The InstaMed User Conference 2017 attracts industry thought-leaders who are passionate about simplifying healthcare payments. When so many providers, payers and partners come together in one place, they bring lots of different perspectives and opinions. Here are five kinds of people you might meet at the InstaMed User Conference 2017.
- The Consumer-Centric Payer
With the uncertainty of what a new administration means for the healthcare industry, the Consumer-Centric Payer is sure of one thing: the consumer experience will continue to be key. This philosophy applies to employers who are looking to select plans that best benefit their employees, as well as individuals who are picking and choosing their health plans according to their own preferences. Payers have to keep the consumer experience top of mind to continue to be relevant and competitive in the eyes of their members and employer groups.
According to the Consumer-Centric Payer, the best way to deliver an excellent member experience is to stop talking “healthcare language” and start making healthcare payments simple and convenient. This means making premium payments more like other monthly bills that their members are already accustomed to paying by letting members pay premiums online and set up automated recurring payments for convenience and peace of mind.
- The “Integrate and Save” Revenue Cycle Manager
Recent trends in the industry show an increase in mergers and acquisitions among healthcare organizations. When M&As occur, many decisions need to be made about how to bring the standalone systems of each organization together to talk to each other and function efficiently. The “Integrate and Save” Revenue Cycle Manager knows that the best option is to eliminate multiple, ineffective systems and choose vendors who can easily integrate into the existing systems. As a result, healthcare organizations eliminate multiple contracts and multiple fees, which saves money. Integrated systems also streamline operations and create efficiencies that can save time and even more money.
- The Security and Compliance Watchdog
The Security and Compliance Watchdog is paying close attention to recent headlines, and doesn’t like what they’re reading. Major healthcare organizations continue to make the news for being victims of the latest major security breach. In fact, 2016 saw on average one data breach a day, affecting more than 27 million patient records. The Security and Compliance Watchdog is committed to keeping their healthcare organization from being the latest data breach headline. They are on the cutting edge of payment security in healthcare and know that their organization must continue to monitor and improve their own security program to prevent any and all potential risks. To do this, healthcare organizations can work with vendors who are committed to maintaining the highest levels of security and compliance. They can also implement the most advanced payment security technologies, including point-to-point encryption (P2PE) and tokenization. Keeping a keen eye on security protects healthcare organizations from the financial and reputational risks of a breach, and protects consumers from suffering the negative effects of having their sensitive information stolen.
- The Paperless Payments Pioneer
Paper is wasteful, inefficient, slow and there is simply too much of it in healthcare. The Paperless Payments Pioneer knows that healthcare needs to fix its “too-much-paper” problem, but also knows that this won’t happen overnight. The healthcare industry needs to continue to improve on the progress it has made so far transitioning away from paper. For example, thanks to the January 2014 mandate, all payers are required to claim payments and remittance advice electronically via ERA and EFT. However, provider adoption of electronic transactions has been slow, and three years after the mandate adoption still only hovers just above 50 percent. The Paperless Payments Pioneer wants to spread the word about the benefits of ERA/EFT: faster payments, easy and convenient posting and reconciliation, and more secure payments.
- The Patient-Friendly Payments Provider
Healthcare payments are confusing. In fact, 76 percent of consumers report that they are confused by their healthcare bills. The Patient-Friendly Payments Provider wants to make the healthcare payments process more consumer-friendly. This means looking at healthcare payments like the convenient payment experiences delivered by consumer-centric companies like Amazon and Uber. The Patient-Friendly Payments Provider believes in giving patients simple and easy-to-read statements, multiple options to pay their bills, and flexible payment options that simplify the confusing and disjointed healthcare payments process.