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Missing Out on Front Office Payments? Tips for Hospitals
Unpaid patient payments are cutting revenue for hospitals across the country, as shown in this recent article about a large hospital chain with lower-than-expected earnings. According to the Trends in Healthcare Payments Annual Report: 2012, the rapid growth of patient responsibility is creating a need for improved patient collection processes for hospitals.
Aspen Valley Hospital, based… Read More
Communication: The Key to Collecting More
With the increase in consumer-directed healthcare, patient payments are becoming a more important part of healthcare provider revenue. However, as consumers, patients are accustomed to having a clear understanding of the amount owed prior to making a purchase. Too often in the healthcare industry, patients are clueless about their payment responsibility until they receive a… Read More
Posted On: May 7, 2013 | Tags: Affordable Care Act, best practice, case study, consumerism, eligibility, healthcare payments, increase collections, patient engagement model, patient estimation, patient payments, patient responsibility, payment assurance | Leave a CommentInteroperability: Beyond the Clinical Side of Healthcare
Growing need for interoperability
Healthcare reform is driving a greater need for efficiency, resulting in the formation of Accountable Care Organizations (ACOs) and provider consolidation. As provider organizations using different systems work together, there is a much greater need to integrate heterogeneous environments to achieve system interoperability. However, healthcare information is often not easily exchanged among… Read More
Latest Trends Shaping the Healthcare Payments Industry
The U.S. healthcare payments market is growing and changing rapidly – in fact, it is estimated to have reached $2.7 trillion as a total of payer and patient payments (IDC Health Insights). The fast evolving healthcare payments industry is impacting the way both payers and providers do business.
This week, the 2012 Trends in Healthcare Payments… Read More
Applying Consumer Payment Best Practices to Healthcare
In a recent post, we stated that increasing patient payments is the top reason for providers to accept online payments. Yet, simply offering an online payment option may not be enough to get your patients to pay.
As consumers, patients have high expectations of the online payment process that have been set by other industries, including… Read More
Transforming Patient Statements: A Hospital’s Best Practices
While patient statements are an essential part of the patient payments process, statements can significantly add to the administrative time and costs to collect. When considering administrative improvements, Good Samaritan Hospital realized that many of its inefficiencies existed in the patient statements process. Below is an outline of how Good Samaritan identified issues in its… Read More
Posted On: February 25, 2013 | Tags: administrative costs, best practice, case study, healthcare payments, increase collections, patient payments, patient statements, providers | Leave a CommentCAQH and InstaMed Webinar Series: Upcoming Mandates – Models to Deliver EFT/ERA
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The second set of ACA-mandated operating rules for Electronic Funds Transfer (EFT) and Electronic Remittance Advice (ERA) transactions become effective January 1, 2014. With less than 12 months to the compliance date, it is important that HIPAA-covered entities begin their… Read More
Key Considerations for Achieving ERA/EFT
On January 1, 2014, all payers will be required to support electronic funds transfer (EFT) and electronic remittance advice (ERA). When evaluating how to achieve ERA/EFT, one of the first decisions a payer will need to make is to “build or buy” – whether to use internal resources to build ERA/EFT capability or to work… Read More
Posted On: January 28, 2013 | Tags: administrative costs, Affordable Care Act, best practice, CAQH, compliance, CORE, EFT, ERA, healthcare payments, healthcare reform, payer-to-provider payments | Leave a CommentMaintaining Secure Healthcare and Financial Information: An Industry Standard for Accreditation
Bill Marvin, President and CEO of InstaMed, and Lee Barrett, Executive Director, EHNAC (Electronic Healthcare Network Accreditation Commission), discuss financial accreditation.
What is the Financial Services Accreditation Program?
Our Financial Services Accreditation Program (FSAP) ensures that organizations follow HIPAA security rules and support ASC X12N 835 electronic remittance advice transactions. It also requires that organizations meet a range of criteria applicable… Read More
10 Questions to Ask Your Cloud Vendor
Physician practices are beginning to see the value of transitioning their businesses, or parts of their businesses, to the cloud in order to reduce costs. While moving to the cloud greatly enhances the way practices use data and conduct business, it also presents new risks.
For instance, what if your practice were to lose access to data… Read More
About This Blog
InstaMed’s Healthcare Payments Blog features insight into the healthcare payments landscape through trends, news, white papers, best practices, technology and the latest data on the InstaMed Network.
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News and Events
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InstaMed Completes Inside Funding to Support Network Growth
May 6, 2013 -
The InstaMed Healthcare Payments Account Revolutionizes the Way Providers Get Paid
April 23, 2013 -
Case Study: Estimating Patient Responsibility to Collect More
April 9, 2013