InstaMed Blog Archives

There’s Still Too Much Paper in Healthcare

87% of consumers received a paper medical bill from their providers in 2015, while only 24% of consumers actually want to use checks to make healthcare payments.

Source: Trends in Healthcare Payments Sixth Annual Report: 2015

There are a lot of ways to reduce the amount of paper in the healthcare payments process. For example, online patient portals, eStatements and check-in tablets/stations are all paperless ways to improve efficiency for your staff and deliver a convenient, consumer-friendly experience to your

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The Disconnect in Our Healthcare Economy

According to the Consumers Union, total wasted spending in healthcare is $765 billion. Of that $765 billion, $190 billion – nearly 25% – is identified as excess administrative costs. However, that label does not accurately describe the problem. Administrative costs mainly refer to the time and money spent collecting, processing, posting and reconciling payments. The reason these costs are in excess is because of a disconnect between providers, payers and consumers in the healthcare payments process. As much of the

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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

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Meeting Challenges of Latest Healthcare Payments Trends

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

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Finding Payment Assurance with Smart Big Data

In our last post, we stated that 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

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Using Smart Big Data to Transform the Collection Process

As healthcare reform adds millions of new consumers to the U.S. healthcare system and deductibles continue to rise, providers must operate more efficiently to keep administrative costs low and collect more from patients.  Many industry experts believe that the recent influx of data and analytics due to innovation in healthcare technology, or Big Data, will give all healthcare organizations the ability to navigate the changes – and ultimately, to thrive.  In fact, a recent McKinsey report estimates that Big Data

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ERA/EFT Mandate: Impacts to Providers

In 2014, all payers will be federally mandated to support electronic funds transfer (EFT) and electronic remittance advice (ERA) in accordance with the requirements specified in the CAQH CORE Operating Rules.  Providers may be wondering how this mandate will affect payer payments and what you must do to be compliant.

Under the mandate, providers have no obligation to accept ERA/EFT from payers. However, the mandate enables providers to improve efficiency and reduce administrative costs. Read on to learn more about how

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Interoperability: Beyond the Clinical Side of Healthcare

Growing need for interoperability

Healthcare reform is driving a greater need for efficiency, resulting in the formation of Accountable Care Organizations (ACOs) and provider consolidation.  As provider organizations using different systems work together, there is a much greater need to integrate heterogeneous environments to achieve system interoperability.  However, healthcare information is often not easily exchanged among providers because of paper-based processes or systems that are not compatible.  In fact, 71% of providers surveyed said the lack of system interoperability is a

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Latest Trends in the Healthcare Payments Industry

The U.S. healthcare payments market is growing and changing rapidly – in fact, it is estimated to have reached $2.7 trillion as a total of payer and patient payments (IDC Health Insights).  The fast evolving healthcare payments industry is impacting the way both payers and providers do business.

This week, the 2012 Trends in Healthcare Payments Annual Report was released to highlight the trends impacting the growing industry and the steps that many payers and providers have taken to accommodate for

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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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