Nomi Health launches FinTech platform to make real-time healthcare payments a reality
By Edlyn Cardoza
Nomi Health — the direct healthcare company making it easy to access high-quality, affordable care across the U.S. – announced the launch of its Connect FinTech platform to power real-time healthcare payments. The platform, which allows healthcare to function at the same speed as FinTech, directly connects providers, patients, and buyers of care services to power provider payments in real-time, while also allowing for 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 administer claims faster, reduce the administrative costs and overhead that are often key drivers of rising health insurance premiums, and improve patient experiences. The platform also substantially reduces the administrative barriers and costs for providers who have to spend weeks or months chasing down reimbursement for services. Networks, health plans, TPAs, and point solutions in healthcare that can benefit from modern FinTech solutions can deploy the platform.
“Traditional, antiquated healthcare workflows have created an ugly reality where patients are a commodity, providers are bill collectors, and those who buy healthcare for their communities are blind participants in a process that is crippling the U.S. healthcare system and driving healthcare costs above $4 trillion,” said Boe Hartman, co-founder, and chief technology officer at Nomi Health. “By simplifying the entire payment process and making it more transparent, we can provide tangible, meaningful benefits for providers, patients and buyers of healthcare. Providers get paid faster, patients get the care they need, and buyers can make their dollars go further.”
Hartman knows firsthand how real-time payments can transform industries based on his 25 years of experience leading client 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 until now, the healthcare industry has lagged with the traditional claims decisioning and payment workflows deeply connected to the business models of the largest payers.
“The system used to manage healthcare payments for decades is unwieldy and inefficient, suffering from fragmentation, outdated technology, and complexities from market forces. This status quo is no longer sustainable in the face of spiking healthcare costs and a substantial decline in the number of doctors,” said 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 is time for healthcare to catch up. Nomi’s solution addresses this problem more comprehensively than any other to date.”
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