InstaMed recently released new enhancements that deliver next-generation healthcare payments solutions for providers, payers and consumers. These enhancements augment the way InstaMed simplifies the entire healthcare payments lifecycle from paying health plan premiums to analyzing patient collection trends. You can learn more about in the latest Innovation Lab, In Case You Missed It: What’s New at InstaMed.
Here’s what our users are saying:
“I LOVE the new updates. Making patient payments is SO much easier, we might actually start using it for
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.
The U.S. healthcare payments market is growing and changing rapidly – in fact, it is estimated to have reached $2.7 trillion as a total of payer and patient payments (IDC Health Insights). The fast evolving healthcare payments industry is impacting the way both payers and providers do business.
This week, the 2012 Trends in Healthcare Payments Annual Report was released to highlight the trends impacting the growing industry and the steps that many payers and providers have taken to accommodate for
Following the Supreme Court’s ruling on PPACA, the industry can be certain that regulatory mandates, aligned with PPACA, are coming. One of the most prominent changes the industry should prepare for is that approximately 30 million uninsured Americans will begin to receive healthcare coverage in 2014. This means that more patients will receive healthcare services, and hundreds of millions of patient payment transactions will be added to the U.S. healthcare system.
But what can providers do if their patients aren’t paying?
The latest trends in the healthcare industry — the rise in consumerism, increase of costs and new regulatory mandates — are driving change in the healthcare payments process. As health insurance premiums continue to grow, employers are switching to lower cost, high-deductible plans, resulting in an overall decrease in payer payments and, consequently, an increase in patient payments. As a percentage of provider revenue, in 2009, payer payments represented 79% of the allowed amount, while patient payments represented 21%. In
In the healthcare industry, the clearinghouse you work with has a huge impact on your business. The more efficiently your clearinghouse processes and returns your information, the faster you will get paid, and the more payments you will collect.
To gain insight into what providers need from a clearinghouse, we interviewed Kevin Milam, owner of The Billing Center, which does billing, consulting and accrediting for providers across several states. We came up with five essential qualities to look for when researching
We’ve covered the challenges healthcare payers face as rising consumerism and healthcare reform impact the industry. Now, let’s look at the healthcare provider’s perspective. Here are the top four risks to healthcare providers as the industry evolves:
4. Rising Administrative Costs
Providers will face increasing administrative costs to maintain the same level of revenue. Provider front offices will need to spend more time with patients to work through their payment responsibility and helping them understand their payment options. Provider back offices will
Austintown Pediatrics, a solo pediatrics practice in Austintown, Ohio, has achieved Payment Assurance Level One, reducing its patient bad debt by 50% and cutting payment processing time by 50%.
Here’s Austintown Pediatrics’ story:
The Issues Behind the Business Problems
Lack of Vendor Integration
Austintown Pediatrics leveraged a third-party billing company to manage payer and patient payments; however, the lack of integration with its practice management system led to inefficient processes, reconciliation difficulties and increased patient bad debt.
Lack of Claims and Payment Visibility
Without integration, the
This webinar has already occurred.
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