Staffing shortages, cost of care delivery and reimbursement changes have put more pressure on healthcare practices to do more with less. Recent technology advancements have come to the rescue and enabled healthcare organizations to simplify processes, improve communication efforts and ultimately support staff and patients alike. Patient payment tools are an example of a technology solution that has been around for years but has not been widely adopted. However, as technology has
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patient payment
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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Is Telehealth Healthcare’s Biggest Cyber Threat?
It’s time to get used to seeing your doctor from a digital screen, as virtual care is projected to expand well into the future. And while telehealth technology has proven to be highly beneficial in supporting the shift to virtual healthcare, it has also introduced a host of new vulnerabilities and opportunities for security breaches. Cybercriminals have always preyed on the healthcare industry, but with this virtual transition, the substantial increase in connectivity and network exposure has
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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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Q1 2021 Health IT/Digital Health PC/VE, M&A, IPOs/ SPACs Activity
The first quarter of 2021 has been one of investor optimism as the vaccine rollout continues ahead of expectations and economic activity begins to accelerate in response. Within the Health IT industry, the already strong investment and M&A trends seen in 2020 have only accelerated. Over the course of the quarter, we observed $7 billion in private equity and venture capital investment across 158 companies. By comparison, Q1 of 2020 saw $3.2 billion and 127 investments. Health IT
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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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Patientco’s IVR Integration Joins Epic App Orchard, Selected by Baptist Memorial Health Care
Patientco, a next-generation patient payment technology company, today announced that its Interactive Voice Response (IVR) integration is now available in the Epic App Orchard marketplace and has been selected by Memphis, Tenn.-based Baptist Memorial Health Care. As providers have cited a surge in patient calls resulting from COVID-19 and billing concerns, Baptist Memorial wanted to lift the burden from its revenue cycle management (RCM) team while also improving patient service and the
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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
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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
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BJC HealthCare Taps Patientco to Provide Seamless Patient Payment Experience
What You Should Know: - BJC HealthCare has signed an agreement with patient payment platform Patientco to offer a seamless patient financial experience, helping patients navigate their medical expenses and pay their bills. - Patientco’s platform provides patients with a single billing statement outlining their outstanding balance and will help BJC streamline its payment process by reducing the number of bills associated
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