By Jeff Lin, Senior Vice President of Product Management at InstaMed
Since day one, InstaMed was founded on the mission to simplify healthcare payments. You’ll find that mission is built into each one of our products and solutions. Our relentless drive to innovate allows us to deliver these next-generation healthcare payments to each stakeholder in the industry – whether you are a provider, payer or consumer – and 2016 was no different.
From paying health plan premiums to analyzing collection trends, the
Earlier this summer on the InstaMed blog, we talked about payment integration; specifically, why providers should integrate and how to integrate payment into existing systems and processes. Now that we’ve covered the why and the how, let’s talk about ways to maximize the benefits of payment integration.
Integration helps providers collect more efficiently. Embedded payment functionality allows payment information to automatically populate into your existing practice management system, which streamlines your processes and minimizes staff overhead. With greater efficiency, providers have
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.
The views expressed within posted comments do not necessarily reflect the views or opinions of InstaMed.
Patient payment responsibility continues to grow, and providers need to find ways to streamline the collection process. Since 2010, the amount a consumer must pay before a health plan covers any portion has increased by 67 percent. (Kaiser Family Foundation) To collect these payments, providers have turned to new technologies and collection initiatives to improve efficiency and cater to consumer payment preferences.
However, there is no one-size-fits-all solution. Not all patients have the same needs and preferences, and not all healthcare
“A group of health IT leaders walk into a bar…”
It sounds like the beginning of a bad joke. Lucky for us, last week at an InstaMed-hosted cocktail hour in Madison, Wisconsin, it was the beginning of great conversations about patient payments.
After the excitement of a full day at Epic XGM, members of the InstaMed team gathered at Graft and welcomed leaders in the Health IT community to enjoy a drink and discuss the topics that are top-of-mind for Epic users
At the beginning of every year, health plan deductibles reset and patients are required to meet their out-of-pocket limit for healthcare services before their insurance benefits begin. With high deductible health plans expected to increase by 8% to $6,480 for a family plan in 2016 (HealthPocket.com), it is crucial that providers understand how to maximize the collection of patient payment responsibility.
This month, we outline three best practices to help providers of all sizes make 2016 the year of collecting more
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
How often has this scenario occurred at your healthcare organization?
A statement is printed and mailed to a patient for the amount owed. A month passes without receiving a payment. Your staff contacts the patient and learns that the patient never received the statement.
Another statement is sent and another month passes – still, no payment. Your staff follows up again, and learns the patient forgot to pay.
Another statement is sent and another month passes. Finally, after multiple months and multiple statements,
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
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