Many healthcare practitioners extol the virtues of working in a smaller practice, and the benefits seem to stretch to the patients themselves, with 33 percent fewer admissions being reported in smaller practices than in larger ones. However, along with the advantages of a closer understanding of the community and individual patients’ healthcare needs, there are unique issues that face small practices when it comes to healthcare payment services and management of revenue cycles.
The Challenges... READ MORE 〉
According to the end-of-the-year Call Report data, no less than 981 of the federally insured credit unions had to report a loss during 2017. And, not only that but 50 percent also reported that they had fewer members last year than in 2016. Although the overall membership of credit unions had grown during 2017, that growth was concentrated largely among the bigger credit unions, with median growth in membership being negative across 20 states. New Jersey saw membership declining the most, closel... READ MORE 〉
When many people think about the last time that they wrote out a check, they can hardly remember when it was. So, it seems surprising that more than half of all business to business payments in the United States are made using checks. These days, consumers prefer online methods, and this is born out of the transactions they make across most other sectors. So, why are B2B payment processing methods stuck in the past?
More than $18 Trillion In B2B Payments Every Year
When looking at the differen... READ MORE 〉
This year is set to be another challenging year for medical practices, with several difficulties facing practitioners. However, three of those challenges are proving more difficult to overcome than ever before. Here, we look at the way in which government mandates, utilizing big data and eliciting healthcare patient payments, are causing problems for healthcare settings today, and how these issues can best be resolved.
Challenge 1 – Government Mandate Compliance
Thirty-four percent of healt... READ MORE 〉
InterProse Corporation, a specialist in the ARM Accounts Receivable Management industry, has revealed that it has integrated BillingTree’s cutting-edge technology into its own payment software solutions. This has enabled the company to gain access to the wider range of payment options that customers are demanding while making sure there is uninterrupted processing, as well as rigorous compliance with the required standards.
The InterProse Solution
InterProse has been leading the way in the A... READ MORE 〉
Homeowners’ associations (HOA) often struggle to elicit the payments of their monthly fees from residents in their communities. Although homeowners are aware of their financial obligations to their HOAs when they buy their property, all too often when budgets are tight, this is the first payment to go by the wayside. As a result, those who run HOAs are very familiar with the excuse, “The check must be lost in the mail.” And, while this does not negate the responsibility of the homeowner to... READ MORE 〉
When you run a B2B company, it is probably fair to say that payment processing is not going to be your primary concern. However, when it comes to the key components of running your business – driving up sales, improving customer relations, and streamlining processes – your payment processing systems have a major role to play in all of them. Your B2B payment gateway could be the cause of your problems and is one area in which you may need to make changes if you want to taste success.
How Can... READ MORE 〉
One of the greatest problems in the ARM collection industry these days is faced by those who have the challenge of making the contact calls to chase down people with outstanding accounts. Unfortunately, this difficult job is being made even more awkward by the fact that many consumers are now finding it difficult to accept the identity of anyone contacting them by telephone, including debt management companies. This means that a difficult conversation about finances becomes automatically even mo... READ MORE 〉
With the healthcare industry in the United States under greater pressure than ever, providers are having to find ways of better managing their payment revenue cycles. While practices with efficient processing systems average approximately 27 days between treatment being given and payment being received, those that have the poorest quality systems average around 106 days. With payments being trapped in accounts receivable for as long as five months, this is clearly not an appropriate payment cycl... READ MORE 〉