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As the market evolves for healthcare delivery, payments, collections and data management, healthcare organizations find it increasingly difficult to attract and service purchasers. Patients are becoming savvy consumers of healthcare services, which means they account for an increasing portion of insurance premiums. This trend not only impacts providers, but also the entire spectrum of stakeholders within the industry. Caregivers, insurers, employers, administrators and many other firms are challenged to rethink not only how healthcare services are delivered, but how they interact with consumers.
Alacriti helps healthcare organizations respond to these challenges with innovative market strategies and capabilities. Our experience developing robust electronic payment solutions provides the insight and know-how to empower healthcare organizations to improve efficiencies, manage risk and streamline the flow of information across the enterprise.
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The US health care payment system, which processes $1.9 trillion a year, is ripe for transformation. The system is inefficient, consuming 15 percent or more of each dollar spent on health care, compared with about 2 percent for the payment system in retailing. Expenditures on the processing of bills, claims and payments; bad debt; and other transactions total more than $300 billion a year. Furthermore, without new approaches to streamlining the payment system, the movement to consumer-driven health care plans will likely drive up administrative costs and further frustrate patients. If left unaddressed, excess spending may undermine the emerging consumer-centric model, which promises to rein in medical costs and help expand access to insurance coverage.
Mckinsey & Company Research, June 2007
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