Earlier this month, many students brushed off their textbooks and headed back into the classroom for a new school year. Healthcare providers can take a cue from the academic calendar and use September to review their healthcare payments processes. Last month, InstaMed Security Officer Noah Dermer gave providers a Back to School Security Checklist. This month, let’s focus more on the revenue cycle and talk about some terms that should be a part of your everyday patient payments vocabulary.
87% of consumers received a paper medical bill from their providers in 2015, while only 24% of consumers actually want to use checks to make healthcare payments.
Source: Trends in Healthcare Payments Sixth Annual Report: 2015
There are a lot of ways to reduce the amount of paper in the healthcare payments process. For example, online patient portals, eStatements and check-in tablets/stations are all paperless ways to improve efficiency for your staff and deliver a convenient, consumer-friendly experience to your
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.
InstaMed brings together providers, payers and consumers to simplify healthcare payments which results in connecting and lifting the entire healthcare economy.
Last month, we introduced a new series of enhancements that do just that. Our latest innovations streamline the user experience, deliver greater visibility into long-term data and give consumers our most seamless experience yet.
Here are the highlights:
New Patient Profile
– Accessing patient financial and benefit information has never been easier. Now, all the information you need is more
We listened. We learned. We collaborated. We even had a little fun. In no particular order, here are our top 10 favorite moments from the InstaMed 2016 User Conference.
See a Video Recap
Our Keynote Speaker Emphasized the Impact of the Digital Experience in Healthcare
We kicked off our conference with a keynote presentation from Brian P. Kalis of Accenture Digital. Brian delivered a data-driven overview of the changing nature of healthcare payments, including a look at the market disruptors that are influencing
“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
In the first edition of our Security Corner, I explained some key terms and acronyms that frequently appear in discussions about healthcare payment security. I also had the opportunity to elaborate on those explanations at the InstaMed 2016 User Conference earlier this month. But those terms, while important, do not begin to cover the span of the payment security industry. Plus, new terms are popping into our vocabulary on a regular basis, as the payment industry continues to advance and
Offering patients multiple ways to pay is the best way to engage patients in the payment process and maximize your patient payment collections. However, new payment options can lead to increased security risks if providers do not take the proper precautions. With data breaches threatening serious financial and reputational repercussions, providers should look for ways to enhance security and protect sensitive payment information.
Here are three opportunities to enhance payment security at your practice:
Many providers accept credit cards in the office
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
How do you communicate with your patients about payment responsibility? With the growing trend in patient responsibility, providers need to think about when and how to discuss financial responsibility with patients. Training your staff to have conversations about co-pays, outstanding balances and estimates while the patient is in the office is a critical part of increasing your collections. Having these conversations is a great way to set patient expectations, but it’s also important to have effective communication once the patient