To Read:
InstaMed’s Tenth Annual Report Finds High Consumer Demand for Digitization in Healthcare Payments
InstaMed (@InstaMed), a J.P. Morgan company, recently released the 10th edition of the Trends in Healthcare Payments Annual Report. The report highlights trends from all major industry stakeholders: consumers, providers and payers. The trends reveal that high percentages of the stakeholders, especially consumers, are looking for a digital healthcare payments experience. The impact of COVID-19 and long-term precautions around human and manual interactions stand to increase the demand for digitization. Join InstaMed for a webinar featuring key trends from this year’s report with Deirdre Ruttle, Chief Marketing Officer at InstaMed and Jeff Lin, Head of Product at InstaMed and host of Payment Matters. Register for the Webinar.
AHIP and HFMA Work Together to Offer Billing Guidance for COVID-19 Inpatient Services at Alternate Care Sites
No one should hesitate to seek testing or treatment for COVID-19 because of concerns about costs. Hospitals, health systems and health insurance providers are working together in that shared commitment. As part of that ongoing partnership, America’s Health Insurance Plans (@ahipcoverage) and the Healthcare Financial Management Association (@hfmaorg) have come together to offer voluntary guidance for how care providers should code and bill COVID-19 care delivered in alternate inpatient settings. By adopting these coding practices, health systems and health insurance providers alike can improve the speed and accuracy of payment as well as reduce administrative burden, turning more resources to caring for patients.
Financial News:
CVS Health reports first quarter results, provides update on COVID-19 response
CVS Health Corporation (@cvshealth) announced operating results for the three months ended March 31, 2020.
Cigna and Banner Health Reach Long-Term Agreement to Keep Quality Care Affordable
Cigna (@cigna) and Banner Health have reached a long-term agreement that ensures Cigna customers will have access to quality care at Banner hospitals at predictable, affordable rates.
UnitedHealth Group Reports First Quarter Results
During the first quarter of 2020, UnitedHealth Group (@UnitedHealthGrp) responded to the COVID-19 global health crisis, rapidly redirecting its business efforts to provide a broad range of critical support to patients, customers, care providers and communities, while maintaining full employment for its team members.
Humana Reports First Quarter 2020 Financial Results Including Proactive Actions Taken During Pandemic
Humana Inc. (@humana) moved quickly during the first quarter of 2020 to ease some of the burden associated with the outbreak of the novel coronavirus, COVID-19, including assisting its employees to transition to work at home, alleviating financial and healthcare concerns for members, and supporting providers. The company has taken several proactive steps to be a part of the solution, including waiving costs associated with the diagnostic testing and treatment of COVID-19, expanding access to telehealth services, and simplifying and expediting claims processing for providers to promote the speed of reimbursement payments. The net financial impact of COVID-19 was not material to Humana’s results of operations during the first quarter of 2020.
COVID-19 News:
UnitedHealth Group Provides Over $1.5 Billion of Additional Support in Response to Covid-19 Challenges
UnitedHealth Group (NYSE: UNH) is taking additional action to directly support people affected by the COVID-19 pandemic by providing over $1.5 billion of additional support for its customers. These measures build upon the company’s ongoing efforts to address COVID-19 challenges by expanding coverage, supporting the health care system, protecting the health care work force and assisting those most affected by the pandemic.
Humana Foundation Commits $50M to Coronavirus Relief and Recovery Efforts
The Humana Foundation, philanthropic arm of Humana Inc., announced it will deploy $50 million in immediate short-term and long-term relief and partner with national and community service organizations to help those disproportionately impacted by the COVID-19 health crisis. The commitment, the largest in the Foundation’s 38-year history, will be split between organizations that support essential workers, food security, behavioral health and community-based organizations (CBO).
NAMI partners with Anthem to show “You are Not Alone” during National Mental Health Month
NAMI, the National Alliance on Mental Illness, is launching the “You are Not Alone” awareness campaign for Mental Health Month during May in partnership with Anthem, Inc. (@AnthemInc) NAMI’s national campaign focuses on the power of connection during a time that, with the COVID-19 pandemic, many Americans are struggling with the effects of physical distancing, including social isolation, depression, and anxiety.
Cigna Takes Action to Protect it’s Customers from COVID-19 Surprise Bills
Cigna is launching its new COVID-19 Customer Protection Program to further safeguard its customers from unexpected costs for COVID-19 care through “surprise” or “balance” bills from out-of-network health care providers.