Collateral Velocity, FinTech providing low-cost liquidity for healthcare organisations partnered with PMMC, financial firm for healthcare businesses.
The partnership between Collateral Velocity and PMMC will enable both firms to offer advanced revenue cycle solutions with a healthcare finance platform that provides claims payment certainty with the aim to maximise reimbursements.
Commenting on the collaboration, Collateral Velocity chief operating officer Chris Langley said, “The collaboration with PMMC accelerates our provider payment funding capabilities as hospitals transition from traditional ‘heads in beds’ business models and furthers our mission to improve financial outcomes so health care organisations have more resources to devote to patient care.”
PMMC president Robby Shaul said the move was to add value to the platform’s revenue cycle and contract management offerings that help hospitals make bundled and managed payments more certain. “National payers make approximately 13,000 policy changes a year each, making it more difficult than ever for providers to achieve payment certainty in the payer arena,” he said.
Shaul added, “Providers have a foot in two canoes, with a significant portion of business tied to the old way of getting paid and the rest attached to new, value or bundled payment models. Fee-for-service success hinges on healthcare CFOs understanding past performance to maximize revenue whereas value-based care requires a more forward-looking, strategic mindset to get paid.”
PMMC which provides software and services that enables better financial performance for more than 450 hospitals and health systems, also helps its clients predict and manage bundled and other claim contract payments.
The FinTech firm also closed an investment round which will be used to expand the Collateral Velocity platform so it can support the healthcare spend and enable hospitals and health systems to better address the financial uncertainties of various reimbursement practices by health plans and employers.
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