The Trends in Healthcare Payments Sixth Annual Report: 2015 is now available to download – free of charge. For the last six years, InstaMed has released this report to objectively educate the market and promote awareness, change and greater efficiency through quantitative data from the InstaMed Network and qualitative data from healthcare providers, payers and consumers surveyed nationwide.
Click here to download the report.
Last month, we talked about the benefits of integrating payments with your existing healthcare applications, including increased collections, greater efficiency, better security and happier patients. To realize the full potential of these benefits, a healthcare organization needs to integrate payment two ways: into its technology and its processes.
Step 1: Embed Payment Functionality into Existing Systems
Integration connects your systems to share data automatically. Use an integrated payment solution to embed payment functionality within your existing provider-facing and patient-facing systems to create
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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 wasn’t always widespread within the healthcare industry. It is important for healthcare to understand that tokenization offers benefits beyond adding a layer of security to payment card processing. By using this
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
Guest Blogger: Jeff Lin, Senior Vice President of Product Management, InstaMed
The Washington Post has deemed 2015 “the year of the healthcare hack” with multiple large-scale breaches already compromising the data of more than 100 million U.S. consumers. An issue compounding healthcare’s vulnerability is the rapid increase of consumer payment responsibility since the Affordable Care Act (ACA).
Healthcare organizations are seeking ways to connect electronically with consumers to streamline the payments process, improve cash flow and ensure data security, which can significantly
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.
Did you know?
30% of dollars in healthcare are wasted – Consumers Union, 2013
In 2014, 35% of providers did not collect patient responsibility at the point of service because they were uncertain about the amount due – Trends in Healthcare Payments Annual Report, 2014
On average, it takes 90 to 120 days to collect patient payments without electronic processes in place – InstaMed Provider Data
Traditionally, the healthcare payments process has been disjointed, involving countless transactions among multiple players across various touch points.
Consumer payment channels are expanding rapidly with new technology, allowing consumers to pay virtually anywhere, from any device and in any way they choose. With the expansion of payment channels comes greater risks to the consumers and to the merchants who accept the payments. Payment security also continues to innovate, giving merchants new tools to protect cardholder data, prevent fraud and also protect their businesses from the risk of a data breach. As healthcare organizations evolve to accept more payment
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:
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