Guest Blogger: Jeff Lin, Senior Vice President of Product Management, InstaMed
Recently, I wrote an article about how the healthcare industry faced a massive shift with the “other” October 2015 deadline: the EMV fraud liability shift. While many were focused on the ICD-10 transition, I listed the essentials to how EMV works and what providers could do to prepare.
October 1, 2015 has come and gone, but I am still hearing confusion and misinformation in the industry regarding how to manage the
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
The healthcare payments industry is changing rapidly due to the shift to a more consumer-centric service model. InstaMed released the fifth annual Trends in Healthcare Payments Report showcasing data based on billions of healthcare payment transactions and surveys of thousands of providers, payers and consumers nationwide. Download the report: www.instamed.com/trends.
Guest Blogger: Chris Seib, CTO and Co-Founder of InstaMed
Apple Pay has grown to 700,000 locations in the six months since its initial release in September 2014. Of these merchants accepting Apple Pay, consumer adoption of this payment type has increased rapidly as well, with major retailers reporting up to a 400 percent increase in Apple Pay transactions.
It would seem the rapid success of Apple Pay is attributed to simply offering consumers the ability to make payments from their mobile device.
The healthcare payments industry is changing rapidly due to consumerism and regulatory mandates. InstaMed released the fourth annual Trends in Healthcare Payments Report showcasing data based on billions of healthcare payment transactions and surveys of thousands of providers, payers and consumers nationwide. Here are the highlights:
Premium. Deductible. Coinsurance. Co-payment. As a consumer of healthcare, can you accurately define these healthcare terms? If the answer is “no,” you are not alone.
According to a Philly.com article, Insurer finds need to educate public about terms, an overwhelming majority of consumers are struggling to understand these healthcare terms. In the article, one consumer is quoted as saying, “Nobody understands healthcare.” This confusion will only increase with the millions of consumers enrolling in health plans through public and private exchanges
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
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
A previous post covered how consumerism is impacting the healthcare payments industry and detailed how payers and providers can work together to take advantage of this trend.
However, the rise of consumerism in the healthcare industry presents unique challenges for payers to engage their members, which they must adequately prepare for – or risk consumer dissatisfaction and lost revenue.
Risks and Opportunities of Healthcare Consumerism for Payers
A decade ago, payers and employers managed almost all of the health benefit decisions for patients. As