The end-to-end healthcare payments process involves countless transactions among multiple players across various touch points. A healthcare payments network connects the entire industry to simplify the end-to-end process all in one place – saving providers, payers and patients time and money.
View the infographic below to learn how a network simplifies the healthcare payments process.
Consumer payment channels are expanding rapidly with new technology, allowing consumers to pay virtually anywhere, from any device and in any way they choose. With the expansion of payment channels comes greater risks to the consumers and to the merchants who accept the payments. Payment security also continues to innovate, giving merchants new tools to protect cardholder data, prevent fraud and also protect their businesses from the risk of a data breach. As healthcare organizations evolve to accept more payment…
The healthcare payments industry is changing rapidly due to consumerism and regulatory mandates. InstaMed released the fourth annual Trends in Healthcare Payments Report showcasing data based on billions of healthcare payment transactions and surveys of thousands of providers, payers and consumers nationwide. Here are the highlights:
Premium. Deductible. Coinsurance. Co-payment. As a consumer of healthcare, can you accurately define these healthcare terms? If the answer is “no,” you are not alone.
According to a Philly.com article, Insurer finds need to educate public about terms, an overwhelming majority of consumers are struggling to understand these healthcare terms. In the article, one consumer is quoted as saying, “Nobody understands healthcare.” This confusion will only increase with the millions of consumers enrolling in health plans through public and private exchanges…
Virtual payments are an emerging payment method for payers to send payments to providers using the card networks. These payments are more commonly known as “virtual cards,” since the recipient can process them just like a credit card.
Thirty-seven percent of providers indicated that they received virtual payments from some payers.
This statistic accurately demonstrates what many providers are currently experiencing: Virtual payments are increasingly leveraged by payers as an alternative to mailing paper checks. While many believe that virtual payments are…
Recent healthcare news announcements indicate that another major clearinghouse has disappeared. This is a trend that started a few years ago and will continue. In fact, of the top clearinghouses from five years ago, only a portion are still in business, some of which are in the process of exiting the business through strategic sales by their equity investors.
Why are clearinghouses disappearing?
One of the major factors contributing to the disappearance of clearinghouses is the fact that most clearinghouses are…