CINCINNATI, Jan. 29, 2014 /PRNewswire/ -- The healthcare industry has been slow to adopt electronic payment processes, despite significant benefits including streamlined processes, lower operating costs and increased security. That's about to change, according to KeyBank healthcare bankers working with healthcare providers.
Universal operating rules that stem from the landmark Patient Protection and Affordable Care Act took effect Jan. 1, 2014 and provide healthcare providers solutions to problems that stymie electronic payment process adoption, according to Scott Krah, AAP, KeyBank vice president and senior product manager, Healthcare Payments, KeyBank Enterprise Commercial Payments.
"We're about to see major changes in how healthcare providers manage the payment process, and that will translate into fewer healthcare dollars dedicated to administrative costs," Krah said. According to industry research, between 10 and 12 percent of a medical practice's revenue goes to billing and insurance-related costs.Healthcare providers should prepare for the new healthcare payments environment by understanding the new rules and the payment options the rules create. Here are some simple steps healthcare providers can take now to take full advantage of the benefits of electronic payment processing:
- Tap banks, vendors, industry associations and provider associations for more insight into the rules and opportunities
- Talk to your bank about receiving electronic fund transfers via Automated Clearing House (ACH) and electronic payment processes.
- Starting with higher volume payers, contact each health plan and complete enrollment forms for receiving EFT payments.
- Streamline your back office processes to support electronic fund transfer.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV