InstaMed Blog Archives

Using Smart Big Data to Transform the Collection Process

As healthcare reform adds millions of new consumers to the U.S. healthcare system and deductibles continue to rise, providers must operate more efficiently to keep administrative costs low and collect more from patients.  Many industry experts believe that the recent influx of data and analytics due to innovation in healthcare technology, or Big Data, will give all healthcare organizations the ability to navigate the changes – and ultimately, to thrive.  In fact, a recent McKinsey report estimates that Big Data

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Clearing Out the Clutter in Employee Workflow

In today’s shifting healthcare payments market, providers of all sizes – from large medical system to solo-physician practices – are searching for ways to reduce costs and collect more patient payments.  Many sources are searching for solutions to help providers, such as improving efficiency and empowering employees.

What about empowering employees through improving efficiency?  In this post, read how three providers cleared out the clutter in the administrative workflow and gave their staff the tools to do their jobs more easily

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Missing Out on Front Office Payments? Tips for Hospitals

Unpaid patient payments are cutting revenue for hospitals across the country, as shown in this recent article about a large hospital chain with lower-than-expected earnings.  According to the Trends in Healthcare Payments Annual Report: 2012, the rapid growth of patient responsibility is creating a need for improved patient collection processes for hospitals.

Aspen Valley Hospital, based in Colorado, also saw the need to improve collection processes.  Its staff often missed the opportunity during patient visits to collect payments, instead putting the

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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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How Much Is Too Much? Best Practices for Patient Payment Plans

As healthcare providers rely more on patients for revenue, many have started to use more patient-centered strategies, like payment plans, to collect payments.  But to ensure you’re improving processes for your organization and for your patients, you need to make sure best practices and policies are in place.

A Growing Trend

Data from the 2011 Trends in Healthcare Payments Report shows that the use of payment plans for healthcare payments has doubled since 2009.  From the same report, 63 percent of surveyed

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How to Keep Your Provider Network Happy

For a healthcare payer’s provider network, the process to get paid has always been a challenge.  The steps providers take each day, from verifying eligibility and submitting claims, to receiving and reconciling payments, are filled with manual work, paper, errors and delays.  As a result, the fragmented, time-consuming and often stressful process to collect payments is adding a lot of cost pressure on providers.

New healthcare reform mandates also put pressure on providers to find ways to get paid more efficiently. 

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Top 3 Misconceptions of Collecting from Patients

Many healthcare providers are concerned about the impact to their businesses that will result under PPACA.  Much of this concern is due to the additional 20 to 30 million uninsured Americans that will begin to receive new healthcare coverage in 2014.  With more patients eligible to receive healthcare services, and hundreds of millions of patient payments transactions being added to the U.S. healthcare system, the difficulties providers face with patient collections is becoming a high priority issue.

Shifting the focus to

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5 Reasons to Accept Online Patient Payments

The rise of consumerism in healthcare is driving providers to evaluate their tactics to collect healthcare payments.  While providers previously relied almost exclusively on payer payments for their revenue, patient responsibility is increasing as a portion of provider revenue.  In order to collect more from patients and reduce administrative costs, providers need to offer more convenient, consumer-friendly payment options, such as online patient payments.

According to the 2011 Trends in Healthcare Payments Annual Report, online patient payments have tripled since 2009. 

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