Longitude Health Initiative to Focus on Patient Financial Experience
Longitude Health has named Jim Lester as chief executive officer of Longitude FX, an initiative focused on reshaping the patient financial experience. The new initiative will seek to tackle the complex billing challenges faced by patients and healthcare providers, striving to create a seamless and transparent financial experience.
In October, four large nonprofit health systems — Baylor Scott & White Health, Memorial Hermann Health System, Novant Health and Providence — announced the formation of Longitude Health with the goal of enhancing core operational functions and transforming health system performance.
In its first strategic move, Longitude Health hired Jigar Thakkar, Pharm.D., M.B.A., as the CEO of Longitude Rx, a specialty pharmacy initiative. The goal is to improve patient access and adherence to specialty medications by providing solutions that support health systems in managing their specialty pharmacies.
Craig Samitt, M.D., is heading up Longitude PHM (population health management), which will focus on optimizing care delivery for Medicare Advantage, Medicare Shared Savings Program, and other ACO beneficiaries.
Most recently, Lester was the president and chief operating officer at BitPay, a PE-backed blockchain payment company. Longitude FX, “FX” for financial experience, is dedicated to improving the financial landscape for both patients and providers through enhanced transparency, streamlined billing, increased accessibility and reduced friction.
Founding CEO of Longitude Health, Paul Mango, passed away recently. Brett Moraski, the company’s chief financial officer, has stepped in as interim CEO.
“Longitude FX is a direct response to one of the most challenging processes in healthcare today,” said Moraski in a statement. “The financial experience is often frustrating for patients and providers alike. Our Longitude Health members have identified this initiative as a top priority and we are committed to developing innovative solutions that leverage next-generation capabilities to address the issue. With Jim Lester’s extensive experience in both healthcare and fintech and his proven track record in driving growth and transformation, we are confident he is the right leader to fundamentally enhance the financial experience.”
Longitude FX will focus on developing core solutions that promote:
• Enhanced transparency: Patients receive clear and timely guidance on their financial responsibilities, alleviating confusion and frustration.
• Proactive engagement: Patients receive financial estimates before appointments, and follow-up support post-discharge to clarify any remaining balances, ensuring they navigate their financial obligations with confidence.
• Streamlined billing: A centralized platform empowers patients to easily access their bills, simplifying payment management and understand costs.
• Increased accessibility: Innovative financing options are available to support patients in effectively managing their financial obligations.
• Friction reduction: Simplified payment processes enhance overall patient satisfaction and improve the financial experience.
For healthcare providers, Longitude FX seeks to deliver:
• Improved patient satisfaction: Enhanced overall patient experience to foster loyalty and trust.
• Operational efficiency: Streamlined internal processes reduce costs while enhancing the effectiveness of patient-focused revenue cycle management.
• Increase patient payment options: Improved collection of balances after insurance payments by providing patients with an array of payment options.
“We aspire to create a future where healthcare customers are empowered with a seamless financial experience for their healthcare, which means better cost transparency, a seamless billing and payment process, and easily accessible financial resources,” said Lester in a statement. “I look forward to working closely with our members who are leading health systems to realize this vision and bring solutions that reduce confusion for customers, minimize administrative burdens for providers, and ultimately enhance overall satisfaction in healthcare. Rising consumerism and increased expectations for seamless digital experiences will require health systems to reinvent their customer journey, and we will help make this vision a reality.”
