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…
How often has this scenario occurred at your healthcare organization?
A statement is printed and mailed to a patient for the amount owed. A month passes without receiving a payment. Your staff contacts the patient and learns that the patient never received the statement.
Another statement is sent and another month passes – still, no payment. Your staff follows up again, and learns the patient forgot to pay.
Another statement is sent and another month passes. Finally, after multiple months and multiple statements,…
A decade ago, the consumer’s role in the healthcare decision-making process was drastically different. Payers and employers managed virtually all of the health benefit decisions for consumers. Consumers were presented with one or two choices for a benefits package, visited the providers in their network and paid a minimal copay, if anything at all. Payment associated with healthcare services generally was not a focal point for consumers.
In recent years, the payment responsibility has shifted (and continues to shift) to the…