The need for an omnichannel payments experience in healthcare is greater than ever before. Rising patient payment responsibility, mergers and acquisitions, and innovations in payment technology have all created new opportunities for healthcare providers to collect payments. Embracing an omnichannel approach to patient payments can positively impact a healthcare organization’s revenue, brand awareness and patient satisfaction scores. However, failure to implement omnichannel payments can have the opposite effect.
Here’s everything you need to know about omnichannel payments and why they matter
The healthcare industry has been focused on understanding and adapting to the new impacts of healthcare consumerism, and for good reason; The Sixth Annual Trends in Healthcare Payments Report identified consumerism as one of the major trends impacting healthcare organizations today. In a separate blog post this month, InstaMed CTO and co-founder, Chris Seib, outlines some of the most critical consumer payment behaviors that affect healthcare providers today.
While healthcare organizations should continue improving the consumer experience, new processes should not
InstaMed brings together providers, payers and consumers to simplify healthcare payments which results in connecting and lifting the entire healthcare economy.
Last month, we introduced a new series of enhancements that do just that. Our latest innovations streamline the user experience, deliver greater visibility into long-term data and give consumers our most seamless experience yet.
Here are the highlights:
New Patient Profile
– Accessing patient financial and benefit information has never been easier. Now, all the information you need is more
Unpaid patient payments are cutting revenue for hospitals across the country, as shown in this recent article about a large hospital chain with lower-than-expected earnings. According to the Trends in Healthcare Payments Annual Report: 2012, the rapid growth of patient responsibility is creating a need for improved patient collection processes for hospitals.
Aspen Valley Hospital, based in Colorado, also saw the need to improve collection processes. Its staff often missed the opportunity during patient visits to collect payments, instead putting the
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
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
Following the Supreme Court’s ruling on PPACA, the industry can be certain that regulatory mandates, aligned with PPACA, are coming. One of the most prominent changes the industry should prepare for is that approximately 30 million uninsured Americans will begin to receive healthcare coverage in 2014. This means that more patients will receive healthcare services, and hundreds of millions of patient payment transactions will be added to the U.S. healthcare system.
But what can providers do if their patients aren’t paying?
Traditionally, the end-to-end healthcare payments process – from submitting claims to receiving, posting and reconciling payments – has been disjointed and manual, requiring a great deal of paper and leading to errors and delays in payment. However, as providers continue to feel pressure to reduce costs, leveraging integrated technology to streamline these processes is becoming increasingly important. Here’s Eastside Pediatrics’ story and the success they achieved with integrated healthcare payments:
A Series of Problems
Inefficient Claims and Remittance Management Processes
In the healthcare industry, the clearinghouse you work with has a huge impact on your business. The more efficiently your clearinghouse processes and returns your information, the faster you will get paid, and the more payments you will collect.
To gain insight into what providers need from a clearinghouse, we interviewed Kevin Milam, owner of The Billing Center, which does billing, consulting and accrediting for providers across several states. We came up with five essential qualities to look for when researching