Finance

Q&A: SVP of Finance at Novant Health Discusses Revenue Cycle Success

Published

2 years ago

October 12, 2022

Q&A: SVP of Finance at Novant Health Discusses Revenue Cycle Success

Novant Well being lately consolidated its billing and established a greater end-to-end affected person expertise.

The affected person monetary expertise is cumbersome and billing statements could be onerous to navigate for the common affected person. Because the affected person monetary expertise begins to play a bigger position in a company’s general success, income cycle leaders are actually turning to streamlined expertise for invoice pay to create a optimistic affected person monetary expertise, shield sufferers from shock medical payments, and permit income cycle employees to spend extra time on significant work.

Doing so, although, will not be at all times simple.

A whole lot of organizations rely solely on mail, e-mail, and/or EHR communications to succeed in sufferers, which hinder sufferers who intend to pay their payments however are in the end left annoyed with their expertise.

Acknowledging this hole in its personal affected person monetary expertise, Novant Well being’s Senior Vice President of Finance, Geoff Gardner, determined the group wanted to consolidate hospital and doctor group billing and established a greater end-to-end affected person expertise for invoice pay although e-mail billing and textual content notifications.

This, Gardner says, achieved the next outcomes for Novant Well being: A 90% affected person satisfaction rating, 87% of collections now fully self-serviced, a 43% drop in days to gather, and nine-times the return on funding.

Gardner lately chatted with HealthLeaders about Novant Well being’s journey in establishing this income cycle success.

HealthLeaders: What prompted Novant Well being to search for an answer to streamline its monetary and billing expertise?

Geoff Gardner: For years we have been working to modernize and enhance our client expertise and income cycle group. We had beforehand relied on mail, e-mail, and MyChart to succeed in our neighborhood. Whereas we noticed some gradual and regular enhancements, we knew we wanted a totally revamped course of to ship on the simplified affected person billing expertise we envisioned.

HL: Healthcare has been going by way of a variety of turmoil and upheaval lately, and it has been very financially difficult. Are you able to share your expertise and the way expertise has helped Novant Well being see an increase in collections?

Gardner: Like many different well being programs, Novant Well being has skilled monetary challenges akin to inflationary pressures on wages, provides, and medicines. Along with that, the need of using contract scientific labor has pushed a cloth enhance in expense throughout the system.

We launched Cedar Pay, a affected person engagement and fee platform that integrates into our Epic system, throughout each hospital billing and doctor billing.

After implementation, we have seen each an increase in collections and a serious lower in time to gather. Particularly, over a 12-month interval, money collections elevated by tens of tens of millions, whereas time to gather has dropped by over 40%. And, along with the monetary affect, our affected person satisfaction improved dramatically, now sitting at 90%.

Pictured: Geoff Gardner is the Senior Vice President of Finance of Novant Well being. Photograph courtesy of Novant Well being.

HL: What adjustments do you see for the affected person monetary expertise inside the subsequent couple of years, particularly in gentle of the No Surprises Act and worth transparency rule?

Gardner: In gentle of latest laws round worth transparency and shock billing, it’s important that suppliers take heed to their sufferers and discover methods to have interaction that work for them. A part of the explanation we determined to implement new expertise was as a result of we needed to optimize our billing expertise on cell units. I am positive we’ll see this pattern persevering with—each at Novant Well being and throughout well being programs usually. Suppliers must be empowering sufferers with a digital-forward expertise that helps sufferers perceive their payments and the way insurance coverage advantages apply.

HL: Are there any further options or methods you intend to leverage sooner or later to additional enhance the affected person expertise and/or your income cycle operate?

Gardner: Our income cycle management crew is consistently searching for methods to enhance our varied processes and the way our sufferers expertise the fee course of. We’re searching for new methods to automate sure workflows by way of robotic course of automation and AI in order that our groups can give attention to the best worth work. Along with that, the pre-service expertise is on our radar, and we’ll be working to modernize and enhance that sooner or later.

HL: What suggestions do you might have for different leaders seeking to digitize sure income cycle processes?

Gardner: I might suggest partnering with a technology-forward vendor that understands the total healthcare billing journey from end-to-end and actually understands what customers need. Combining acute and ambulatory right into a unified affected person expertise was one thing we had needed to do for a very long time. We would requested a number of different distributors, however we went with the one which mentioned they might do it and delivered on that promise.

Amanda Norris is the Income Cycle Editor for HealthLeaders.

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Finance

COP29: Carbon Finance Summit – Session 2

Published

5 hours ago

November 18, 2024

Press Room

Greening and scaling up public finance is critical, but it is not enough. Significantly scaling up private sector finance, including through greening value chains, green financial products (e.g. funds and loans) and carbon finance is needed to channel more resources toward activities with a positive impact on the environment and society.

Finance

Why Nvidia stock is ripe for another surge: Investor

Published

12 hours ago

November 18, 2024

Press Room

Why Nvidia stock is ripe for another surge: Investor

Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts.

Nvidia (NVDA) mania is heating up ahead of the market darling’s Wednesday earnings report.

The company is “representative of the most important stocks in America,” EMJ Capital founder and president Eric Jackson told Yahoo Finance executive editor Brian Sozzi on his Opening Bid podcast (listen in below; video above).

Jackson reiterated his call that Nvidia’s stock could double within the next twelve months given its wide lead on AI chip production.

“The investments [in AI] are just getting started,” Jackson added. “The need for these chips is still going to continue for the next year or two or three.”

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Nvidia’s stock has surged more than 2,600% in the past five years according to Yahoo Finance data, fueled by one impressive quarter after another as it grabbed the top position in cutting-edge chips.

The company’s strong performance are expected to continue in its fiscal third quarter — sales and profits are each estimated to be up 83% from a year ago. Wall Street remains bullish on its favorite stock.

Of the 63 sell-side analysts that cover Nvidia, 59 rate the stock a buy or strong buy, Yahoo Finance data shows. The average price target stands at $160.38, about 13% above current levels.

“We see the near-term risks as largely balanced and we are buyers of Nvidia heading into its fiscal third quarter earnings report scheduled for Wednesday. Positive set-up indicators from accelerating bookings at cloud service providers, an upward bias on hyper-scale capital expenditures, as well as our view that near-term estimates will increase post the earnings call,” Evercore ISI analyst Mark Lipacis said in a client note on Monday.

Lipacis says if Nvidia were to let investors down, it would come in the form of decelerating revenue growth.

There has been a whirlwind of activity around Nvidia as of late.

In addition to achieving world’s most valuable company status by nudging out Apple (AAPL) and Google (GOOG), Nvidia joined the Dow Jones Industrial Average on Nov. 8. Former chip leader Intel (INTC) was kicked out.

“It’s good that Nvidia is part of the mix now,” Jackson said, noting it could encourage purchases from retail investors.

One potential hiccup is the restrictions around selling to China by the Biden administration and subsequent write downs which were a “meaningful part of their quarterly earnings,” Jackson said. “They had to take it down to zero.”

Incoming president Donald Trump could stay firm on the chip issue as well, making good on his campaign promises around China.

Finance

Shaping the Future of Finance: Diversified Product Ecosystem of SILEGX Exchange

Published

20 hours ago

November 18, 2024

Press Room

Shaping the Future of Finance: Diversified Product Ecosystem of SILEGX Exchange

DENVER, Nov. 18, 2024 (GLOBE NEWSWIRE) — SILEGX Exchange recently announced the further development of its diversified product ecosystem, showcasing its innovative prowess in the fintech sector. As a globally leading cryptocurrency trading platform, SILEGX offers a comprehensive ecosystem that combines innovation and competitiveness through a rich array of trading products and financial services. This announcement not only reflects the platform vision for driving the future of finance but also solidifies its significant position in the global cryptocurrency market.

SILEGX offerings encompass a wide range of areas, including spot trading, derivatives trading, financial products, and new token subscriptions. The spot trading service allows users to engage in the buying and selling of cryptocurrencies globally with speed and convenience, ensuring efficient execution of trades. In the derivatives trading arena, SILEGX introduces advanced risk management tools and high-performance trading engines to help users effectively manage risk amidst market volatility while maintaining flexibility in their investment strategies. These innovative products enhance the user trading experience and demonstrate the deep expertise of SILEGX in trading technology.

Beyond trading services, SILEGX has launched various financial products specifically designed for cryptocurrency investors to help users grow their digital assets. By integrating artificial intelligence technology and smart investment algorithms, the platform offers personalized investment portfolio recommendations, enabling users to easily gain returns in complex market environments. Additionally, the new token subscription service of SILEGX provides users with opportunities to participate in emerging cryptocurrency projects. By rigorously selecting quality token projects, the platform ensures a transparent and fair subscription process. This feature not only meets investor needs for diversified asset allocation but also injects fresh vitality into the market.

The competitiveness of SILEGX is further highlighted by its unique ecosystem. The platform not only focuses on trading services but has also established a comprehensive support network, including the SILEGX Academy, incubator projects, and digital wallet services. Through this series of innovations, SILEGX Exchange is redefining the standards of global cryptocurrency trading. Its diversified products and services cater to the broad needs of global users, providing an important reference for the development of future financial ecosystems. As the platform continues to expand its product lines and service offerings, SILEGX is reshaping the landscape of cryptocurrency trading, reinforcing its status as an industry leader.

Media Contact:
Company Name: SILEGX CRYPTO TECHNOLOGY CO.,LTD.
Company website: https://www.silegx.org
Contact Person: Maria
Email id: maria@silegx.org

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe235fe-2be4-41dd-94b0-c8ed1d8115ca