Five Ways Providers Can Maximize Integration Benefits

Earlier this summer on the InstaMed blog, we talked about payment integration; specifically, why providers should integrate and how to integrate payment into existing systems and processes. Now that we’ve covered the why and the how, let’s talk about ways to maximize the benefits of payment integration.

Integration helps providers collect more efficiently. Embedded payment functionality allows payment information to automatically populate into your existing practice management system, which streamlines your processes and minimizes staff overhead. With greater efficiency, providers have

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Use Reporting to Diagnose Your Collection Strengths and Weaknesses

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To maximize payment technologies providers must understand their receivables data to know what’s working and why. Tracking and reporting the results of new initiatives with the flexibility to adjust resources to improve performance is critical to an organization’s success.

There is no one-size-fits-all solution. Not all patients have the same needs and preferences and not all healthcare organizations see the same population of patients. To

Tagged increase collections, online payments, patient responsibility

The Payment Experience Patients Want

Less than a decade ago, there was no need for provider-patient interaction to extend beyond the patient visit. Today, patients play a critical role in the payments process, and providers must expand their relationship with their patients to include payments. Likewise, patients have a greater interest in their healthcare payments experience and expect the same kind of convenience and simplicity in paying their bills in healthcare as they have in other industries. This healthcare payments process presents new challenges and

Tagged Consumerism, healthcare payment experience, healthcare payments, increase collections, increase patient satisfaction, patient payments, patient responsibility, payment assurance

Enhance the Consumer Payment Experience: Opportunities for Payers

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

Tagged Administrative Costs, Best Practice, Consumerism, healthcare payments, increase collections

Finding Payment Assurance with Smart Big Data

Smart Big Data has the capability to transform the collection process in healthcare. By using Smart Big Data to trigger automated processes and real-time decisions at the staff level in daily operations, providers can collect patient payments efficiently, navigate the changes facing the healthcare industry – and ultimately, to thrive.

Finding Payment Assurance in the Healthcare Industry

When you stay at a hotel, are you able to check in without giving your payment card? Of course not. However, patients receive access to

Tagged Administrative Costs, Analytics, Automatic Payment Collection, Eligibility, increase collections, patient responsibility, smart big data

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 statement. And when patients are confused or uninformed, they are less likely to pay.

Faced with the challenge of collecting more patient payments, Canopy Partners, a

Tagged Affordable Care Act, Best Practice, Consumerism, Eligibility, healthcare payments, increase collections, patient estimation, patient payments, patient responsibility, payment assurance

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 patient statements process and improved these areas by applying statement best practices. As a result, Good Samaritan significantly reduced its costs to collect patient payments

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3 Essentials to Collecting More Payments

The increase in self-pay patients and rising operational costs are driving healthcare providers to seek out tools and strategies to operate more efficiently and collect more from patients. Depending on your current processes to collect, there are various changes you can make that can have a significant impact on the amount collected and the time and costs spent to collect. Below are three common process issues that billing service Medical Management Corporation of America (MMCOA) faced with its providers, and

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6 Best Practices for Patient Payment Plans

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As healthcare providers rely more on patients for revenue, many have started to use more consumer-centric strategies, like payment plans that enable patients to pay balances off over time. Improve processes for your organization and patients by adopting best practices and policies.

A Growing Demand for Payment Plans in Healthcare

The rise in high-deductible health plans and growing out-of-pocket costs is forcing consumers to bear greater

Tagged Best Practice, healthcare payments, increase collections, patient bad debt, patient payments, patient responsibility, payment assurance, payment card, payment strategies, PCI-DSS, trends in healthcare payments

How to Keep Your Provider Network Happy

For a healthcare payer’s provider network, the process to get paid has always been a challenge. The steps providers take each day, from verifying eligibility and submitting claims, to receiving and reconciling payments, are filled with manual work, paper, errors and delays. As a result, the fragmented, time-consuming and often stressful process to collect payments is adding a lot of cost pressure on providers.

New healthcare reform mandates also put pressure on providers to find ways to get paid more efficiently.

Tagged Administrative Costs, Affordable Care Act, Best Practice, Eligibility, ERA/EFT, healthcare payments, healthcare reform, increase collections, patient estimation, payer-to-provider payments, payers, payment assurance, payment strategies, private cloud, providers, reconciliation, remittance

Blog Post Topic: increase collections