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…
Guest Blogger: Mark Krapels, Chief Operating Officer and Compliance Officer, InstaMed
Recent reports of large-scale data breaches across all industries are distressing to me as the compliance officer for a large organization in the healthcare and financial industries. In light of these data breaches, please consider for a moment the enormous amount of sensitive healthcare and payment data processed every day among multiple players and across various touch points (e.g., provider offices, patient portals, third-party billers and payers). With over one…
A previous post detailed the latest trends in healthcare payments impacting how providers do business and best practices for providers to meet those challenges. However, the latest trends in healthcare payments present unique challenges for payers, which they must adequately prepare for – or risk consumer dissatisfaction and lost revenue.
Data from the 2013 Trends in Healthcare Payments Annual Report demonstrates that healthcare payments industry is evolving and outlines how payers can manage these changes. In particular, healthcare consumerism and provider…
The healthcare payments industry is growing at a rapid pace; however, 25 to 40 cents of every healthcare dollar are spent on administrative costs. These costs are only poised to increase as changes due to reform and consumerism continue to reshape the industry – impacting the way many providers do business.
Data from the 2013 Trends in Healthcare Payments Annual Report confirms that the healthcare payments industry is evolving and outlines how providers can manage these changes. In particular, growth in…