Patient financial and payment expectations are changing quickly. It's time hospital and health systems adapt with text messaging payments.Learn More
There is no application to download, no portal to log into, and no paper statement to reference; patients simply and securely receive text statements and make payments through a 1-Touch Payment button. The branded logo signifies the bill is coming from the patient’s healthcare provider, not a third-party company. Additionally, contact information within the CueSquared payment screen leverages existing call center infrastructure instead of replacing it.
Say goodbye to AR buckets of 30, 60, or 90 days. Because of the intuitive payment experience, revenue cycle teams collect approximately 80% of dollars within 14 days of the first text message, with day one payments accounting for 30% of dollars on average. Patients will quickly pay outstanding balances that are small copays, large bills, and even aging balances of 120 days+ that would typically go to collections from the moment they receive their first text message. All of this can be measured and tracked in our actionable payment dashboard.
By automating this first touch patient payment channel and reconciling outstanding balances within days, both printed paper statements and call center volume decreases. Additionally, patients with questions on their bills can easily contact the call center to settle bills with a live person or update their insurance information to properly adjudicate claims.
Today’s healthcare providers are seeing significant changes taking place across the healthcare field. And, now more than ever, it is important for hospitals, clinics, doctors’ offices, and medical systems to keep up with these changes. Keeping up with the latest in medical technology and meeting patients’ expectations like this is the only way that providers will be able to remain competitive today. In addition, even though the vast majority of medical systems place the needs of their patients ahead of their own, hospitals and medical systems still need to make sure that they make enough money to keep the lights on.
This is where healthcare fintech companies have risen to meet new needs. Fintech for health is incredibly important, and there are many new and growing fintech companies out there today looking to become involved in the healthcare arena. However, in order for providers to understand what this entails and how to work with the best fintech companies, it is important to take a closer look at a fintech definition.
When people are talking about fintech, they are usually abbreviating the term “financial technology.” In other words, fintech is software that helps enable better financial solutions, such as payment options. Just as numerous advances in the medical field have created new diagnostic and treatment options for injuries and illnesses that may not have had many good options before, there are also changes taking place in the world of financial technology as well.
There are also very specific places where fintech can serve healthcare providers specifically. For example, new financial technology options can help hospitals and clinics collect payments from their patients and other customers. Unfortunately, the reality today is that many healthcare facilities struggle to collect all of the payments owed to them. Furthermore, it can also be very expensive for hospital systems to keep track of and then try to track down all of these payments. In some situations, healthcare facilities may even need to employ entire departments to do this, which quickly grows incredibly expensive and could actually be more trouble than it’s worth. As a result, a lot of medical facilities simply give up on collecting all of the payments they are owed. This then becomes its own issue, and some hospital systems may even have to close their doors if they are unable to collect enough payments to keep the lights on.
Fortunately, there are resources available to avoid these circumstances! For example, today’s consumers usually prefer to pay their bills digitally, and CueSquared has actually created an SMS payment option to meet this need. CueSquared’s fintech solution does not require common elements such as an account, login information, or even a new mobile application on patients’ phones. This solution makes it easier than ever for healthcare facilities to send bills and patients to pay their bills via SMS message. Because of its many benefits, it is worthwhile for anyone involved in the medical field to learn how this payment system works.
While this may come as a surprise, it is interesting to note that there are many companies currently trying to branch out from the fintech area into the healthcare industry. Healthcare fintech is a rapidly growing area, and there are numerous fintech examples in this space. When it comes to a fintech meaning, as we have already seen, the goal of fintech healthcare is to provide hospital systems with new technology that can help them manage their finances, particularly the funds they’re owed. With the ability to collect healthcare payments fintech, healthcare administrators will have an easier time collecting the payments needed to keep their medical systems running. And indeed, there are numerous healthcare financing startups that are trying to make this process easier for their medical clients.
Right now, hundreds of billions of dollars are being wasted on inefficient systems and operations across the American healthcare system each and every year. Likewise, many people are wondering why healthcare in this country has gotten so expensive, and one of the many reasons for this is because of the numerous inefficiencies that have crept into US healthcare systems. Luckily, today it is possible for new fintech companies to step in and fix some of these inefficiencies, since many of the problems in this area are occurring due to outdated technology. For one thing, it is entirely possible that there are healthcare facilities still trying to complete too many processes by hand when this is no longer necessary.
Even though completing internal processes manually can waste incredible amounts of time, money, and other resources, this also means that there are many significant opportunities for companies in medical systems to improve their operations and decrease costs. For instance, by beginning to eliminate some of these inefficiencies, it is possible to bring down the cost of healthcare while also providing hospitals and medical systems with the financing they need in order to keep operating.
Right now, there are many fintech companies that actually specialize in this specific area – even though their sheer number can make it hard to decide where to start. Still, hospital administrators and medical directors should start doing their research on some of these financial technology companies, such as CueSquared. Medical leaders will quickly realize that there are many opportunities for improving efficiencies and decreasing operating costs in their own offices.
Of the many digital healthcare companies out there today, many specialize in a specific area called “healthtech.” At this point, it is worth discussing some of the differences between healthtech and fintech. Basically, when people discuss fintech, they are talking about financial technology, and when people discuss healthtech, they are talking about technology used for any purpose within the healthcare sector.
So, although these two areas do overlap slightly, they are not exactly the same. For example, when people talk about fintech, they are talking about financial technology as it is used across multiple industries, including the medical field. However, when people are talking about healthtech, they are usually talking about technology in the healthcare field, which is not necessarily limited to financial technology. By understanding where these two overlap, it is also possible to take a closer look at their differences.
Likewise, there are also many people who may be wondering how financial technology can help the healthcare sector. This is a valid question, since we don’t always consider the financial element of healthcare as much as patient outcomes, but the short answer is that financial technology really does matter here. The biggest way in which this technology can be helpful is that it can help hospitals eliminate a lot of their wasteful spending – i.e., any investments that are necessary but currently don’t lead to a reasonable ROI.
For instance, the reality is that hospitals simply do not collect all of the money they are owed, and oftentimes, they simply end up spending a lot of money trying to track down all of their overdue payments. This is simply not efficient, and there are better ways to make sure that hospitals get paid. So if hospitals are able to use technology to make their operations more efficient, then they may be able to reduce a lot of the clerical and even administrative expenses that they currently have on their books.
This is an area in which both fintech and healthtech can make an impact. If hospitals are able to use tools that can make it easier for them to collect outstanding payments, they may be able to reduce wasteful spending while also increasing the percentage of payments that they collect and the costs they recoup. This in turn could allow hospitals to reduce the cost of medical care without impacting their profit margins.
Ultimately, there are a lot of healthtech companies out there, and many of them are healthcare payment startups. So, if you are looking for the top healthcare companies, then you may be interested in the best healthcare startups in the world. One example that everyone in this area should consider is CueSquared, which is a healthtech company that focuses on healthcare fintech. This company has developed Direct Mobilepay, a product specifically designed to help hospitals improve their revenue cycle management, or RCM.
When people discuss revenue cycle management, they are talking about the cycle of care delivery, billing, and payment collection. It is important for medical systems to take a closer look at their own revenue cycle management processes. For example, if hospitals are having trouble collecting their payments, then there is probably an issue with their RCM systems somewhere. To correct these issues and increase revenue, administrators need to ask: where is the issue located? What does this mean for the future? Fortunately, hospitals can partner with CueSquared to help with RCM management.
While some administrators and medical leaders might be concerned about implementing new systems, this is actually not a huge change for hospitals. The goal of Direct Mobilepay is to simply speed up payment collection for RCM teams. This goal can change many things: by increasing payment collection by up 10% or even 20% – which Direct Mobilepay can help clients do! – hospitals and healthcare systems can collect millions of dollars in additional revenue every year. This extra money could be enough for hospitals to expand their treatment capabilities or reduce the cost of medical care, as well as increase their bottom line.
So, by simply switching to a novel SMS solution, hospitals can provide their patients with more options for paying their bills and thus increase the chances that a greater percentage of those bills will be paid on time. This can make a significant difference when hospitals are trying to figure out a way to make ends meet. Because of these advantages, it is easy to see why so many healthcare leaders have loved working with CueSquared and its novel SMS messaging payment solution.
Ultimately, there are plenty of B2B healthcare startups out there. Plus, with so many healthcare startups available to partner with, there are many hospital systems that have begun looking for a healthcare fintech startup that can help them with financial activities such as collecting a greater percentage of their bills. This is exactly where CueSquared has made an impact.
While it is understandable that many hospital systems become quite entrenched in their current processes, CueSquared’s Direct Mobilepay solution is fortunately easy to implement. For one thing, even though some may think of Direct Mobilepay as an IT project, that is not the case.
For one thing, there are ZERO implementation costs. It is actually possible to implement the product in a matter of hours without having to hire any technology professional at all! So even though there are other options available, these tend to be more complex and more expensive. It could take weeks or months to implement those other solutions because a lot of companies sell more than just a payment collection system. Therefore, it can become a significant challenge for technology professionals to integrate these systems into a hospital’s current systems and networks.
So if you are looking for a product that is easy to implement and will make it easier for patients to pay their bills on time, then it is important to take a closer look at the SMS payment system from CueSquared. Right now, there are lots of patients who prefer to pay their bills using an SMS messaging system, and by providing patients with more options, hospitals will be able to collect a greater percentage of their bills with less hassle than ever before. All of this can make a significant difference to their bottom line.