Change Healthcare Helps Health Plans Transform Their Members' Financial Experience
New payer solution helps consumers take command of their healthcare finances, facilitates payments to multiple providers
NASHVILLE, Tenn., July 9, 2018 /PRNewswire/ -- Change Healthcare today introduced Member Healthcare Payments, a consumer payment solution that enables health plans to display consolidated patient financial information in a single destination, and empower consumers to better understand and manage their healthcare finances. Additionally, Member Healthcare Payments helps health plans better support providers by collecting patient payments, which can eliminate the provider's need to collect those payments.
"Consumers want the same level of control over their healthcare finances as they have with their other finances," said Stuart Hanson, Change Healthcare senior vice president and general manager for Consumer Payment Solutions. "Patient financial responsibility is skyrocketing, yet consumers often lack the basic information and tools they need to make the process easier. We've already seen over 60,000 members make use of this new system with our first health plan client, and over 12% of these members have made more than six payments in just the first few months of using the system, a clear indication of consumers finding value in improved transparency and convenience."
The healthcare industry is moving toward a more consumer-centric model and healthcare organizations are looking for ways to make it easier for consumers to navigate the system. However, consumers still typically engage with a daunting array of portals, confusing billing statements from multiple providers, and mountains of indecipherable EOBs.
By consolidating and giving insight into the financial elements of healthcare for consumers and facilitating payments, Member Healthcare Payments helps health plans deepen member and provider relationships by allowing consumers to:
- See Their Financial Obligations--Members are presented a consolidated view of all claims, providers, adjudication data, and financial responsibility after insurance, so they can readily grasp the scope of their aggregate healthcare financial situation.
- Manage Finances--An intuitive Monthly Healthcare Financial Summary outlines healthcare spending, payments and premiums owed, highlights trends, and even prompts members to pay.
- Pay Balances--From a single screen, members can pay virtually all or some providers, arrange full or partial payments, schedule recurring or one-time payments, and select from multiple payment options (HSA, FSA, checking, credit, or debit cards).
- Accelerate Revenue--When consumers are presented with a concise, consolidated view of what they owe, to whom, and have convenient payment mechanisms, they are more likely to pay providers.
- Reduce Provider Need to Collect Patient Payments--When members use the financial tools to pay their providers, those providers can reduce the time and money spent on patient collections.
Member Healthcare Payments is part of the Change Healthcare SmartPay for Payers ™ suite, which enables medical and dental payers to bill and collect member premium payments and facilitates member healthcare payments to virtually all providers. It is available now to provide health plans with an extensible foundation for continuous improvement of the member financial experience, and to position themselves as a partner with providers by increasing the efficiency of member payments.
About Change Healthcare
Change Healthcare is inspiring a better healthcare system. Working alongside our customers and partners, we leverage our software and analytics, network solutions, and technology-enabled services to enable better patient care, choice, and outcomes at scale. As a key catalyst of a value-based healthcare system, we are accelerating the journey toward improved lives and healthier communities. Learn more at www.changehealthcare.com.
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SOURCE Change Healthcare