Huntington Bancshares, an established financial institution, has teamed up with Veuu, a specialist in health care financial technology.
This strategic partnership will fuse Huntington’s profound health care banking insights with Veuu’s cutting-edge artificial intelligence capabilities, according to a report from The Business Journal. The shared goal is to devise innovative solutions that address the chronic revenue challenges plaguing the health care sector.
A myriad of issues are currently burdening the health care industry, including protracted accounts receivable, escalating denials, soaring labour costs, expensive administrative functions, and the looming threat of compliance risks. The partnership is rooted in a desire to alleviate these operational and financial obstacles faced by health care providers, payors, and, ultimately, patients.
Huntington’s senior managing director of health care banking, Dan Storer, commented on the pressing need for these solutions. He pointed out that health care practitioners and institutions have long communicated their struggles with revenue cycles and the constraints on working capital financing.
Storer noted, “No single stakeholder in health care can solve the downstream consequences like claim denials and expensive financing options – not the providers, payors, government, technology companies or financial institutions. These digital innovations require collaboration and strong partnership, and our relationship with Veuu strategically positions us to be able to tackle many of these challenges.”
The financing initiative that backed this partnership was orchestrated by Huntington Corporate Ventures. This dedicated internal team is tasked with fostering and realising partnerships, investments, and novel ventures that propel the trajectory of Huntington’s business divisions forward.
Terence Mills, CEO of Veuu, echoed similar sentiments, “In collaboration with Huntington, we seek to provide a compelling future state through AI technology for some of the costliest problems in health care. With the size and depth of the problems growing, the right partnership is vital for acceptance and adoption in an otherwise complex industry. Huntington’s commitment and proven track record in health care banking make them the ideal strategic partner for Veuu.”
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