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
As payment technology continues to advance, forward-thinking providers can leverage new ways to improve the healthcare payments process.
While tokenization has been around for years as a means of securely saving payment information, it has not become widespread in the healthcare industry until recently. It is important for healthcare to understand that tokenization offers benefits beyond adding a layer of security to payment card processing. By using this and other payment technologies to their full potential, providers can streamline the collection
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As costs rise in healthcare and the new reform mandates are implemented, payers face the ever-present challenges of cutting costs, meeting regulatory mandates and ensuring provider network satisfaction. Payers can overcome these challenges by streamlining payer-to-provider payments using a simple, secure solution.
This webinar features the following healthcare payments industry experts and payers:
IDC Health Insights will present on the healthcare payment market drivers for payers, including regulatory pressures like Medical Loss Ratio (MLR), growth in self-pay members