InstaMed Blog Archives

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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Be a Better Communicator: How to Set Patient Expectations and Get Paid

The healthcare landscape is changing as patient responsibility continues to increase and providers are relying on patients – rather than only payers – for more of their revenue than ever before. Yet, the healthcare payments experience has been slow to change in response. Patients are frustrated with the confusing and inconvenient payments experiences offered to them by their healthcare providers. Providers need to evaluate their billing and payments processes and consider implementing changes that will improve the way they engage

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The Power of Payment Automation – A Customer Success Story

Increasing patient responsibility is becoming more prominent in healthcare than ever before. More patients are enrolling in high deductible health plans (HDHPs), which require patients to pay a minimum deductible amount before their health plans cover any portion of the cost. In 2010, 10 million consumers were enrolled in HDHPs. Less than a decade later, 75 million consumers are enrolled in HDHPs, a more than seven-fold increase.

The trend of increasing patient responsibility requires providers to rely on patients for a

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InstaMed Featured in HIMSS Business Edge

In the second of a two-part series written for HIMSS Business Edge, our CTO and co-founder Chris Seib, explores several “set it and forget it” options that providers can leverage to guarantee payments. Throughout the piece, Seib also offers readers “survival tips” to get the most out of the each payment option.

Read the full article, “Set it and forget it”: Options to Guarantee Payments From Patients, in HIMSS Business Edge.

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The Payment Experience Patients Want

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

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Communication: The Key to Collecting More

With the increase in consumer-directed healthcare, patient payments are becoming a more important part of healthcare provider revenue. However, as consumers, patients are accustomed to having a clear understanding of the amount owed prior to making a purchase.  Too often in the healthcare industry, patients are clueless about their payment responsibility until they receive a statement. And when patients are confused or uninformed, they are less likely to pay.

Faced with the challenge of collecting more patient payments, Canopy Partners, a

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3 Essentials to Collecting More Payments

The increase in self-pay patients and rising operational costs are driving healthcare providers to seek out tools and strategies to operate more efficiently and collect more from patients.  Depending on your current processes to collect, there are various changes you can make that can have a significant impact on the amount collected and the time and costs spent to collect.  Below are three common process issues that billing service Medical Management Corporation of America (MMCOA) faced with its providers, and

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How Much Is Too Much? Best Practices for Patient Payment Plans

As healthcare providers rely more on patients for revenue, many have started to use more patient-centered strategies, like payment plans, to collect payments.  But to ensure you’re improving processes for your organization and for your patients, you need to make sure best practices and policies are in place.

A Growing Trend

Data from the 2011 Trends in Healthcare Payments Report shows that the use of payment plans for healthcare payments has doubled since 2009.  From the same report, 63 percent of surveyed

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How to Keep Your Provider Network Happy

For a healthcare payer’s provider network, the process to get paid has always been a challenge.  The steps providers take each day, from verifying eligibility and submitting claims, to receiving and reconciling payments, are filled with manual work, paper, errors and delays.  As a result, the fragmented, time-consuming and often stressful process to collect payments is adding a lot of cost pressure on providers.

New healthcare reform mandates also put pressure on providers to find ways to get paid more efficiently. 

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4 Signs That You Are Billing Inefficiently

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

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