Medical Lockbox
A recent webinar sponsored by Fiserv highlighted reconciliation challenges faced by modern financial institutions as so many consumers adopt digital channels for payments. Fiserv’s 2020 Expectations & Experiences: Consumer Payments survey found that digital payments are indeed on the rise and confidence with virtual payment cards — the Apple Wallet, for instance — is growing.
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Artificial intelligence is already playing a significant role in worldwide healthcare, but Michael Spencer, editor in chief at The Last Futurist, is here to assure you that we haven’t seen anything yet: The complexity and rise of data in healthcare means that artificial intelligence will increasingly be applied within the field. Several types of AI are already being employed by payers and providers of care and life sciences companies. AI is also starting to be used in pharma drug combinations and exploratory combinations and will drive a new era of biotechnology.
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The trading platform Blocktrade recently published their predictions for the coming year in the fintech and payment worlds. “We all know that 2020 was a highly unusual year – the Covid pandemic not only impacted the global economy, it also accelerated ongoing changes and developments in the Fintech and Payment industry.”
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We have seen the banking and payments industries recover from the challenges of the COVID-19 Pandemic with a resurgence of checks and sustained volumes of other payments. With this recovery, banks and financial institutions can now refocus on automation and fraud prevention projects which have been delayed while the economy recovers.
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To say 2020 will long be remembered as a challenging year for the healthcare industry is almost comical in its understatement. The strain put on all levels of the system, from front-line care all the way through collection and revenue cycle, has been incredible. Then comes this news out of Virginia via Healthcare Finance News: Newport News, Virginia-based Riverside Health System is coming out of 2020 able to say that it had one of its most improved collection, performance and revenue cycle years to date.
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The COVID-19 pandemic has altered the ways healthcare organizations — in particular healthcare RCM — operate, as many businesses shut down office locations and move to remote environments to ensure employee safety and to slow the spread of the virus. While this has altered the way RCM operates from a physical location standpoint, the pandemic has also had an interesting effect when it comes to technology.
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PatientEngagementHIT.com examines the growth of patients consumerism and its impact on the healthcare industry. “Consumerism in healthcare regularly tops the list of C-suite priorities, with most organizations knowing they need to adapt to new patient behaviors to survive in a competitive industry. Health IT developers, healthcare payers, and policymakers alike are also working to acclimate to a world where the patient is also the medical consumer.”
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With healthcare organizations seeing lower volumes of patients for routine and elective procedures, the industry is having to withstand massive losses. While healthcare revenue for each organization depends on many factors, the American Hospital Association (AHA) reports that hospital operating margins are still down 28% year-to-date compared to 2019.
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As we noted in our Check & Fraud recap earlier this week, the ORBOIMPACT VIRTUAL CONFERENCE, our two-day online event — which covered Healthcare Payments on Thursday, October 29, and Banking & Payments on Friday, October 30 — was a huge success! Industry speakers coupled with OrboGraph experts focused on AI innovation and payment strategy helped drive strong attendance, while innovative polling encouraged attendee participation and interaction.
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The healthcare market anticipated some turbulent times, speculating about what uncertain future was in store while the Coronavirus was “spinning up.” For example, John Talaga, executive vice president and general manager, healthcare at Flywire, predicted that at least some of Flywire’s healthcare clients might face a 30 percent revenue shortfall this year. In a story at pymts.com, Mr Talaga was happy to admit he was a bit too pessimistic.
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