In 2014, all payers were federally mandated to support electronic funds transfer (EFT) and electronic remittance advice (ERA) in accordance with the requirements specified in the CAQH CORE Operating Rules. Though the mandate went into effect in January 2014, the industry has been slow to adopt the electronic alternative to paper checks. Many organizations send a high dollar volume through ERA/EFT, but it’s the low percentage of transactions sent through ERA/EFT that keeps print and mail costs high. The costs
In 2017, U.S. healthcare spending reached nearly $3.5 trillion, or $10,348 per consumer, at a projected growth rate of 4.6 percent. Healthcare spending has become nearly a fifth of the nation’s total Gross Domestic Product (Centers for Medicare & Medicaid Services). This steady growth and large size of the industry make it a major economic driver for the country.
Whether the industry can sustain this size and growth are questions that remain unanswered. The answers, and thereby the future of the
Every month, the Payer Security Focus breaks down a different topic in security and compliance with information relevant to payers and actionable steps to help build a more robust security and compliance program at their organizations. This month’s topic is anti-money laundering.
What Is Anti-Money Laundering (AML)?
Money laundering is the process of turning “dirty money” or the profits from a crime into legitimate money. This is primarily done through incorporating illegal funds into the financial system in such a way that
Every month, the Payer Security Focus will break down a different topic in security and compliance with information relevant to payers and actionable steps to help build a more robust security and compliance program at their organizations. This month’s topic is compliance versus security.
What is the Difference Between Compliance and Security?
To understand the importance of compliance and security in healthcare payments, first let’s clarify the difference between the terms compliance and security. Both are important to healthcare payments, but these
Every month, the Payer Security Focus will break down a different topic in security and compliance with information relevant to payers and actionable steps to help build a more robust security and compliance program at their organizations. This month’s topic is PCI DSS.
What is PCI?
PCI DSS stands for Payment Card Industry Data Security Standards and applies to all entities involved in payment card processing, including merchants, processors, financial institutions and service providers. It also applies to all other entities that
While value-based care may be the future of the healthcare industry, trends in healthcare payments are missing from this important conversation according to Jeff Lin, our Senior Vice President of Product Management, who recently penned a feature commentary for Health Management Technology on the topic. In the piece, Lin explores how payers can look to trends in healthcare payments to develop the strategies and processes needed to deliver value-based care more broadly throughout the industry.
When you think of a hacker, what comes to mind? Do you picture someone dressed as a burglar sitting at a desktop computer in a dark room? If you do, then it’s time to reconsider that idea. For this month’s security focus, we’re going to talk about social engineering and how it turns the hacker stereotype on its head.
Social engineering is a non-technical method of human intrusion that relies on human interaction and often involves tricking people into divulging confidential
PHILADELPHIA, PA and NEWPORT BEACH, CA (August 31, 2017) – InstaMed, healthcare’s most trusted payments network, announced today that it has expanded its credit facility through a new banking relationship with Bridge Bank. The new partnership will support the accelerated growth of the InstaMed Network of providers, payers and consumers.
“The InstaMed Network is connecting providers, payers and consumers across the U.S., including every national and regional payer and 9 out of the top 10 children’s hospitals,” said Bill Marvin, President
Ransomware is a type of malicious cyberattack that has grown in notoriety and frequency in recent years. Like kidnapping, ransomware works by taking something valuable to an organization – such as data files – and holding it hostage until a ransom is paid.
Ransomware infiltrates an organization’s system by infecting someone’s computer with a virus, which is likely accomplished by tricking that person into clicking a link or downloading a file in a phishing email. These emails are disguised as a