We listened. We learned. We collaborated. We even had a little fun. In no particular order, here are our top 10 favorite moments from the InstaMed 2016 User Conference.
Our Keynote Speaker Emphasized the Impact of the Digital Experience in Healthcare
We kicked off our conference with a keynote presentation from Brian P. Kalis of Accenture Digital. Brian delivered a data-driven overview of the changing nature of healthcare payments, including a look at the market disruptors that are influencing consumers through successful uses of digital experiences. Brian reminded us all that forward-thinking companies – both in and out of healthcare – are raising the bar for consumer expectations and changing consumer perception across industries. One of the most revealing facts validating this theory? 47% of consumers will switch providers for the ability to understand costs upon scheduling and to easily understand and pay a bill using a preferred method.
We Learned Why Premium Payments Are “The New Utility Bill”
InstaMed CTO Chris Seib presented a sneak peek at the data from the 2015 Trends in Healthcare Payments Annual Report. A common theme across all trends was that consumers are demanding more convenient ways to pay their healthcare bills – including their monthly health plan premiums. Just as you can pay your monthly cable bill online and set up automatic payments, many consumers are demanding the same kind of convenience for their monthly premiums: two-thirds of all consumers want to pay their premiums online and 57% want to set up automatic payments for their premiums.
Northwestern Memorial Hospital Shocked the Crowd by Exponentially Exceeding their Collection Goals for 2015
Jennifer Andersson and Kim Jimenez from Northwestern Memorial Hospital (NMH) explained how they conquered the challenge of collecting increasing patient payment responsibility — with impressive results. By combining the power of advanced payment technologies with an overhaul of their staff culture, NMH was able to exceed their collection goals for 2015 by 3x! Their story was a powerful reminder that the key to improved patient payment collections is not just better technology but an organization-wide process change that helps staff and executives work together to achieve – and surpass – a healthcare organization’s business goals.
InstaMed Security Officer Noah Dermer Taught Us How to Reduce PCI Scope for Online Payments from 334 Questions to Just 15
Security and compliance can be an intimidating topic for anyone to understand, but no one makes it more accessible and relatable than the InstaMed Security Officer, Noah Dermer. (Don’t believe it? Check out his Security Corner!) In his presentation, Noah couldn’t have made his point about reducing PCI scope any clearer; embed the InstaMed Patient Portal within your existing software application to immediately reduce your PCI scope for online payments from 334 questions to just 15.
Kempton S. Smith Had Help From Frank Underwood, Ferris Bueller and Nickelback to Explain Best Practices in Online and Mobile Payments
Who says healthcare payments can’t be fun? Carolinas HealthCare System’s Vice President of Patient Financial Services incorporated video clips in his presentation that helped deliver his message about online and mobile payments and kept the crowd engaged. He also shared the touching story of Shelly Cawley and her daughter, which reminded us why healthcare matters so much.
Our Product Team Delivered an Accurate Estimate of Patient Responsibility – Live!
Earlier in the day, InstaMed CTO Chris Seib presented a staggering statistic that really put the whole “healthcare consumerism” idea into perspective: 91% of consumers think it’s important to know their payment responsibility before a provider visit. But how can providers deliver on this demand? The InstaMed Product Team demonstrated exactly how and previewed enhancements coming in May.
We Saw What Happens When You Put a Group of Epic Users in the Same Room
When it comes to handling payments across all Epic modules, Epic health systems and hospitals have a lot going on. During one of our breakout sessions, Epic and InstaMed users had the opportunity to get together and talk shop about things like the implementation process, patient payment integration and the best scenarios for Welcome kiosks. It was a great opportunity for both new and seasoned Epic-InstaMed users to learn from each other about the topics that affect them the most.
Geisinger Health Plan Told Us How They Crossed ERA/EFT Adoption Off Their To-Do List
Geisinger Health Plan (GHP)’s Director of Accounting Operations, Bob Hough, got a room full of payers’ jaws to drop when he told them he doesn’t even worry about provider adoption of electronic remittance advice (ERA) and electronic funds transfer (EFT) anymore — InstaMed handles it for him. This is good news for payers that haven’t yet achieved 100% electronic payer-to-provider payments, especially considering that it’s been two years since the federal government mandate (in accordance with the Affordable Care Act) requiring all payers to support ERA/EFT went into effect. Bob also took the time to explain the benefits of going 100% electronic, including saving administrative time and eliminating print and mail costs.
InstaMed CEO Bill Marvin Explains the Power of the “Network Effect”
“The concept behind building InstaMed was to bring everything together in a network – that’s been the concept since day one.”
The InstaMed 2016 User Conference was the largest gathering to date of InstaMed providers, payers and partners, allowing us to feel the power of the InstaMed Network in-person, and inspiring InstaMed CEO Bill Marvin to remind us all why InstaMed was built in the first place: to bring payers and providers together on one platform for both healthcare and payments to simplify the payments process and ultimately lift the entire healthcare economy.
At the End of the Day, It’s All About the People
After a full day of talking about healthcare payments, all of our guest speakers joined InstaMed Senior Vice President of Product Jeff Lin on stage for a panel discussion. Conference attendees asked some excellent questions, but the last question of the day prompted a discussion about an unexpected topic: people. With all the complexities in healthcare payments, how do you manage the people aspect? How do you attract, train, develop and retain great talent within your organization? Without hesitation, all of our panelists championed the idea that people matter. Bob Hough of GHP asserted that people are “the single most important asset we have in our companies.” Jennifer Andersson of NMH talked about the desire to be able to promote internally, and that “investing in your people is one of the most important things you can do.” Because at the end of the day, even if your organization is equipped with the best technology, it isn’t worth much if you don’t have the right people utilizing it.