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The healthcare experience - Coggle Diagram
The healthcare experience
Providers
Supply value-based care
Evidence-based
Clinically efficient
Cost-effective
Operationally efficient
Patients
Demand value-based care
Timely
Clinically effective
Evidence-based
Cost-effective
Payment challenges
Providers need...
→ 100% collection
Poor/low revenue stream places strain on the business
Low account receivables
High turnover increases working capital requirement
Short cash-to-cash
High cash-to-cash adds difficulty making payroll & fulfilling debt obligations
→ 0% allowance for doubtful accounts
Doubtful accounts add uncertainty to operations
Patients want...
Reliable payment
Confirm that payment is made so late fees aren't assessed
Avoid collections
Affects credit score and adds late fees
Convenience
Difficult to manage multiple bills for a single service
Lower bill burden
Burden adds to confusion and incomplete payments
Status quo
💡
Cinch
Overdraft protection
✓ No account arrears
Automatic debit from HSA
✓ Convenience
Avoid late payments
✓ No/low credit score risk
Connect HSA with provider accounts
Encourage HSA deposits
✓ Prudent fiscal action
Same-day payments
✓ Improved cash-to-cash cycle
Reduced cash flow
⚡️Providers under strain
Increased collections activity
⚡️Patients under strain