Welcome to the Empowered Patient Podcast with Karen Jagoda. This show is a window into the latest innovations in applying generative AI, novel therapeutics and vaccines, and the changing dynamics in the medical and healthcare environment. One focus is on how providers, pharmaceutical companies, and payers are empowering patients. In addition, conversations are often about how providers, care facilities, pharmaceutical companies, and payers are being empowered by technology to improve patient outcomes and reduce friction across the healthcare landscape.
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Jul 10, 2024
Ryne Natzke is the Chief Revenue Officer for TrustCommerce, a Sphere company that facilitates electronic payments in the healthcare industry, helping ensure security and compliance in transactions between patients and providers. Healthcare payments present unique challenges, as patients have varying preferences and are impacted by economic factors on their ability to make healthcare payments. TrustCommerce aims to make the payment process easier for patients by integrating with electronic health record systems and patient billing systems, reducing friction in healthcare payments and providing patients with more options and transparency in pricing.
Ryne explains, "Some people like paying online, and some people pay in person. There are payment plans. So what we do with our technology and our partnerships with EHRs like Epic and patient billing systems is help make sure that they can facilitate those patient financial experiences across the board and have that happen within systems they’re already using. So within MyChart, for example, or just while the patient’s checking in at the front desk. We help take that PCI compliance and security piece off the shoulders of our partners and our healthcare systems using our technology."
"Nobody really plans to have a disease like cancer, and all of a sudden, you have a whole bunch of oncology appointments or plans on getting into a car accident and showing up in the emergency room. So it’s not really a budgetable expense the same way as I’m going to save up for a Peloton or a new TV or whatever it is. So you’re kind of balancing this unknown of what the balance is and being able to line up what that patient might be able to do. Somebody might be able to pay a $2,000 bill when they receive it, and a lot of people can’t. So how can we put them on a payment plan and be empathetic of where they are within their situations while also still having all of the compliance and security pieces that come with the transactions?"
#TrustCommerce #TransparencyinPricing #HealthcareCosts #HealthcarePayments
