In 2014, Coalfire Systems Inc. (Coalfire), a respected Payment Card Industry (PCI) Payment Application – Qualified Security Assessor (PA-QSA) company, released a white paper with InstaMed that looked at the current landscape of healthcare security and validated that InstaMed’s healthcare payments solutions were effectively mitigating security risks. Since then, InstaMed has continued to innovate to ensure our solutions are the most secure and compliant choice for healthcare payments. I want to share with you just how far we’ve come since
As the rise in healthcare consumerism becomes one of the most influential industry trends, more healthcare providers are accepting payment cards in order to collect more patient payments. However, the prevalence of data breaches in healthcare – many of which involve patient payment card data – also is increasing. The financial and reputational cost of a payment card data breach is high and may result in bad publicity and loss of business. To reduce the risk of a breach,
Over the past 10 years, one of the top administrative priorities for the healthcare industry has been the development of real-time adjudication (RTA) for healthcare claims. By 2005, the RTA effort had attracted a great deal of attention and effort across the industry. However, five years later, the results delivered have been underwhelming for both providers and payers.
The Core Problems
Although RTA makes sense from a high-level standpoint, the healthcare transaction process has nuances, both from a technology and business perspective.