Technologies that streamline and modernize payment infrastructures have made a major impact within banking and financial services to shore up back-end operations, digitize analog processes and provide better customer experiences. future
The healthcare industry is primed for this exact transformation, and I expect we’ll see an immense shift in how providers get paid.
Today, it takes more than 30 days on average for a provider to receive payment for their services due to complexities inherent in today’s reimbursement models. This makes it difficult for providers to predict cash flow. The slow and inefficient process of submitting a claim, waiting for the claim to be adjudicated by the payer and potentially facing denials that need intervention, wastes significant time and resources. Along with this lag, uncertainty around exactly how much will be collected from both the payer and patient only adds to the financial and administrative woes providers face.
Healthcare can learn from the payments models of other industries and improve this process by tapping into the assets at their disposal. With massive data sets, technology and smart algorithms, we’ll eventually see a shift to healthcare payments occurring in near real-time—at the point-of-care—creating a more seamless, less confusing experience for patients and faster, more efficient billing processes for providers.