Category: Price Transparency

  • Help patients reduce medical debt with easy patient payments

    Experian is one of three credit bureaus to remove cleared medical debt from consumer credit scores, as of July 1, 2022. Previously, debts that were sent to collections would remain on patients’ credit scores for up to seven years after they’d been paid, making it harder to secure credit cards, loans and housing. Patients will […]

  • Digital Pharmacies 2022: Disruptors or Just Another Delivery Channel?

    New Insider Intelligence report highlights the current state of digital pharmacies in 2022 along with the challenges and digital opportunities for online pharmacies to appeal to consumers. With cost and convenience at the forefront of consumer spending decisions and US prescription drug spending continuing to rise through 2026 to an estimated $730.50 billion, winners will offer […]

  • Why a digital front door is the next big step for healthcare

    Consumer-centric digital technology struggled to disrupt healthcare as it had in other sectors – until the pandemic made it non-negotiable. Now, healthcare providers must double down on their commitment to digital patient access or risk losing patients to competitors. In a recent interview with PYMNTS CEO Karen Webster, Experian Health’s President Tom Cox reflected on […]

  • 3 investments to help tackle price transparency rules

    Patients hit with a double whammy of rising costs and soaring inflation need to know where they stand when it comes to medical bills. Financially stretched patients often prioritize other household bills over healthcare payments, but delays can quickly spiral toward debt. When patients know their bills in advance, they’re better positioned to avoid medical […]

  • Maximize collections with Patient Financial Clearance

    New research from Deloitte reports that healthcare costs for the average American could jump from $1000 to $3000 per year by 2040, putting pressure on households that are already feeling financially squeezed. Concerns about healthcare bills could push patients to delay or even default on payments. With inflation on the rise, providers must find ways […]

  • Komodo Health, Turquoise Health Partner to Better Understand Price Transparency

    What You Should Know: – Today, Komodo Health and Turquoise Health announce a partnership to bring data-driven intelligence to healthcare price transparency across the U.S. – Building on Komodo technology, Turquoise Health is strengthening the power of its platform with intelligence from the Komodo Healthcare Map. The partnership will equip Turquoise Health with information and insights […]

  • Flawed design is why hospitals are not complying with price transparency rules

    Experts believe CMS’ price transparency rule is flawed in its design because the highly complex billing data it is asking hospitals to post is too confusing for consumers to understand. The complicated structure of the healthcare system — from care variance to deductibles to billing codes — means that producing an accurate price estimate is […]

  • Turquoise Health Integrates Price Transparency Data with Ribbon Health

    What You Should Know: – Ribbon Health, an API data platform for the healthcare industry that powers care decisions, and Turquoise Health, a provider of structured data on the cost of care to make pricing data both transparent and accessible to patients, announced an integration partnership. – By integrating Turquoise Health’s price transparency data into […]

  • Sesame Raises $27M to Expand Its National Healthcare Marketplace

    What You Should Know: Sesame, the only company proven to lower the price of medical care for American consumers raises $27M in Series B financing to expand its national marketplace of high-quality, ultra-affordable medical care for all Americans, whether they are insured or not.  – The round was led by GV (formerly Google Ventures) with […]

  • Using digital patient payment solutions to expedite healthcare collections

    According to Jason Considine, Chief Commercial Officer at Experian Health, mounting financial pressure on consumers could lead to more patients missing healthcare payments. “Federal aid packages are being unwound, the country’s opening back up so people are spending money on things they weren’t spending money on before, and to compound that problem, we have inflation […]

  • Turquoise Health Raises $20M for Healthcare Pricing Platform, Launches Direct Contracting Platform

    What You Should Know: – Turquoise Health, an end-to-end healthcare pricing platform, today announced a $20M Series A investment led by existing investor Andreessen Horowitz (a16z), with participation from Bessemer, Box Group, and new investor Tiger Global. – Turquoise Health will use the funding to continue making transparent pricing ubiquitous for all healthcare stakeholders: payers, […]

  • 4 digital enhancements to improve patient access

    When it comes to patient access, friction can lead to bad patient experiences. If patients can’t see a quick way to schedule a medical appointment when they visit their provider’s website, they’ll click away. If registration involves sitting in a waiting room with piles of paperwork, they’ll be reluctant to attend. If patients are confused […]

  • How providers can achieve and improve healthcare price transparency

    Recent data suggest that implementing transparent pricing has been a bumpy ride for some healthcare organizations. The federal hospital price transparency rule, which took effect in January 2021, requires hospitals to provide “clear, accessible pricing information” to make it easier for healthcare consumers to compare prices before going to the hospital. But a recent survey […]

  • New report: easing frictions in the digital patient journey

    Healthcare’s digital transformation promises patients ever-growing choices in how to access, experience and pay for care. Providers know that opening their digital front door is the key to attracting and retaining loyal consumers. However, deciding on the exact technologies and services to offer can be challenging. A good place to start is to follow the […]

  • Why patient experience matters to your revenue cycle

    Patient experience may not be the first consideration that comes to mind when you’re looking to improve revenue cycle management (RCM). However, a positive patient experience can benefit RCM. It can make the complicated process of understanding and managing healthcare finances simpler and more seamless for patients—and facilitate an easy-to-navigate continuum of care that includes […]

  • How will rising inflation affect the healthcare revenue cycle?

    Inflation is giving the cost of healthcare a run for its money. The Consumer Price Index rose by 7.9% year-over-year in February 2022, compared to a rise of just 2.4% in the Health Care Price Index. However, slower price increases do not necessarily mean healthcare will get an easier ride than other businesses. Healthcare contracts […]

  • Patient-centered payments are the key to faster collections

    Healthcare isn’t known for its consumer-friendly payment processes and trails behind other service sectors when it comes to matching consumer preferences for convenience, choice and control. Is healthcare about to change and adjust to patient-centered payments? Healthcare still gets the most votes as the industry that makes payments the hardest, but it’s certainly evolving. In […]

  • 6 strategies on how to increase outpatient revenue

    Clinical advances, consumer demand and payer pressure are driving growth in outpatient care, which continues to attract attention as a lower-risk, lower-cost revenue stream for healthcare providers. New technologies allow for less invasive procedures and quicker recovery times, so patients can avoid lengthy hospital stays – and the higher out-of-pocket costs that come with them. […]

  • No Surprises Act: Good Faith Estimate FAQ with an expert

    The No Surprises Act, effective Jan. 1, 2022, requires that healthcare providers include a “Good Faith Estimate” that covers all relevant codes and charges. This was established to increase price transparency for patients. For a summary of the No Surprises Act, read our previous blog. In our recent webinar, hosted on December 15, 2021, industry […]

  • Better estimates, faster payments: using automation for a better patient financial experience

    The final blog of our post-COVID-19 patient journey series explores how patients have come to expect convenience, flexibility and transparency when paying for healthcare. How can providers ensure the real-life patient payment experience delivers? Read the full white paper here. Despite creating a more transparent approach to healthcare pricing, medical bills remain a major concern […]

  • No Surprises Act Compliance: Expert Answers to your FAQ

    There are a number of topics that draw a full house for a webinar, but the recent “Unpacking the No Surprises Act” presentation produced by Experian Health was exceptional in its attendance. Participants listened intently to the general parameters and compliance criteria that make up the regulation and what it is intended to accomplish. More […]

  • Healthcare payment predictions for 2022

    Being able to settle bills anytime, anywhere, is one of the reasons why 110 million Americans switched to “digital-first” payment methods last year. Today’s consumers can pay household bills with their mobile devices while cooking dinner or waiting in the school pick-up line. They can pay for their morning coffee by tapping their phone at […]

  • Q+A: healthcare price transparency in 2022

    As payers and providers count down the days until the implementation of the No Surprises Act in January 2022, healthcare price transparency and billing remain trending topics in the healthcare world. The Act is the latest in a series of federal and state commitments to help healthcare consumers feel more prepared and informed about their […]

  • The Post-COVID-19 Patient Journey: What’s next for healthcare?

    COVID-19 transformed the patient journey, and it’s clear when we evaluate every step. Data and technology gave patients the convenience, flexibility, and control to get care on their terms, and these changes will be here to stay. From marketing to scheduling to payments and more – providers and payers have ample opportunities to respond to […]

  • No Surprises Act Summary: What providers need to know

    Rising medical debt, now a staggering $140 billion, is the largest source of debt for American families. A large portion of this is a direct result of surprise billing, with a third of insured adults saying they’ve received an unexpected bill in the previous two years. What’s no surprise, then, is that two-thirds of US […]

  • No Surprises Act Summary: What your organization needs to know

    Rising medical debt, now a staggering $140 billion, is the largest source of debt for American families. A large portion of this is a direct result of surprise billing, with a third of insured adults saying they’ve received an unexpected bill in the previous two years. What’s no surprise, then, is that two-thirds of US […]

  • Zelis Acquires Healthcare Transparency Leader Sapphire Digital

    What You Should Know: – Bain-backed digital health payments company, Zelis today announced the acquisition of Sapphire Digital, a healthcare consumer-centered pricing and navigation software company serving more than 100M members. Financial details of the acquisition were not disclosed. – Sapphire’s platform offers tools for provider search and selection, quality ratings and reviews, pricing data, […]

  • 4 ways to strengthen digital patient access

    In November 2020, Experian Health conducted a survey to capture consumer and provider attitudes regarding patient access. At the height of the pandemic, patients welcomed telehealth services and maintained their distance from hospital waiting rooms. Providers scrambled to implement and provide digital services that would help them maintain quality care for their patients. In June […]

  • How COVID-19 changed the patient journey: A call for digital transformation

    COVID-19 changed every aspect of the patient journey – placing unprecedented demands on the healthcare system and accelerating the need for digital transformation industry-wide. Telehealth, touchless engagement, and self-service scheduling became the new normal; however, this created new stress on operations, administration, and finance. While this new normal comes with many challenges, data and digital […]

  • The State of Patient Access 2.0: 4 opportunities to strengthen the digital experience

    “93% of providers say creating a better patient experience remains a top priority, up 3% from last year.” – Experian Health’s State of Patient Access, June 2021 Download now In November 2020, we surveyed patients and providers for their sentiments on how patient access changed because of the pandemic. During this time, patients welcomed the […]

  • Hospital price transparency is clear as mud

    It’s going to take collaboration between health plans and hospitals – to go above and beyond what’s mandated by the government – in order to transform a muddy mess into something clear.

  • Biden’s latest executive order aims to boost healthcare competition

    President Joe Biden has signed a new executive order to tackle anti-competitive behavior across American industries. With regard to healthcare, Biden is directing federal agencies to revise guidelines for hospital mergers, enable people to comparison shop health plans on the ACA marketplaces and work with states to import drugs from Canada.

  • Healthcare Transparency: Pandemic cool down turns up regulatory heat

    The pandemic dominated healthcare in 2020, but it won’t be recognized as a reason to delay complying with CMS’ price transparency mandate, which went into effect on Jan. 1, 2021. In a recent study conducted by HealthAffairs indicated 65 of the 100 largest hospitals in America had not complied as of February 2021. And new […]

  • Beyond the pandemic: digital patient intake is here to stay

    Will handshakes become a thing of the past? Will face masks become a regular feature of flu season? Will home-working remain popular, even after workplaces re-open? COVID-19 forced some abrupt behavior changes that challenged existing cultural norms, but as the pandemic subsides, how many of these adaptations will survive? For healthcare executives, the return to […]

  • CMS’ price transparency rule offers providers, payers a win, too

    Patients are not the only ones who will benefit from the price transparency rule — providers and payers can also gain competitive advantages as a result of the regulation. These include being able to deepen relationships with patients and support payment contract negotiations.

  • Smart Healthcare Platforms Shine a Light On Price Transparency

    By MATTHEW DALE Did you know that as of January 2021, price transparency is being mandated for hospitals? But what exactly does that mean for company healthcare plans, third-party administrators, healthcare sharing organizations, employers, and employees?  It means U.S. hospitals are now required to provide clear, accessible pricing information online about the items and services […]

  • Boost Operational, Clinical and Financial Performance with Good Data

    Peter Nelson, VP & General Manager, Global Alliances at GHX There’s an old adage that every challenge is merely an opportunity in disguise. COVID-19 highlighted the healthcare industry’s ongoing challenge with producing clean, standardized data. As the industry looks to rebound from the severe financial impact of the pandemic, there’s a renewed urgency among hospitals […]

  • Patients aren’t great price shoppers

    That is the finding from a recent Health Affairs article by Desai et al. (2021). We launched a large online advertising campaign to increase consumers’ awareness about insurer-specific negotiated price information available on New Hampshire’s public price transparency website. Our campaign led to a more than 600 percent increase in visits to the website. However, in […]

  • Provider perspectives on the state of patient access

    Providers know they need to improve their digital front door to withstand the financial impact of COVID-19, but change can feel risky, especially with so much uncertainty. Experian Health’s recent patient access survey offers a glimpse of what patients hope the digital front door will look like in 2021 and beyond. But what do providers […]

  • Waystar Launches Price Transparency Solutions to Meet Consumer Demand

    What You Should Know:  – Waystar, a provider of healthcare payments software, today announced the addition of the Text Statements feature to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency and convenience to the patient financial experience – a long-standing […]

  • Patient perspectives on the state of patient access

    How has the pandemic affected consumer attitudes around patient access? What do consumers want when it comes to accessing care? These are the questions providers must answer if they are to survive the pandemic and lay the groundwork for future financial success. Experian Health’s recent patient access survey offers a glimpse of what patients hope […]

  • A New System to Fit A New Economy: How Healthcare Can Recover From COVID-19

    Paula Muto, MD, FACSFounder and CEO, UBERDOC, Inc. We are at a watershed moment. The COVID-19 pandemic has forced us to reevaluate our priorities both economically and with regard to public health. Living with a healthcare system that was created in response to an emergency measure during World War II, US consumers have struggled for […]

  • The future of patient access: digital front door

    Experian Health products referenced in this blog post: Patient Engagement Solutions Patient Scheduling Precise ID Patient Payment Estimates Patient Payment Solutions To access more insights and trends, download the entire white paper:  The State of Patient Access: 2021 How has the pandemic affected consumer attitudes toward patient access? What kind of digital experience do consumers […]

  • 30 Executives Share Top Healthcare Predictions & Trends to Watch in 2021

    As we close out the year, we asked several healthcare executives to share their predictions and trends for 2021. Kimberly Powell, Vice President & General Manager, NVIDIA Healthcare Federated Learning: The clinical community will increase their use of federated learning approaches to build robust AI models across various institutions, geographies, patient demographics, and medical scanners. The sensitivity and […]

  • 2021 Patient Experience Predictions

    As 2020 draws to a close and headlines hint that the end might finally be in sight for the pandemic, the healthcare industry is considering COVID-19’s legacy. The sudden shift to contactless care, financial consequences of widespread social distancing measures and changing expectations of the patient experience have upended the world of healthcare and health […]

  • How to improve collections and patient satisfaction with contactless payments

    How did Starbucks lose $1.2 billion in sales during the pandemic, but still exceed revenue expectations in the last quarter? The answer lies in contactless mobile payments. By making it possible for coffee lovers to pre-order and pay for their morning cappuccino through a mobile app, the company was able to offer a safe and […]

  • Success at a glance: patient-centric collections

    With high-deductible health plans, larger out of pocket costs, and confusion about medical costs in general, it’s no surprise that patients today face increased financial responsibility. Unfortunately, the current pandemic has introduced an entirely new level of financial responsibility and uncertainty for both patients and providers. Like many provider organizations across the country, Yale New […]

  • Patient acquisition and retention strategies to implement post COVID-19

    A consumer-first healthcare revolution has been simmering for years. Despite efforts to create more human-friendly services, the industry still lags behind other consumer-centric sectors. Patients want healthcare to be simple, convenient and on-demand, but a persistent lack of coordination, accessibility and affordability leaves many struggling to navigate the healthcare landscape with ease. Is this about […]

  • Seniors navigating healthcare technology in a post-COVID world

    Products referenced in this article: Social Determinants of Health Patient Schedule Member Match Coverage Discovery Patient Financial Advisor Patient Payment Solutions With just a few clicks, patients can book appointments, speak to their doctor, access billing information and pay for care, all without leaving their homes. Online health services have been a lifesaver for many […]

  • Is COVID-19 another catalyst for price transparency?

    Few of us would buy a new car or TV without checking the price tag first. Why should our healthcare be any different? Yet this is exactly what many patients are forced to do when they need medical tests or treatment. Following the breadcrumbs on a provider’s website is a time-consuming and confusing way for […]

  • Three ways hospitals can support price transparency

    The regulatory requirements for price transparency are in full effect. The Centers for Medicare and Medicaid Services (CMS) is moving forward with the OPPS Price Transparency Final Rule (CMS-1717-F2), which states that hospitals must provide transparency that will help consumers understand medical costs and make informed decisions. At this point, it is recommended that hospitals […]

  • Improving patient intake during COVID-19 starts with patient experience upgrades

    Despite the majority of elective procedures being up and running again, patients are still keeping their distance. Nearly half of Americans say they or a family member have delayed care since the beginning of the pandemic, while visits to the emergency room and calls to 911 have dropped significantly. Patients are avoiding care, but it’s […]

  • Designing A Digital Experience to Drive Revenue and Patient Engagement

    Bill Krause, VP and GM, Digital Experience and Consumer Engagement at Change Healthcare With the rise of healthcare consumerism, people are looking to hospitals, health systems, and physician practices to deliver the same user-friendly, digital experiences they receive from other industries. A recent survey found that more than 80% of consumers surveyed believe “shopping for […]

  • Success at a glance: price transparency

    With so many complexities surrounding deductibles, premiums, copays and more, consumers sometimes struggle to understand the financial components of their health plans and are often unaware of the out of pocket for their healthcare needs. Recognizing that confusion about healthcare costs can make it difficult for consumers to ask the right questions, define priorities and […]

  • 4 Ways to Make Patient Collections More Compassionate

    Medical expenses are often a source of anxiety for many patients, whether they are unsure about the amount owed or how they’ll ultimately pay for it. Unfortunately, intimidating collections processes don’t help, and a crisis like COVID-19 only exacerbates this stress. A more compassionate billing approach could help patients better navigate their financial obligations and […]