies
What You Should Know: - More than 57 percent of health systems and hospitals have more than 100 open roles to fill across their operations, according to new AKASA survey where more than 400 healthcare finance leaders identified vacancies across their healthcare organizations and the revenue cycle. - The findings reveal how insufficient staffing is hampering daily operations and pushing a strained workforce to the limit. Combating Vacancies with AI-Powered Automation Additionally, one
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Cerner & AKASA Partner on AI-Powered Revenue Cycle Automation
What You Should Know: - Health IT leader Cerner and AI developer for healthcare operations AKASA announce a partnership to scale automation within the revenue cycle at hospitals and health systems using AI and machine learning. - The collaboration offers Cerner customers access to AKASA’s AI-based Unified Automation® platform which is purpose-built for healthcare. Growing Need for Revenue Cycle Automation Staff shortages are particularly concerning for healthcare revenue cycle
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RevSpring Expands Integrations with Cerner
What You Should Know: - RevSpring expands patient engagement and payment solution integrations with Cerner, broadening RevSpring’s platform of omnichannel and payment solutions to boost payment performance and patient satisfaction. - Now more than 1,500 Cerner customers can access several of RevSpring’s solutions without friction – including customers such as Ohio-based Fisher-Titus, a leading rural hospital, that signed an agreement to implement two RevSpring products to coordinate all
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Cedar Launches Cedar Pre to Transform Patient Financial Experience
What You Should Know: - Cedar launches Cedar Pre to deliver seamless and comprehensive healthcare experiences to consumers preparing for care. - By leveraging Cedar’s expanded patient engagement suite, providers can empower patients with unprecedented access and affordability from pre-registration and intake through final payment. Cedar, a New York City-based healthcare financial technology platform built for today’s consumers, today announced the launch of Cedar Pre, an
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What Are Digital Wallets and What Do They Mean for Healthcare?
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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