Healthcare Finance Trends for 2024 by CommerceHealthcare® presents the bank’s annual outlook on major factors commanding leadership attention. Ten themes are identified from analysis of a broad spectrum of industry data. Technology is a top-three priority for 56% of surveyed providers, and 75% plan spending growth in the next 12 months. [1] Three information technologies are at the forefront in 2024: Robust system integration. CommerceHealthcare® sees its clients integrating various systems…

As digital transformation accelerates, businesses have renewed their focus on security, stability and fraud mitigation. That’s with good cause: The rapid movement of large amounts of money in today’s digital era provides ample opportunity for fraudsters to exploit any loophole they can find. This is further compounded by the continuous technological changes within corporations, which inadvertently open more avenues for these criminals. “If you think about the speed at which money can move…

When businesses need to make payments to consumers, there can be inconveniences on both sides of the transaction. Inefficiencies with traditional payment methods, such as wasted time and unnecessary costs, cause frustration for both payors and payees. Setting up systems to deliver payments for things such as incentives and rewards, rebates, insurance claims, legal settlements or health care patient refunds can create managerial headaches and expenses. Manual payments must be generated, tracked and…

When businesses need to make payments to consumers, there can be inconveniences on both sides of the transaction. Inefficiencies with traditional payment methods, such as wasted time and unnecessary costs, cause frustration for both payors and payees. Setting up systems to deliver payments for things such as incentives and rewards, rebates, insurance claims, legal settlements or health care patient refunds can create managerial headaches and expenses. Manual payments must be generated, tracked and…

In late 2022, CommerceHealthcare® published its annual assessment of leading issues and opportunities influencing providers. The report, Healthcare Finance Trends for 2023 – Multiple Intersecting Challenges, offered eight themes in four overarching categories: Financial. Patient financial experience. Digital transformation. Building trust. Four financial themes were prominent in the year’s first half. Chasing elusive profitability The median hospital operating margin turned positive…

In response to an onslaught of unpredictable challenges over the past few years, businesses are looking for innovative ways to improve efficiency. Payment automation is a digital solution an increasing number of companies are adopting. Automating an accounts payable system isn’t a single change though. Instead, it may include analyzing a business’s current systems and processes and implementing various new technologies, such as a cloud-based system for submitting invoices and receipts, software…