85% of healthcare CFOs and senior financial leaders Flywire
recently surveyed agree they need to do more to improve their
collection/payment experience, and that they’re losing critical
time and money because of it. These are a few of the findings from
a new research report commissioned by Flywire (Nasdaq: FLYW), a
global payments enablement and software company, which reveals that
by improving the overall patient payment experience, hospitals and
health systems can control costs and maximize revenue.
For its latest healthcare report, “Why patient payments should
be a top priority for hospital CFOs”, Flywire conducted an
independent survey of more than 300 CFOs and senior financial
leaders in hospitals and health systems in the U.S. to better
understand their top priorities and biggest pressure points. The
results detail the connection between patient payments and top-line
growth, and highlight the opportunity that healthcare finance
leaders have to streamline the patient financial experience,
influence affordability and elevate patient satisfaction.
“Our research shows us that healthcare CFOs are eager to do more
to improve the collections experience at their hospitals and health
systems, as they recognize how strong the link is between an
improved payment experience and patient loyalty,” said John Talaga,
EVP and GM of Healthcare. “This should be a strong call to action
for healthcare finance leaders who are looking to control costs
while maximizing revenue for their organizations.”
With affordability a chief concern, leaders look to
optimize revenue cycle offerings, including access to
financing
Nine in 10 of those surveyed said out-of-pocket costs have an
impact on keeping healthcare affordable for patients, and 86% of
those surveyed said it’s difficult to manage patient out-of-pocket
costs, while balancing affordability concerns. And this has a major
effect on collections, as 84% of those surveyed said their
organization has lost money due to time spent dealing with accounts
receivable (A/R).
However, they believe if they had better technology, they could
shorten revenue cycles (83%) and increase collections (82%).
Finance leaders are actively exploring new ways to fund bills, such
as offering financing assistance to patients in order to help pay
their medical bills. While only 25% of the organizations
represented by those surveyed are actively offering financing
assistance, many are putting the pieces in place to offer it (45%)
or thinking about it (22%).
Results from Flywire’s deployment at hospitals and health
systems demonstrate that boosting affordability, accelerating
collections and improving the overall financial health of the
hospital are attainable, and directly linked. According to a
Forrester Total Economic Impact™ (TEI) study that Flywire
commissioned from Forrester Consulting, Flywire clients can achieve
a 269% ROI. Healthcare organizations interviewed for that report
increased revenue by 29% and reduced bad debt as a percentage of
net revenue from 5.5% to 4 %. Other Flywire clients have reported
to reduce their cost per patient payment by 43%. As one client
interviewed for the TEI report stated: “Patients satisfied with the
financial aspect of their care were twice as likely to pay their
bill, twice as likely to return for services, and five times as
likely to refer us to a friend.”
The finance leader’s role is evolving, and they are
looking to bring in innovative technologies to help manage multiple
priorities
88% of finance leaders said it’s more complex being a healthcare
finance leader than it was five years ago. 93% say their role has
become more strategic, and they are not only collaborating with new
departments more than ever before, but also absorbing
responsibilities that would otherwise sit in other functions. 93%
of CFOs surveyed said they work well with senior IT people in their
organization, and named the CIO/Head of IT as the person they work
most closely with.
Additionally, many respondents pointed to their increasing role
as “Chief Financial Risk Manager” and their duties to mitigate
financial-related risk, including revenue cycle uncertainty,
pressure from cost growth, changes in health insurance payments and
changes in laws and regulations.
As a result, there is a strong appetite for innovative solutions
to help manage these priorities. Predictive technology, AI and
machine learning are high on the radars of 94% of those surveyed –
and 79% say AI and machine learning will be more important for the
financial success of their organizations than automation.
7 ways Flywire can help with healthcare finance leaders’
biggest challenges
Talaga continued: “Among the pressures and demands we heard from
finance leaders in our research - from improved collections, to
affordability solutions, to machine learning and AI - Flywire’s
solutions enable hospitals and health systems to not only improve
the way patients pay for care, but also demonstrate meaningful
ROI.”
● Personalize payment plans tailored to the patient’s capacity
to pay● Reduce time spent dealing with accounts receivable●
Increase self-pay collection● Extend collection terms beyond
12 months with integrated financing● Provide a single
platform for in-house and outsourced payment plans● Integrate with
an EHR strategy● Ensure compliance with regulatory and
industry standards, such as HIPAA and PCI DSS v 4.0, and better
mitigate risk.
To experience the full report, please visit here here
Resources
- John Talaga, Flywire’s EVP and GM of Healthcare, will be
discussing how hospitals and health systems can improve their
patient payment experience in the upcoming U.S. News & World
Report webinar, “Reimagining the Patient Experience for a new Era”
on November 29th from 1:00 - 2:00 pm ET. Register here.
- To learn more about Flywire’s patient payments platform visit
here.
About Flywire
Flywire is a global payments enablement and software company. We
combine our proprietary global payments network, next-gen payments
platform and vertical-specific software to deliver the most
important and complex payments for our clients and their
customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, such as NetSuite, so organizations can
optimize the payment experience for their customers while
eliminating operational challenges.
Flywire supports more than 3,700 clients with diverse payment
methods in more than 140 currencies across 240 countries and
territories around the world. Flywire is headquartered in Boston,
MA, USA with global offices. For more information,
visit www.flywire.com. Follow Flywire on X (formerly known as
Twitter), LinkedIn and Facebook.
Safe Harbor StatementThis release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the effects of payment processes
on students, institutions and the education experience. Flywire
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by terms such as, but not
limited to, “believe,” “may,” “will,” “potentially,” “estimate,”
“continue,” “anticipate,” “intend,” “could,” “would,” “project,”
“target,” “plan,” “expect,” or the negative of these terms, and
similar expressions intended to identify forward-looking
statements. Such forward-looking statements are based upon current
expectations that involve risks, changes in circumstances,
assumptions, and uncertainties. Important factors that could cause
actual results to differ materially from those reflected in
Flywire's forward-looking statements include, among others, the
factors that are described in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of Flywire's Annual Report on Form 10-K for
the year ended December 31, 2022, and Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023, which are on file with
the Securities and Exchange Commission (SEC) and available on the
SEC's website at https://www.sec.gov/. The information in this
release is provided only as of the date of this release, and
Flywire undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
Contacts
Media:Sarah
KingSarah.King@Flywire.com Prosek
Partnerspro-flywire@prosek.com
Investor Relations:
Akil Hollisir@Flywire.com
Flywire (NASDAQ:FLYW)
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