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InstaMed Blog Archives

[Infographic] ERA/EFT Adoption by the Numbers

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

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The Hidden Potential of BYOD and Provider Check-In to Transform Member Engagement

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

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10 Years Later – What Payers Still Need to Tackle

In 2008, we released the second white paper focused on the issue of payment assurance in healthcare. The first outlined the challenges and opportunities for providers, but this new white paper articulates what most in the industry still aren’t talking about – payers play a critical role in payment assurance for providers even as consumer payment responsibility increases. Ten years later, we have re-released the Healthcare Payments White Paper for Payers because the ability for payers to deliver payment assurance to

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Payer Security Focus: Anti-Money Laundering

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

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Payer Security Focus: Compliance Versus Security

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

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Payer Security Focus: PCI DSS

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

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3 Resolutions to Push Payers Into the Digital Age

For years, industry experts have been proclaiming that consumerism will be the wave of the future in healthcare. However, that prediction is now a reality. For payer organizations, “business as usual” will now mean connecting with members on their terms – digitally. But, there’s no reason to reinvent the wheel. Instead, payers can look to leaders in other industries who have already set a high bar for digital interactions with consumers. Here are three resolutions to help payers finally enter

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How Much Is a Consolidated Premium Experience Worth?

To stay competitive, payers are developing more comprehensive benefits packages that include health, dental, wellness and vision plans for more attractive offerings. However, billing for these different plans means coordinating disparate systems and varied employer group billing preferences.

To bill employer groups, payers send out multiple paper statements to collect payments across all of the plans and members – each managed separately by the employer group. For the individual market, members may receive separate bills for each plan with different payment

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InstaMed Featured in Health Management Technology

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.

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Where’s the Money? Current and Future State of Healthcare Payments for Payers

The concept of health insurance in the U.S. first started during the Great Depression when Baylor University Hospital in Texas offered teachers the benefit of prepaid hospital expenses for a $5 per month fee. However, it wasn’t until World War II that health insurance became a widespread benefit offered by employers. WWII forced employers to rely on “fringe benefits” like health insurance to attract more workers to meet the higher demand for resources to help fight the war, while food

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