London, UK | November 14th, 2024 – CF2H today announced the launch of a new accelerated payment platform designed to help private medical practitioners get paid faster, providing a much-needed solution to the chronic issue of late payments caused by the operational inefficiencies of billing providers.
The Real Problem: Billing Bottlenecks, Not Insurers
While insurers are often blamed for delayed payments, the real issue stems from the complexity and sheer volume of invoices that overwhelm billing companies, which often serve as intermediaries between doctors and insurers. These firms, a critical part of the payment chain that are rarely called out as the culprit behind late payments, rely heavily on manual labour and outdated legacy systems, creating a backlog that slows down the payment process. The lack of investment in modern technology is compounded by the fact that billing companies cannot simply switch off their existing processes to overhaul their systems, as their services are relied upon 24/7. This inability to modernise while maintaining operations further exacerbates delays, making it difficult for them to keep up with the demands of today’s digital age.
Unfortunately, bypassing billing companies and working directly with insurers is an unrealistic alternative to tackling the problem since most medical practices lack the resources or in-house expertise to manage the billing process themselves. Hiring additional staff to handle billing would not only increase operational costs but also create new administrative burdens, making the process even more challenging.
A Tech-Driven Solution for Streamlined Billing From CF2H
CF2H offers a cutting-edge platform that delivers accelerated same-day payments, and automates the entire billing lifecycle, helping private medical practitioners process invoices more efficiently and significantly reducing delays. The platform simplifies the interaction between insurers and billing companies, allowing invoices to be processed and settled faster, often within 24 hours, and in many cases the same day.
With CF2H, medical professionals no longer need to worry about chasing invoices, managing billing intricacies, or dealing with insurer follow-ups. The platform ensures that claims are submitted accurately, which in turn enables insurers to make payments on time.
Key Features of CF2H:
- Quick Turnaround for Payments: Unlike traditional billing companies, CF2H payments can offer speedy same-day payments from the moment of invoicing if all data is inputted , ensuring financial stability for medical practitioners.
- Automated Billing Process: CF2H’s platform automates the entire billing workflow, from handling complex insurance claims to managing shortfalls and overdue payments. This reduces human error and speeds up the process significantly.
- Seamless Insurer Management: By ensuring all billing information is correct and submitted promptly, CF2H helps eliminate delays from insurers. The platform simplifies insurer interactions and ensures smooth, timely payments.
- Cost-Effective Solution for Practitioners: CF2H eliminates the need for medical practitioners to hire additional staff to manage billing, offering a comprehensive solution that saves both time and money.
“Late payments are really an inside job committed by the billing companies that are entrusted to engage with insurers and process invoices quickly,” says Juliet Bentley, CEO of CF2H. “Insurers can settle invoices reasonably quickly if the information is accurate and all the paperwork is in order. The real delays stem from overwhelmed billing firms still relying on manual processes or outdated technology that don’t meet the requirements of today’s private healthcare professionals. That’s where CF2H steps in – by providing the opportunity for same-day invoice payments, building our system from the ground up, and collaborating with the best innovators in the country, we’ve invested in the creation of a backend technology that streamlines the billing process, eliminating inefficiencies, and ensuring faster payments. This allows medical practitioners to focus on what really matters—caring for their patients.”
