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InstaMed Blog Archives

How the Digital, Always-Connected World Is Impacting Healthcare

The digital world is no longer a future state – it is here, and we are all living in it. Proof of this is best demonstrated by the 77 percent of American adults who report being online daily and the 26 percent who are online constantly. For the healthcare industry, the digital world has created a new kind of consumer that bristles at the prospect of waiting, demands convenience, expects frictionless payments and speaks out on social platforms when experiences

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The Sixth Annual Trends in Healthcare Payments Report is Here!

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.

Click here to download the report.

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ERA/EFT Mandate: Impacts to Providers

In 2014, all payers will be 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.  Providers may be wondering how this mandate will affect payer payments and what you must do to be compliant.

Under the mandate, providers have no obligation to accept ERA/EFT from payers. However, the mandate enables providers to improve efficiency and reduce administrative costs. Read on to learn more about how

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Interoperability: Beyond the Clinical Side of Healthcare

Growing need for interoperability

Healthcare reform is driving a greater need for efficiency, resulting in the formation of Accountable Care Organizations (ACOs) and provider consolidation.  As provider organizations using different systems work together, there is a much greater need to integrate heterogeneous environments to achieve system interoperability.  However, healthcare information is often not easily exchanged among providers because of paper-based processes or systems that are not compatible.  In fact, 71% of providers surveyed said the lack of system interoperability is a

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Transforming Patient Statements: A Hospital’s Best Practices

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

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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 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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Top 3 Misconceptions of Collecting from Patients

Many healthcare providers are concerned about the impact to their businesses that will result under PPACA.  Much of this concern is due to the additional 20 to 30 million uninsured Americans that will begin to receive new healthcare coverage in 2014.  With more patients eligible to receive healthcare services, and hundreds of millions of patient payments transactions being added to the U.S. healthcare system, the difficulties providers face with patient collections is becoming a high priority issue.

Shifting the focus to

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What the New EFT Regulations Mean for You

Guest Blogger: Bill Marvin, President & CEO, InstaMed

In an earlier post, I commented on the HHS interim final rule adopting electronic funds transfer (EFT) standards, which was released in January 2012.  In the post, I outlined the following changes needed in order for the new EFT regulations to truly improve efficiency and deliver cost savings for healthcare payers and their provider networks:

1. Add a Trace Number Requirement

The rule should require that the EFT and the electronic remittance advice (ERA) have

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5 Reasons to Accept Online Patient Payments

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The rise of consumerism in healthcare is driving providers to evaluate how they approach healthcare payments. To collect more from patients and reduce administrative costs, providers need to offer more convenient, consumer-friendly options, such as online patient payments.

According to the Trends in Healthcare Payments Eleventh Annual Report, 67% of consumers prefer online payments for medical bills.  If you don’t offer your patients online payments

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