With one move, CMS declared price transparency as the new black: CMS rang in the new year with a ruling that mandates that hospitals provide patients with a current set of standard charges for all services they offer. This move provides patients with a digitally accessible menu of fees and prices for medical procedures and services. One factor that drove the CMS announcement was upset patients on the hook for paying cryptic medical bills with limited understanding of the reasoning behind each charge.
Have you ever, as a life insurance carrier, agency/agent, brokerage firm/broker, or technology vendor, gone onto Twitter or other social media and searched “life insurance + fraud”? It is amazing how many consumers are out there posting that life insurers have done them wrong or warning other consumers not to purchase a life insurance policy.
The types of tweets that you find on Twitter are a lot like the following:
In recent years, application fraud has become a major problem for U.S. financial institutions (FIs). In 2017, Aite Group recognized application fraud as the second-greatest challenge FIs face in combatting fraud, trailing only account takeover fraud; this trend continues today. By 2020, application fraud losses related to demand deposit accounts (DDAs) are projected to exceed US$636 million, a costly problem indeed.
It was 2010 when John Kindervag, then an analyst with Forrester Research, first wrote about the idea of a zero-trust security framework in which the idea of a network edge or perimeter was no longer the front lines of the cyber battlefield for an organization.
In 2018, hospitals incurred US$42 billion in uncollected debt from patients, an estimated 6% of their revenue. This not only threatens their financial solvency but also signals a dire need for solutions that alleviate the scourge of revenue cycle management and collections. Help is on the way if revenue cycle executives look hard enough, as Aite Group estimates that US$14 billion of these uncollected receivables can be collected. Hospitals just need to be open to consumer-friendly payment products and financing options that create a pathway to collect. However, early attempts to bridge that gap have fallen short of the mark due to inertia as well as healthcare providers’ and hospital revenue cycle managers’ unease of engaging with external partners.