Shrinking the Healthcare Procedure-to-Payment Gap

August 20, 2024

In healthcare, it’s the norm for there to be a three-month gap between providing a service and getting paid for it. Why is healthcare one of the only industries where this kind of lag exists between when a service is provided and when a provider gets paid for it? Shouldn’t there be a better way for all parties involved?

Our guest on this episode of The Innovation Engine podcast, Zachary Kelly, joins 3Pillar healthcare industry lead Steve Rowe to discuss how FinTech innovations can help physicians and private healthcare practices close that gap and get a closer look at their financial health.

Zach is the Head of Growth for Chello, a credit line product from Oriental Bank that serves small to midsize healthcare businesses. He explains how their market research showed that healthcare SMBs were facing two main pain points: not having a clear picture of their cash flow, and trouble getting timely access to lines of credit.

Chello aims to speed up the time from making a claim to getting paid and offer smarter insights on when and why practices may need to access funding. By leveraging data from claims and payments, Chello provides more efficient underwriting and a unique approach to healthcare finance. Zach and Steve also discuss how Chello is bringing the robust use of APIs over from the financial world and integrating it into the healthcare ecosystem.

If you currently run a healthcare SMB or hope to one day start an independent practice, this episode will get you excited about the brighter future ahead.