Hacker Noon March 21, 2021
Collecting healthcare payments and going to the doctor during COVID-19 has become increasingly complex and disconnected. When it comes to healthcare, most Americans want price estimates upfront, but only half of these estimates are accurate. As high deductible health plans are growing in popularity, patients often experience higher out-of-pocket costs, confusion about payment responsibility, and an increase in unexpected medical bills.
Wasted spending in healthcare is a large problem, and 25% of wasted spending is related to time and money spent on collecting processing, posting, and recording payments. Payments are collected from insurance payers, consumers, and a mix of both, but all are processed at a different time in the payment cycle, contributing to money loss. Denied claims raise costs;...
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