The healthcare payments industry is changing rapidly due to consumerism and regulatory mandates. InstaMed released the fourth annual Trends in Healthcare Payments Report showcasing data based on billions of healthcare payment transactions and surveys of thousands of providers, payers and consumers nationwide. Here are the highlights:
Premium. Deductible. Coinsurance. Co-payment. As a consumer of healthcare, can you accurately define these healthcare terms? If the answer is “no,” you are not alone.
According to a Philly.com article, Insurer finds need to educate public about terms, an overwhelming majority of consumers are struggling to understand these healthcare terms. In the article, one consumer is quoted as saying, “Nobody understands healthcare.” This confusion will only increase with the millions of consumers enrolling in health plans through public and private exchanges
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
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
The term “administrative efficiency” has been popping up everywhere in the healthcare industry lately. Most provider organizations, from the solo-physician practice to the large health system, should know that they need to make strides to achieve administrative efficiency. However, how can you measure efficiency to tell if you’ve achieved it, or if your administration is still inefficient?
Faced with these questions, Judy Downing, the Billing Manager at Holly Springs Pediatrics, decided to quantify inefficiency in her practice by identifying her greatest
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