Cedar’s post-visit billing solution aims to make it easier for patients to understand and pay their bills using a buy-now, pay-later billing approach, said Cedar CEO Dr. Florian Otto. The software includes a chat function that helps patients understand payment options and allows them to pay using a credit card, health savings account card, Apple Pay and other payment types.
The company’s pre-service offering promises to simplify the billing process for patients by telling them ahead of time whether their providers are in-network and how much they will owe out of pocket, providing them with an explanation of benefits and allowing them to fill out any necessary forms in advance, Otto said.
Cedar’s customers experience better patient satisfaction and financial performance, Otto said. The company claims around 90% of patients are satisfied with the billing process when providers use their solutions. Health systems also collect about 30% more money from patients and cut their accounts receivable days in half, Otto said.
Some providers have teamed up with technology companies to make it even simpler for patients to pay their bills. For instance, Carilion Clinic allows patients to pay by text message without logging into an app or a website, said Brett Tracy, vice president of revenue cycle for the Roanoke, Virginia-based not-for-profit health system.
The health benefits of financial well-being
Making it easier for patients to manage their out-of-pocket expenses isn’t just good for the bottom line. It can also be good for patients’ health.
A recent survey by TransUnion Healthcare found 35% of Americans with unpaid medical bills didn’t get healthcare services in the past year because they were concerned about their debt. A survey from fintech company Patientco found similar results earlier this year.
The COVID-19 pandemic and subsequent economic downturn worsened the situation, leading to a 55% increase in financial assistance transactions between September 2020 and September 2021, according to TransUnion Healthcare.
Atrium Health Wake Forest Baptist, an academic medical center in Winston-Salem, North Carolina, recently partnered with AccessOne to give its patients access to more flexible payment plans.
The automated process allows patients to enroll in payment plans with zero or low interest and longer repayment periods. It allows the health system to offer different payment options based on patients’ finances rather than having one plan for everyone, Cunningham said. “We don’t ever want to become a financial burden to anyone,” he said. “We want to ensure that the relationship between the patient and the provider is not harmed due to things that really have nothing to do with the care.”
Credit: Source link
