OrboNation Newsletter: Healthcare Payments Edition – August 2021
Industry News: 3M Taps Waystar for Revenue Cycle Automation
Healthcare Finance reports that 3M's healthcare division is partnering with Waystar to implement AI automated revenue capture in its over 6,000 health systems and hospitals in the US.
According to the article, 3M will leverage Waystar's predictive analytics and machine learning algorithms to analyze historical data, identifying patterns to pinpoint possible missing charges as well as underpayments and overpayments. It will automatically...
With $140B In Medical Debt, Doctors Saying “I’ll Bill You” Doesn’t Cut It Anymore
Rectangle Health CEO Dominick Colabella spoke with PYMNTS CEO Karen Webster about healthcare's "$140 billion unpaid bills problem." The problem, to be specific, is unexpected bills and the ability of patients -- now responsible for so much more out-of-pocket...
5 Innovative COVID-19 Era Healthcare Technologies That Will Outlive the Pandemics
Some of the adjustments we've made in the era of COVID-19 have become familiar. It's hard to imagine at this point, for instance, that there was a time when we didn't know what a ZOOM call was. In fact, it's now a fairly ubiquitous executive conceit to "prep" the...
No Surprises Act: Compressed Timeframes Disrupts Billing Companies
We've reported recently on the No Surprises Act and the necessity for taking steps to prepare for the resultant advanced EOBs. This is advice that nears repeating, as the deadline for implementation approaches. The Kaiser Family Foundation has a comprehensive overview..
Four Ways Blockchain Technology Can Reform Financial Management in Healthcare Companies
Sheetal Nariani is an expert on blockchain technology who has worked for over a decade in the financial management sector within the healthcare and pharmaceutical industry, including pharmaceutical giants like Cipla and Novartis, and has advised multiple renowned...
Advanced EOBs: Don’t Wait to Start Preparing
Last week on the OrboNation Healthcare Payment blog, we touched upon the topic of Advanced EOBs -- an initiative from The No Surprises Act, which goes into effect January 1, 2022. But, what is an Advanced EOB? According to the JDSupra site in collaboration with Holland...
Solving the Remaining 43% Paper Remittance Advice Problem: Hybrid Electronification
The COVID-19 pandemic has acted as the "catalyst" that has spurred healthcare digital transformation. With many non-essential workers being moved to remote environments -- possibly permanently -- healthcare providers and revenue cycle companies turned to technology...