Making Financial Assistance Programs Easy & Uncovering Hidden Revenue by Leveraging Technology with Nick McLaughlin - Founder of Breez Health
Making Financial Assistance Programs Easy & UncoveringHidden Revenue by Leveraging Technology with Nick McLaughlin - Founder of Breez Health
In this episode, Nick McLaughlin, Founder and CEO of BreezHealth, shares insights on revolutionizing healthcare financial assistance programs with technology, simplifying patient experience, and preparing for upcoming regulatory changes. If you're involved in hospital revenue cycles orpatient access, these strategies could transform your approach.
In this episode:
* The mission of Breez Health tomake healthcare financial assistance easy for patients and providers
* Challenges with traditionalfinancial assistance workflows and how digitization improves patient engagement
* Key components of an effectivefinancial assistance program: clear policies, simple online applications, andproactive communication
* Impact of federal regulations like501R and state-specific requirements on hospital compliance
* Strategies for leveragingtechnology and automation to reduce labor and increase efficiency
* Preparing for regulatory shiftssuch as the One Big Beautiful Bill Act and increased Medicaid redeterminations
* The importance of promotingfinancial assistance to underinsured populations to enhance community benefits
* The role of structured,rules-based data processing versus AI in current solutions
* The ROI of effective financialassistance programs: improved patient experience, reduced audit risk, andlifetime patient value
* Practical advice for healthsystems to streamline processes and prioritize patient-centric care
Timestamps:
00:00 - Introduction
01:00 – Vendor Voices Snapshot Challenge
06:23 - Founder Nick McLaughlin's background and motivation for starting Breez
08:03 - The importance of creating simple, effective policies and applicationsfor financial assistance
11:06 - Best practices for effective financial assistance programs and patientcommunication
15:00 - Explanation of federal regulation 501R and its implications
16:42 - Simplifying financial assistance programs amidst complex regulations
18:15 - Finding the balance in income verification documents and streamliningeligibility assessments
19:29 - Addressing backlog issues and improving application screening processes
21:04 - Impact of regulatory press and the importance of promoting financialassistance
22:21 - Challenges in hospital financial assistance programs: balancing the auditorapproach with the advocate approach
24:26 - Building trust and connecting with patients' needs through advocacy
25:41 - Navigating future regulatory changes, including the One Big BeautifulBill Act (OBBBA)
26:16 - How technology can help manage increased volume of Medicaidredeterminations and coverage churn
28:24 - The critical role of automation amid staffing shortages and risingworkload
30:00 - Breez's use of rules-based logic over AI and the potential forstructured data processing
31:36 - ROI for hospitals: community benefit, reduced audit risk, and lifetimepatient value
36:14 - Final advice: focus on promoting financial assistance proactively andcaring for underinsured patients
37:54 - Summing up: the importance of simplicity, communication, and compassionin financial assistance programs
The episode was brought to you by: Real Partners Consulting [https://realpartnersconsulting.com/]
Connect with Ryan Downs: https://www.linkedin.com/in/ryanpdowns/ [https://www.linkedin.com/in/ryanpdowns/]
Connect with Nick McLaughlin: https://www.linkedin.com/in/nick-mclaughlin-fhfma/ [https://www.linkedin.com/in/nick-mclaughlin-fhfma/]
Show Note:
If you’d like to suggest a specific topic or guest, feelfree to reach out to me on LinkedIn or email at rdowns@realpartnersconsulting.com.
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