Cedar disclosed a collaboration earlier this year aimed at assisting patients in understanding and managing their medical expenses through the utilization of Google Cloud’s advanced AI solutions. By the onset of the subsequent month, Cedar is set to introduce Artificial tools to the market.
Seth Cohen, the President of Cedar, emphasized that the objective extends beyond mere payment for healthcare services; it also encompasses facilitating a more streamlined payment process for consumers. Cohen highlighted concerns about the Hospital Price Transparency Final Rule, indicating that it falls short in providing individuals with a clear understanding of their out-of-pocket expenses, as discussed during conversations in March.
One of the identified applications for AI within Cedar is addressing inquiries received by call centers from multiple customers, illustrating the potential for automation in enhancing the physician financial experience. Cohen pointed out that leveraging AI to handle repetitive tasks not only streamlines operations but also enhances customer satisfaction through automated self-service explanations.
Cohen noted that individuals are often dissatisfied from the moment they need to reach out to a call center for assistance.
For further insights from Cohen’s discussion with Susan Morse, Executive Director of Healthcare Finance News, refer to the interview details.
Key Points:
- The recovery process is impacted when individuals are burdened with substantial medical bills following recent healthcare procedures.
- A recent study conducted by Cedar revealed that nearly 19% of respondents out of 1,300 participants admitted to not settling their bills due to financial constraints.
- Approximately 23% of survey participants expressed their inability to afford unexpected bills exceeding $250.
- Despite the willingness, 72% of individuals cited affordability as the primary hindrance to managing higher healthcare expenses.
- Healthcare expenditures often exceed consumer budget allocations, leading to uncertainty regarding unforeseen medical events.
- Roughly a quarter of Americans opt for a higher deductible approach.
- Rather than a mere tool, AI is positioned as a solution to address healthcare challenges effectively.
Additional Insights from the Discussion:
As per Seth Cohen, Cedar successfully processes around 40 to 50 percent of hospital patient payments.
HIMSSCast highlights the challenges faced by healthcare facilities in collecting out-of-pocket payments effectively.
The financial implications of healthcare payments raise concerns not only about monetary aspects but also emotional well-being.
Highmark and Allegheny collaborate with Cedar to streamline financial practices within the healthcare sector.
Hospitals encounter obstacles related to price transparency, operational systems, and financial tools.
