Let’s say, for the sake of argument, that I have an extreme Diet Coke emergency. (I never have, but that’s beside the point.) At 2 AM on a Wednesday I awake with an unforgiving need to drink Diet Coke. I dress and head out to find the nearest 24-hour convenience store, where I can satisfy my damnable craving by paying a bit more for Diet Coke than I would at a grocery store. I pay slightly more for a few reasons related to the cost of convenience, the lack of more affordable options at 2 AM, the
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price transparency
Health Innovation Think Tank IV: Experts Share Key Takeaways
The Health Innovation Think Tank, a diverse group of healthcare leaders, innovators and policymakers has announced the availability of key takeaways and actionable best practices for healthcare organizations from one of their five recent events. Health Innovation Think Tank Overview Formed in 2017 by Justin Barnes, the Health Innovation Think Tank includes nearly 200 cross-industry thought leaders. The group provides guest discussion catalysts, public policy updates, executive education
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Report: Health Systems Are Struggling to Simplify Patient Billing & RCM Processes
Today’s health systems are prioritizing patient financial experiences, yet many still struggle to simplify patient billing and align it with revenue cycle management (RCM), according to an in-depth study, commissioned by patient payment and engagement platform Cedar and conducted by The Health Management Academy (The Academy). The Cedar and Academy study examined practices at 20 of the top 100 U.S. health systems including qualitative and quantitative analyses of 23 senior executives
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M&A: Experian Acquires Care Coordination Platform MyHealthDirect
Experian has acquired MyHealthDirect, a developer of digital care coordination solutions based in Nashville that optimizes scheduling and care planning for providers, payers and consumers. The move gives Experian’s health business a strategic boost as it continues enabling clients to meet the changing demands of consumers – in particular, demands around removing complexity and increasing transparency in healthcare. Financial details of the acquisition were not disclosed. Growing Importance of
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State of the Patient Financial Experience in 2019: 6 Key Trends to Know
Waystar, a provider of cloud-based revenue cycle technology has released an industry survey examining today’s state of the patient financial experience. In the first half of 2019, Waystar surveyed 1,000 consumers about their last hospital encounter and their experience with the hospital business office. The study, "The Patient Financial Experience: Consumer Attitudes and Behavior," reveals that the biggest barriers to a positive patient financial experience are lack of understanding around
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DrFirst Integrates with Epic’s Real Time Prescription Benefits Prescribing Workflow
DrFirst, a provider of e-prescribing, price transparency, and medication management solutions announced today that it has entered into an integration agreement with leading EHR provider Epic to make DrFirst’s myBenefitCheck (real-time benefit check) service available to clients in Epic’s RTPB (Real-Time Prescription Benefits) prescribing workflow to help doctors and patients understand the cost of the drugs and drive medication adherence.How myBenefitCheck WorksVia myBenefitCheck, prescribers
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How Can Providers Support Meaningful Price Transparency to Address Consumerism in Healthcare?
The word “consumerism” and its derivatives have been tossed around the broader healthcare industry for the greater part of a decade. How we define consumerism and look at consumer behavior in relation to our institutions, systems, and programs seems key to unlocking the door to better outcomes and higher margins. However, in a landscape with more disruption than ever—greater vertical integration, technology, and regulation—we still lack the answer to these fundamental questions: What do patients
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Revenue Leakage: 3 Methods to Revive Your Charge Integrity Program
Many consider a strong charge integrity program the cornerstone and heartbeat of the revenue cycle. Without an effective charge integrity program, health care providers run the risk of revenue leakage. According to the Healthcare Financial Management Association, “one percent of net patient revenue is lost due to charge capture errors,” which can add up to multi-millions of dollars for health care organizations. Most providers have not considered or quantified the potential dollars lost when
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DrFirst Structures a New $17M Commercial Financing Facility with SunTrust
DrFirst, a provider of e-prescribing, price transparency, and medication management solutions, announced today that it has structured a new $17 million commercial financing facility with SunTrust Banks, Inc. The financing extends DrFirst’s strategic relationship with SunTrust Banks, a partnership which initially began in 2015.New Funds Will Support Expansion Initiatives in Pharma and Consumer SectorsAs part of an extending financing deal with SunTrust, DrFirst will work to further expand its
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Healthcare On-Demand, Airbnb Style
If healthcare is becoming “cashified” as I previously discussed, and I am buying healthcare services on my own - I want an experience like Airbnb. The realization came on a flight back from San Diego. We had just met with a potential investor who was incredibly interested in our startup, but who ultimately balked when he learned how long it takes health systems to make purchasing decisions. True enough, but a little oblique of our actual business model... Ah rejection, like a pair of fuzzy
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