Unlocking Financial Success — Introducing Cybersettle’s FinTech GenAI Solution for Healthcare Providers

Hospitals have invested millions in Revenue Cycle Management systems to enhance their financial management through improved billing processes. However, the ROI on these investments is starting to plateau. As a result, hospitals are limited to options like endless billing cycles, traditional receivables financing, or resorting to third-party debt collection agencies to alleviate financial stress.

At Cybersettle, we understand the challenges healthcare providers face in today’s post-COVID environment. Hospitals and health systems of all sizes are faced with various pressures, including regulatory scrutiny, escalating operating costs, shifting payor dynamics, and evolving expectations from patients, physicians, and employees. The 2021 No Surprises Act passed by Congress has presented a significant hurdle for hospitals: mounting patient receivables, or unpaid bills.

This issue puts immense pressure on a health system’s cash flow and financial health, leaving CFOs, treasury management professionals, and revenue cycle management leaders in a difficult position. The legislation restricts their ability to report unpaid patient bills to consumer credit agencies for a period of 12 months. Resorting to traditional debt collection methods not only leads to value leakage for hospitals, in the form of fees and lost revenue but also poses a significant brand risk with the potential for affected patients to use social media platforms to portray the health system negatively.

Enter Cybersettle, an innovative GenAI-augmented FinTech solution designed to revolutionize how healthcare providers improve treasury management while offering a new and much-needed patient-sensitive experience in addressing the cost of medical care. Just like hospitals have integrated digital payment systems such as ACH and credit card processing into their revenue cycle management processes, Cybersettle’s fintech solution enables hospitals to offer a streamlined digital financial negotiation and settlement capability to resolve aged patient receivables.

By incorporating Cybersettle’s technology into their treasury and billing systems, hospitals can now offer patients a new, secure, and confidential process to negotiate financial settlements against their obligations. For example, Cybersettle can be introduced as a standard “91st-day” option within a hospital’s billing cycle, enabling patients and hospitals to negotiate a financial settlement rather than defaulting to traditional receivables resolution processes.

Beyond addressing immediate financial concerns, Cybersettle’s solutions also prioritize the patient’s experience. By streamlining financial processes and providing transparent communication, we foster trust and patient satisfaction, ultimately enhancing brand reputation and community trust.

With Cybersettle’s unique implementation of double-blind negotiation, our proprietary algorithmic engine utilizes each party’s negotiation strategies and inputs to enable a mutually acceptable financial settlement without revealing it to the other party. Leveraging advanced generative AI capabilities, Cybersettle assists each party in refining and optimizing their negotiation and offers strategies to achieve successful resolutions. Acting as a virtual assistant, Cybersettle’s GenAI leverages advanced algorithms to provide personalized guidance, refining negotiation approaches and increasing the likelihood of successful settlements. With proprietary data from thousands of negotiations, coupled with insightful third-party data, Cybersettle’s GenAI augmented fintech solution empowers healthcare providers to enhance their financial stability as part of their revenue cycle management process.

Cybersettle addresses key pain points for hospital CFOs and/or Revenue Cycle Management leaders:

• Reduces Value Leakage: By reducing aged patient receivables, lowering costs to resolve outstanding patient receivables, and reducing write-offs, healthcare providers can minimize value leakage, improve cash flow, and enhance their bottom line.
• Lowers Resolution Costs: Cybersettle’s technology license fees are a fraction of what hospitals pay for receivables financing and/or debt collection services.
• Enhanced Patient Experience: By facilitating efficient and transparent financial processes, Cybersettle contributes to a better patient experience, fostering trust and satisfaction.
• Brand Protection: Recognizing the importance of safeguarding brand image, Cybersettle’s solutions are designed to protect and enhance the reputation of healthcare providers by reducing their reliance on 3rd party debt collection services.

Looking ahead, Cybersettle advocates for broader adoption of innovative fintech solutions within the healthcare industry. Recognizing the transformative potential of these technologies, we aim to empower healthcare providers with the tools they need to succeed in an increasingly digital landscape. With simple and effective digital tools like Cybersettle, healthcare organizations can navigate post-COVID financial challenges confidently, achieving greater efficiency, accuracy, and success in managing their financial operations.

As a fintech leader, Cybersettle is committed to innovating and evolving to meet the needs of healthcare providers. By adapting our cutting-edge technology to address critical industry challenges, we empower healthcare organizations to thrive financially in today’s dynamic landscape and beyond.

Author Bio:

Vinodh Swaminathan, President and CEO, Cybersettle

As Cybersettle’s President & CEO, Vinodh Swaminathan leverages his extensive executive experience from Fortune 500 companies like KPMG and IBM. With a remarkable track record, he spearheads the company’s strategic vision, driving growth and innovation in the fintech sector. Under Vinodh’s leadership, Cybersettle spearheads the transformation of financial negotiation and settlement technologies, empowering healthcare providers to excel in managing their financial operations.