Digital patient payments have garnered high market momentum and widespread industry leader activity in the revenue cycle management space — making it an industry worth prioritizing.
Clients can download the full Revenue Cycle Management For Healthcare Providers Report at the top left sidebar.
Revenue cycle operations leaders are accelerating reimbursement and improving the patient financial experience by integrating new technologies into the front, middle, and back office of operations.
Using CB Insights data, we examined tech markets across revenue cycle management for healthcare providers and ranked them across two metrics — market momentum and industry leader activity — to help companies decide where to monitor, vet, and prioritize these technologies.
Digital patient payments earned a recommendation to prioritize, based on the market’s high market momentum and industry leader activity.
Patient payment platforms bring modern digital payment options to the healthcare provider market, helping revenue cycle operations leaders modernize patient-facing collections efforts and improve patient financial experiences.
Typical functions offered within digital patient payment platforms include patient propensity-to-pay models, digital payment channels, and more.
Digital patient payments are improving the patient financial experience and increasing collection rates. Patient payment vendors are proving they are capable of delivering strong returns.
Revenue cycle operations leaders that have not yet invested in a digital patient payment platform should make this a short-term priority.
Facts & figures: digital patient payments
- Market size: The digital payments industry as a whole represents an enormous opportunity, valued at an estimated $2.5T, per CB Insights’ Industry Analyst Consensus.
- Funding: Patient payment solutions companies evaluated in this report raised $779M in 2021, setting a new record for annual funding.
- Deal size: Patient payment companies’ average deal size jumped up in 2021 to reach $71M — a 2x increase from 2020’s average figure.
- Top-funded companies: Top-funded companies in the space include MediTrust Health ($463M in disclosed equity funding), Cedar ($326M), and Flywire ($263M).
Clients can dive into digital patient payments and more in our complete MVP Technology Framework — Revenue Cycle Management For Healthcare Providers Report.