Modernizing the healthcare payment experience is well known for its transformational impact on addressing operational inefficiencies, which have long taken a toll across the healthcare financial ecosystem. However, an imperative just as critical is the opportunity to reduce provider friction and elevate experiences for all. Here are three key strategies to consider in the quest to deliver the best possible payments and communications experiences.
1. Enhance Interoperability and Integration For a Cohesive Journey
Enhanced interoperability is key to transforming fragmented processes into interconnected experiences with seamless data sharing among payers and providers, ensuring that every stakeholder has access to the same, up-to-date information. This transparency and seamless data flow significantly enhances accuracy and reduces administrative burdens, enabling healthcare providers to concentrate more on revenue cycles and patient care. “Integrated technologies are essential to driving interoperability forward”, states Leah Silver, Vice President of Business Solutions at Zelis. Dylan Papa, SVP Commercial Growth at Zelis, shares similar sentiment, “we must bring all variances to one place so that health plans, providers, and members can manage payments holistically – the outcome being a level of consistency, accuracy, and efficiency that cascades down to improved experiences for all”.
2. Embrace Advanced Digital Options for Payments and Communications that Offer Convenience and Choice
Modern digital payment options and digital ID cards are crucial in building a simplified, cohesive journey for members. As physical documents become less relevant in everyday transactions outside of healthcare, offering digital ID cards that can be saved in Apple Wallets alleviates the long-standing hassle of managing physical health plan information.
To understand the potential impact of these innovations in healthcare, consider the standard set by retailers: consumers no longer need to carry wallets as mobile devices equipped with Apple or Google Pay handle all their transactions. Additionally, e-commerce carts offer buy-now-pay-later options, turning transactions into seamless, personalized experiences that meet consumers where they are.
As technology and consumer expectations evolve, these innovations are naturally expanding into healthcare payments. By adopting these modern, digital-savvy solutions, healthcare can offer the same level of convenience and choice that members have come to expect in other aspects of their lives.
3: Leverage AI To Help Reduce Provider Abrasion and Improve Patient Care
AI Drives EFT Adoption Alongside Improved Payer-Provider Relationships
Health plans can leverage AI to support providers in their journey to Electronic Funds Transfer (EFT) by quickly identifying those with a need and propensity for adoption. By analyzing data such as payment modalities, frequency and volume of payments, and location, payers can determine the optimal timing, approach, and messaging to engage providers effectively. This strategy enables tailored outreach and education, fostering stronger and interconnected relationships as providers transition to EFT.
AI Efficiencies Improve Provider and Patient Experience
AI can also anticipate and correct errors in claims payments through predictive analytics, helping to maintain payment integrity and accelerate reconciliation and time-to-cash-on-hand.
When providers operate with increased speed, efficiency, and improved cash flow, they can redirect more resources toward quality of patient care.
AI can also improve patient interactions by enabling faster access to important information. For example, AI-powered chatbots can quickly answer questions about payments, enrollment, or claims, reducing the stress associated with navigating complex processes. We've already seen this work well in retail customer service, and similar technology can help relieve stress for patients, allowing them to invest more of their energy into managing their health.
By targeting providers for EFT adoption, optimizing provider resources, and automating member services, AI has the potential to reshape the healthcare experience, keeping the patient at the center.
Conclusion
The future of healthcare is digital, and insurers have a vital role to play in this transformation. By embracing cutting-edge digital innovations, they can meet the rising expectations of members and create an ecosystem of healthcare that is seamless, integrated, and highly focused on the patient experience.
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About Zelis: Zelis is modernizing the healthcare financial experience by providing a connected platform that bridges gaps and aligns interests across payers, providers, and healthcare consumers. Zelis identifies, optimizes, and solves problems holistically with technology built by healthcare experts. To learn more about how Zelis is modernizing payments and communications, click here.
