Millennia Blog Answering the Call for Financial Transparency: What Does Financial Transparency Mean for Hospitals, Physicians, and Other Healthcare Providers? MIllennia August 31, 2022 Healthcare Consumerism Is Here to Stay Self-pay cannot be ignored as a major player in a healthcare system’s financial success. Consumer contribution to overall revenue continues to grow–35% of total physician practice revenue is contributed to patients18. Healthcare providers need to treat patients like a payor. They should have the patient experience front and center when determining the next wave of technology to drive revenue growth. Patients’ out-of-pocket (OOP) expenses will continue to grow. It’s projected that patients’ OOP expenses will grow by 10% year-over-year Read More » Answering the Call for Financial Transparency: The Evolution of Healthcare MIllennia August 17, 2022 Historically, the health system has been a business-to-business payment model6. A healthcare provider’s revenue largely depended on how well it managed the flow of claims from its billing system to a payor’s (government or private) claim processing center. Until recently, payor rules, regulations, and contracts dictated the level of data transparency for billing information, not patients. Since insured patients bore a small percentage of their healthcare expenses, they weren’t overly concerned with rising costs. Unless a patient’s insurance plan denied a specific service or treatment Read More » Guide to the No Surprises Act in 2022 MIllennia August 16, 2022 Over two-thirds of adults say they worry about unexpected medical bills — and their fears are well-founded. A big portion of healthcare claims involves at least one out-of-network bill, including one in five emergency claims and one in six in-network hospitalizations. The No Surprises Act went into effect in January 2022, helping many Americans breathe a sigh of relief. It can help patients avoid hundreds if not thousands in unexpected care costs, but it does change things for providers and health plans. These organizations must change their Read More » Answering the Call for Financial Transparency: Executive Summary MIllennia August 10, 2022 Like it or not, healthcare is a business. And like any business, to survive and hopefully thrive, you must adapt to the market. Even though most healthcare facilities are non-profits 1, they still seek high operating margins that focus on maximizing revenue and reducing costs. Traditionally, a health care provider’s ability to maximize payor revenues determined its financial success. Data transparency centered on a payor’s needs, not a patient’s. For many insured patients, bills were treated as “informational only” since the cost passed between Read More » Millennia welcomes Eric Ingram as its new Chief Financial Officer MIllennia June 16, 2022 RALEIGH, NC May 1, 2022 — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of Eric Ingram as the new Chief Financial Officer. Eric comes to Millennia with more than 25 years of experience in financial leadership. He came to Millennia from the same role at Logitix, a leader in the sports and live events ticketing. Prior to Logitix, Eric served as CFO at TractManager where he played Read More » Millennia Launches Millennia Access, a Leading Patient Access and Engagement Solution MIllennia May 19, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Access, a unified patient experience platform that streamlines the scheduling, intake, registration and pre-payment process. Patients’ needs and expectations of their healthcare experience continue to rise, especially with the massive growth of digital technology and convenience. According to a study conducted by Redpoint Global, 80% of consumers said they prefer to use digital communications with their healthcare Read More » Millennia Launches Millennia Complete, the First Truly Unified Patient Experience Solution MIllennia May 16, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Complete, a new and unified patient engagement and payments platform. Millennia Complete streamlines the patient journey and is the first product that can take a patient from scheduling of their appointment through the final patient payment. The needs and expectations of patients continue to grow. Patients are looking for a simple, seamless process to engage with their Read More » Patient Engagement Best Practices. Download our Free White Paper. MIllennia March 23, 2022 Today’s effective patient billing processes combine advanced analytics and workflow automation to drive a well-planned strategy for Patient Engagement. We’ve compiled the best practices from leading providers throughout the country on how to best engage patients and support them throughout the experience, including the payment process. Click below for our free White Paper. Read More » Millennia welcomes Ankit Sharma as its new Chief Data and Analytics Officer Admin January 25, 2022 RALEIGH, NC January 25, 2022 — Millennia (the “Company”), a leader in patient payment andpatient engagement for hospitals, health systems, and medical groups, is excited to announcethe addition of Ankit Sharma to its leadership team as the Chief Data and Analytics Officer.Ankit comes to Millennia with over a decade of leadership experience in healthcare data andanalytics. Ankit most recently came from nThrive as the Vice President of Analytics & AI, wherehe led Product Strategy and Engineering and he built and scaled global data and analyticsoperations. Read More » Millennia adds top talent to its leadership team MIllennia September 2, 2021 RALEIGH, N.C., Sept. 2, 2021 /PRNewswire/ — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of several new members to its leadership team. Dave Dyell has been named the Chief Strategy Officer. With over 30 years of experience in healthcare technology, Dave joined the Company as part of the acquisition of Jellyfish Health, a company he founded in 2014. Prior to that he was the founder of iSirona, a Read More » Page1 Page2 Page3 Page4 Page5 Subscribe to Our Blog First Name Last Name Email Address Subscribe to Blog Categories Company Updates (9) Industry Insights (4) Patient Experience (2) Patient Payments (3) Press Releases (4) Revenue Cycle (1) Success Stories (4) Uncategorized (22)
Answering the Call for Financial Transparency: What Does Financial Transparency Mean for Hospitals, Physicians, and Other Healthcare Providers? MIllennia August 31, 2022 Healthcare Consumerism Is Here to Stay Self-pay cannot be ignored as a major player in a healthcare system’s financial success. Consumer contribution to overall revenue continues to grow–35% of total physician practice revenue is contributed to patients18. Healthcare providers need to treat patients like a payor. They should have the patient experience front and center when determining the next wave of technology to drive revenue growth. Patients’ out-of-pocket (OOP) expenses will continue to grow. It’s projected that patients’ OOP expenses will grow by 10% year-over-year Read More »
Answering the Call for Financial Transparency: The Evolution of Healthcare MIllennia August 17, 2022 Historically, the health system has been a business-to-business payment model6. A healthcare provider’s revenue largely depended on how well it managed the flow of claims from its billing system to a payor’s (government or private) claim processing center. Until recently, payor rules, regulations, and contracts dictated the level of data transparency for billing information, not patients. Since insured patients bore a small percentage of their healthcare expenses, they weren’t overly concerned with rising costs. Unless a patient’s insurance plan denied a specific service or treatment Read More »
Guide to the No Surprises Act in 2022 MIllennia August 16, 2022 Over two-thirds of adults say they worry about unexpected medical bills — and their fears are well-founded. A big portion of healthcare claims involves at least one out-of-network bill, including one in five emergency claims and one in six in-network hospitalizations. The No Surprises Act went into effect in January 2022, helping many Americans breathe a sigh of relief. It can help patients avoid hundreds if not thousands in unexpected care costs, but it does change things for providers and health plans. These organizations must change their Read More »
Answering the Call for Financial Transparency: Executive Summary MIllennia August 10, 2022 Like it or not, healthcare is a business. And like any business, to survive and hopefully thrive, you must adapt to the market. Even though most healthcare facilities are non-profits 1, they still seek high operating margins that focus on maximizing revenue and reducing costs. Traditionally, a health care provider’s ability to maximize payor revenues determined its financial success. Data transparency centered on a payor’s needs, not a patient’s. For many insured patients, bills were treated as “informational only” since the cost passed between Read More »
Millennia welcomes Eric Ingram as its new Chief Financial Officer MIllennia June 16, 2022 RALEIGH, NC May 1, 2022 — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of Eric Ingram as the new Chief Financial Officer. Eric comes to Millennia with more than 25 years of experience in financial leadership. He came to Millennia from the same role at Logitix, a leader in the sports and live events ticketing. Prior to Logitix, Eric served as CFO at TractManager where he played Read More »
Millennia Launches Millennia Access, a Leading Patient Access and Engagement Solution MIllennia May 19, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Access, a unified patient experience platform that streamlines the scheduling, intake, registration and pre-payment process. Patients’ needs and expectations of their healthcare experience continue to rise, especially with the massive growth of digital technology and convenience. According to a study conducted by Redpoint Global, 80% of consumers said they prefer to use digital communications with their healthcare Read More »
Millennia Launches Millennia Complete, the First Truly Unified Patient Experience Solution MIllennia May 16, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Complete, a new and unified patient engagement and payments platform. Millennia Complete streamlines the patient journey and is the first product that can take a patient from scheduling of their appointment through the final patient payment. The needs and expectations of patients continue to grow. Patients are looking for a simple, seamless process to engage with their Read More »
Patient Engagement Best Practices. Download our Free White Paper. MIllennia March 23, 2022 Today’s effective patient billing processes combine advanced analytics and workflow automation to drive a well-planned strategy for Patient Engagement. We’ve compiled the best practices from leading providers throughout the country on how to best engage patients and support them throughout the experience, including the payment process. Click below for our free White Paper. Read More »
Millennia welcomes Ankit Sharma as its new Chief Data and Analytics Officer Admin January 25, 2022 RALEIGH, NC January 25, 2022 — Millennia (the “Company”), a leader in patient payment andpatient engagement for hospitals, health systems, and medical groups, is excited to announcethe addition of Ankit Sharma to its leadership team as the Chief Data and Analytics Officer.Ankit comes to Millennia with over a decade of leadership experience in healthcare data andanalytics. Ankit most recently came from nThrive as the Vice President of Analytics & AI, wherehe led Product Strategy and Engineering and he built and scaled global data and analyticsoperations. Read More »
Millennia adds top talent to its leadership team MIllennia September 2, 2021 RALEIGH, N.C., Sept. 2, 2021 /PRNewswire/ — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of several new members to its leadership team. Dave Dyell has been named the Chief Strategy Officer. With over 30 years of experience in healthcare technology, Dave joined the Company as part of the acquisition of Jellyfish Health, a company he founded in 2014. Prior to that he was the founder of iSirona, a Read More »
