As we begin a new year, it’s important to look back at the learnings from the previous one. Every year brings unexpected challenges, and 2020 was—needless to say—full of such difficulties. But each new challenge brings new opportunities to learn, grow, and improve. Over the past year, alongside the health systems we are proud to call our partners, we did just that.
The COVID economy shook the healthcare industry to its core, including the financial security of health systems nationwide. With patients already taking on more of the financial burden in recent years, the added economic impact of the pandemic threatened the financial viability of many health systems. They needed solutions to support patients and sustain revenue through the ensuing recession and uncertainty.
With our industry-leading research and insights into consumer behavior, our unique experience in the Great Recession of 2008, and our ability to create and implement new technologies quickly and at scale, we were prepared to act. We created a Five-Point Plan and a Financial Recovery Accelerator as a strategic response to get health systems adapting immediately.
Throughout the year we featured articles that gave a look into how we helped health systems find solutions in a time of such uncertainty. Here are our most popular articles from the last year:
It’s no surprise that the traditional billing model is a frustrating one for patients—and that leads to headaches for health systems as well. Today’s patients want a billing process that is similar to what they experience in other industries—that is to say, one that is custom, digital, and user-friendly. That’s why Intermountain Healthcare partnered with VisitPay—to create a streamlined, comprehensive patient financial experience. With more than 200,000 registered users, it’s been a true enterprise-level success.
> Learn more about the Intermountain partnership.
Our research has proven that medical bills are commonly placed low on the priority list for people when compared to their other household expenses. Add a pandemic-led recession and unemployment, and the reality became even clearer: health systems needed to reevaluate their approach to the patient financial experience. Pre-service is one very effective way to do that. A self-service digital platform like VisitPay gives patients the ability to see their costs upfront—and provide payment options.
> Discover how pre-service can impact the patient experience.
Health systems are looking to adapt and build a more digital experience. Not only is it a more efficient model for the health system, but today’s patients are practically demanding it. NTT Data Services, a leader in global technology, teamed up with other industry leaders to build a Digital Front Door to help digitize the patient experience. It’s called Nucleus for Healthcare. VisitPay is proud to be a part of such a cutting-edge, impactful push forward.
> See how Nucleus for Healthcare will improve the industry.
We know that the best solutions often come from conversations. We value any opportunity to sit with other industry leaders and discuss ideas, and love to share the key takeaways with our community. Vincent Martino, Chief Product Officer and Co-Founder of VisitPay spoke with Evan Goad, Vice President of Business Operations at TransUnion Healthcare, to discuss the benefits—and necessity—of a patient-first view of the financial experience.
It’s simple: a patient should get the same high-quality level of care on the financial side of their medical experience as they do on the clinical one. The simplest and most effective way to achieve that is through a self-service digital platform. This allows people to pay their bills in a way that works for them—assisting both patient and provider.
> Discover the benefits of a self-service platform.
Change happens quickest when times are toughest. That’s why as we faced a year as challenging as 2020 our learnings are more important than ever. It’s also why we can look to 2021 with confidence, knowing we’re prepared. We believe that health systems can feel confident, too. Together, we can help shape the patient financial experience of the future.