Practical AI Deployments can Enable Health Payers to Improve Efficiencies, Cut Costs, and Improve Stakeholder Experiences

This is the second consecutive year the company has been included in the index

Mumbai, 8 February, 2023 – Firstsource Solutions Limited (NSE: FSL, BSE:532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, today announced its inclusion in the Bloomberg Gender-Equality Index (GEI) for the second successive year.

A new generation of health insurers has appeared in recent years, gradually gaining momentum in key markets in part by claiming to offer a more modern, digital consumer experience.

There’s a famous scene in The Godfather when Sonny Corleone laughs off brother Michael’s outlandish idea to single-handedly take out a rival mob boss and a corrupt cop, calling it a personal vendetta. “It’s not personal, Sonny,” the future Don replies. “It’s strictly business.”

Many debt collectors probably feel the same way about targeting debtors on social media, which they are now allowed to do. For them, it’s just business. But for consumers, it will definitely feel personal—which is just one reason why financial institutions should tread very cautiously in this arena.

There are several harmful myths surrounding debt. Some think the borrower is at fault, others that it has some bearing on your character. But sometimes circumstances are beyond our control. Bills skyrocket, the car breaks down at the absolute worst moment, or any number of other unexpected life expenses crop up.

The upstart Buy Now, Pay Later (BNPL) industry will have to learn some hard lessons and soon, thanks to massive growth and sudden CFPB scrutiny, but the credit, recovery, and collections industry can learn a few things from BNPL, too, argues Tim Smith, SVP of Business Development at Firstsource Solutions.

It’s not hard to understand why the BNPL services have become one the hottest trends in the credit world. Nor is it hard to understand why the BNPL market is experiencing growing pains.

Mobile banking is now the norm. Over 90% of the British public reported using online banking services in 2022 – across traditional and digital-only banks. No surprise that digital wallets, mobile banking apps and personalised FinTech solutions are seeing high investment and growth.

When it comes to patient financial engagement, traditional models are like the hare from “The Tortoise and the Hare”: racing off the starting line, hitting the phones hard and pushing for a customer response.

But as Aesop’s fable shows, it takes more than speed to produce the desired result. Today, self-service models—driven largely by digital tools and communications—offer a “work smarter, not harder” approach that boosts engagement while reducing total cost to collect.

Addressing gender equality is essential for a healthy workplace. Governments and businesses can both play a greater role in breaking down gender injustice through policies and initiatives to drive equality.

The safety net that rural hospitals provide stretched closer to breaking during COVID-19, with 453 hospitals now at risk of closure, a recent survey found. For rural revenue cycle teams, exploring new approaches to financial engagement—including digitally—in light of revenue pressures and staffing shortages is one essential tactic for survival.