OREM, Utah–(BUSINESS WIRE)–Nomi Health—the direct healthcare company that makes it easy to access high-quality, affordable care across the United States—today announced the launch of its Connect fintech platform to power real-time healthcare payments. Enabling healthcare to operate at the same speed as fintech, the platform connects providers, patients and purchasers of care services directly to utility payments in real time, while enabling claims adjudication and billing workflows, all in a single, paperless and frictionless system – a category first.
By closing the loop to integrate these services, the system enables health plans and third-party administrators (TPAs) to manage claims faster, reduce the administrative costs and overheads that are often a key driver of rising health insurance premiums, and improve patient experiences. The platform also significantly reduces the administrative barriers and costs for providers who have to spend weeks or months chasing reimbursement for services. Networks, health plans, TPAs and healthcare point solutions that can benefit from modern fintech solutions can deploy the platform.
“Traditional, outdated health care workflows have created an ugly reality where patients are a commodity, providers are bill collectors, and those who buy health care for their communities are blind participants in a process that is crippling America’s health care system and driving health care costs to exceed $4 trillion . said Boe Hartman, co-founder and chief technology officer of Nomi Health. they need, and buyers can make their money go further.”
Hartman knows firsthand how real-time payments can transform industries based on his more than 25 years of experience leading customer service and technology innovation at some of the world’s largest financial institutions, including Goldman Sachs, Barclays and Capital One. While fintech has long embraced real-time payments based on consumer demand for a more user-friendly way to process transactions, healthcare has until now lagged behind with traditional claims adjudication and payment workflows deeply tied to the business models of the largest payers.
“The system that has been used to manage healthcare payments for decades is unwieldy and inefficient, suffering from fragmentation, outdated technology and complexity from market forces. This status quo is no longer sustainable in the face of rising healthcare costs and a significant decline in the number of doctors , says Melissa Guzy, co-founder and managing partner of Arbor Ventures. “Real-time payments and information are no longer optional. Fintech accelerated the massive leap to real-time, and now it’s time for healthcare to catch up. Nomi’s solution addresses this problem more comprehensively than anyone else to date.”
Supplier payments delivered immediately
Nomi’s supplier portal introduces the ability for a supplier to check eligibility, document services, submit a claim and track payment history. By connecting both the plan sponsors’ and providers’ bank accounts directly via Nomi’s proprietary payment and virtual accounting technology, the movement of financial funds for the entire balance due by a provider can occur along with real-time claims adjudication. Contrast this with the traditional industry reality that only 60% of what buyers pay the insurance company ever makes it to the doctor, while providers typically wait 2-9 months to be reimbursed to health plans. In fact, according to the Annals of Internal Medicine, doctors spend almost twice as much time doing administrative work (49%) as actually seeing patients (27%).
More transparency for patients
Real-time provider payments also benefit patients, who will immediately understand what they owe after receiving care. Using the Nomi patient portal, patients create a digital wallet where they can save a payment method to be used at checkout, receive bills, pay bills and check the current status of their remaining benefits. Saving a payment method makes the payment and payment process fast and efficient, eliminating the need to wait for confusing bills sent months after service in the fragmented payment experience people experience today.
The launch of the fintech platform is the next step in Nomi Health’s year-long mission to create easier access to affordable, high-quality care services by rebuilding how care is paid for and delivered. As one of the nation’s leading Covid-19 care providers, Nomi Health understands the challenges providers face as they implemented a direct care delivery model to serve 15 million Americans throughout the pandemic. The platform also builds on the company’s work running analytics on more than $100 billion in healthcare for some of the country’s leading employers via Artemis Health, a Nomi Health company. To watch a video demo of Nomi Health’s fintech platform, visit this link.
About Nomi Health
Nomi Health is a nationwide direct healthcare provider that makes it easier than ever for any healthcare purchaser to access the highest quality and affordable care for their communities. The company’s direct care ecosystem includes a real-time operations and payment platform – including analytics and payment infrastructure – as well as an integrated care delivery architecture with essential care services, pharmacies and an open network. To date, Nomi Health has saved purchasers of care an average of 30 percent compared to traditional healthcare costs, while enabling them to provide their communities with greater access to lower-cost, high-quality care.
Based in Orem, Utah, Nomi Health employs more than 2,000 nationwide and works to lower healthcare costs, expand treatment access and improve the patient experience. The company is managed by an experienced, cross-functional management team with a background in clinical, healthcare, technology and finance. Nomi Health has so far invested more than $10 million in improving the well-being of the communities it serves. Visit us on Twitter @NomiHealth and www.nomihealth.com.
