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Five Ways Providers Can Maximize Integration Benefits

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

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The Sixth Annual Trends in Healthcare Payments Report is Here!

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.

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Use Reporting to Diagnose Your Collection Strengths and Weaknesses

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To maximize payment technologies providers must understand their receivables data to know what’s working and why. Tracking and reporting the results of new initiatives with the flexibility to adjust resources to improve performance is critical to an organization’s success.

There is no one-size-fits-all solution. Not all patients have the same needs and preferences and not all healthcare organizations see the same population of patients. To

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The Payment Experience Patients Want

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

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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

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 course not. However, patients receive access to

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Communication: The Key to Collecting More

With the increase in consumer-directed healthcare, patient payments are becoming a more important part of healthcare provider revenue. However, as consumers, patients are accustomed to having a clear understanding of the amount owed prior to making a purchase.  Too often in the healthcare industry, patients are clueless about their payment responsibility until they receive a statement. And when patients are confused or uninformed, they are less likely to pay.

Faced with the challenge of collecting more patient payments, Canopy Partners, a

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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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3 Essentials to Collecting More Payments

The increase in self-pay patients and rising operational costs are driving healthcare providers to seek out tools and strategies to operate more efficiently and collect more from patients.  Depending on your current processes to collect, there are various changes you can make that can have a significant impact on the amount collected and the time and costs spent to collect.  Below are three common process issues that billing service Medical Management Corporation of America (MMCOA) faced with its providers, and

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