Panda Health today announced the launch of a new solution category, Patient Financial Engagement, featuring industry leaders Cedar and Flywire as the first two awarded suppliers on the marketplace.
Panda Health Inc., the digital health marketplace company, today announced the launch of a new solution category, Patient Financial Engagement, featuring industry leaders Cedar and Flywire Corporation (Nasdaq: FLYW) (“Flywire”) as the first two awarded suppliers on the marketplace.
Digital tools and tech-enabled services are revolutionizing how health care providers work with patients to manage their financial responsibility. The best solutions – as exemplified by offerings from companies like Cedar and Flywire – lead to improved patient satisfaction, increased patient collections, and decreased cost to collect, all of which are critical outcomes to any health care provider.
Solutions in the Patient Financial Engagement category leverage automated, digital, and self-service strategies to help ease the financial burden of care on the patient and improve transparency. These platforms improve customer satisfaction by empowering health care organizations to proactively deliver price estimates to patients prior to service, provide self-service payment plans customized to meet each patient’s financial needs, consolidate billing (hospital and professional) on easy-to-understand digital statements, and offer digital payment flexibility (omnichannel communication channels and payment options). All of these solutions are powered by predictive analytics that tailor content to what will best engage, and serve, each individual patient.
“We are thrilled to bring Cedar and Flywire to our marketplace and to make these high-ROI solutions available to Panda Health’s participating health care organizations,” said David Harvey, CEO of Panda Health. “Payment bottlenecks and bureaucracy create some of health care’s most frustrating experiences for consumers and providers, making Patient Financial Engagement solutions a top priority for our buyers.”
Click here for a one-page overview of Panda’s Patient Financial Engagement category
To launch this category, Panda Health evaluated over 40 suppliers offering Patient Financial Engagement solutions, and selected Cedar and Flywire because they met Panda Health’s highest bars of requirements, including:
- Usability of their advanced technology applications
- Track records of customer satisfaction and excellence in value and service
- Market-leading features and functionality
- High performance on data security tests
- Commitment to improving the experience of health care consumers – including patients, families, caregivers, and providers.
“Flywire is excited to partner with Panda Health to make it easier for health systems and hospitals to quickly adopt and gain value from patient financial engagement solutions,” said John Talaga, EVP of Healthcare, Flywire. “With the rapid shift to digital brought on by the pandemic, there’s never been a more crucial time for health systems to better engage their patients with digital channels and create more personalized paths to payment. Flywire is excited to take a leadership position in the market and help these hospitals on their digital journey.”
“Between the challenges of COVID-19 and increasing financial burden, patients are getting more and more exposure to the billing process – which means that having a strong patient financial engagement strategy is no longer an option for healthcare providers,” said Florian Otto, CEO and co-founder of Cedar. “As a leader in the patient financial engagement space, this partnership with Panda Health aligns with our mission of empowering patients to easily and affordably pursue care, and we are looking forward to working together to make it easier for health systems to digitize and streamline the patient financial journey.”
About Panda Health
Panda Health is a leading marketplace connecting health care providers with the industry’s leading digital health solutions and ensuring the acceleration and standardization of their adoption and implementation. Formed in 2020 as an independent company, Panda was founded through a partnership between three leading health systems, CentraCare, Gundersen Health System, and ThedaCare, with the development and investment firm Fitzroy Health.
Cedar’s mission is to empower us all to easily and affordably pursue the care we need. As the only complete solution to address all of the challenges consumers face when paying for healthcare, Cedar enables a better and more transparent financial experience. Since 2016, Cedar has provided a smarter, more efficient way for hospitals, health systems and medical groups to manage the patient payment ecosystem and create a personalized financial experience, while also dramatically improving billing operations. To learn more, visit www.cedar.com.
Flywire Corporation is a global payments enablement and software company. Flywire combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for its clients and their customers. Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges. Flywire supports more than 2,400 clients with diverse payment methods in more than 130 currencies across 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
Chief Marketing Officer, Panda Health