Benefits of an Integrated Network in Payment Processing

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.

Tagged healthcare payments, healthcare transactions, InstaMed Network, private cloud

Latest Trends in the Healthcare Payments Industry

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

Tagged Administrative Costs, Affordable Care Act, Best Practice, Consumerism, healthcare payments, healthcare reform, InstaMed Network, trends in healthcare payments

Choosing the Right Clearinghouse: 5 Essential Qualities

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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

Tagged Billing, Claim Status, Claims, Clearinghouse, Compliance, EHNAC, healthcare payments, increase collections, InstaMed Network, payer-to-provider payments, payment, payment assurance, private cloud, providers, reconciliation, remittance, reporting

Payment Assurance Level One Certified: Austintown Pediatrics

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

Tagged Claims, Eligibility, ERA/EFT, healthcare payments, InstaMed Network, integrated healthcare payments, patient bad debt, patient payments, payment, reconciliation, remittance, vendor integration

Blog Post Topic: InstaMed Network

Benefits of an Integrated Network in Payment Processing

Latest Trends in the Healthcare Payments Industry

Choosing the Right Clearinghouse: 5 Essential Qualities

Payment Assurance Level One Certified: Austintown Pediatrics