In a previous blog post, we talked about the various benefits healthcare providers see when they integrate payment with their existing practice management system, including greater efficiency, increased security and more opportunities to collect patient payments.
These benefits are highlighted in our most recent case study with Cornerstone Pediatrics. Cornerstone Pediatrics wanted to establish a new billing policy that would help them tackle the challenge of increasing patient payment responsibility. They knew the parents of their patients had many financial responsibilities
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.
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Patient payment responsibility continues to grow, and providers need to find ways to streamline the collection process. Since 2010, the amount a consumer must pay before a health plan covers any portion has increased by 67 percent. (Kaiser Family Foundation) To collect these payments, providers have turned to new technologies and collection initiatives to improve efficiency and cater to consumer payment preferences.
However, there is no one-size-fits-all solution. Not all patients have the same needs and preferences, and not all healthcare
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
The patient’s role in the healthcare payments process has evolved drastically. Ten to twenty years ago, payers and providers managed benefit and care decisions for their patients. Patients relied mainly on their health plan and geography to determine which providers to visit; and payment for services, for the most part, was handled between payers and providers.
Today, healthcare is in the midst of a shift towards a consumer-centric model, and in the process, patients have become empowered consumers who are in
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
Every year, from November 1 to January 31, U.S. consumers have the opportunity to enroll in a health plan through public and private exchanges during a period called, “Open Enrollment.” Now, in its third year, Open Enrollment for 2016 is presenting particular challenges for the healthcare industry:
There is an increased push to enroll the last “holdouts” or approximately 10.5 million uninsured consumers who qualify for coverage on the exchanges. (Wall Street Journal)
Deductibles are expected to increase 8 percent to $6,480
Most people associate “Black Friday” with the retail phenomenon that occurs every year the day after Thanksgiving. Last year, approximately 133,700,000 Americans spent more than $50 billion in-store and online.
The healthcare industry has a “Black Friday” of its own; on January 1st, deductibles for health plans reset and many consumers will be fully responsible for their medical bills until their deductibles reset. However, patient payment responsibility continues to increase. The average deductible is expected to increase by 8% to $6,480
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
Guest Blogger: Jeff Lin, Senior Vice President of Product Management, InstaMed
The Washington Post has deemed 2015 “the year of the healthcare hack” with multiple large-scale breaches already compromising the data of more than 100 million U.S. consumers. An issue compounding healthcare’s vulnerability is the rapid increase of consumer payment responsibility since the Affordable Care Act (ACA).
Healthcare organizations are seeking ways to connect electronically with consumers to streamline the payments process, improve cash flow and ensure data security, which can significantly