controls in place to safeguard patient health information against breaches.
“Enjoy the new era of mobile computing,” Hitchcock says.
“At the same time, adopt a new mindset to use the tools to their full potential to support, not hinder, patient care.”
3. Prepare for the virtual card payment wave Seeking to improve payment processing
Kevin Arner is president and CEO of PaySpan. For more on PaySpan: www.rsleads. com/210ht-219
efficiency, reduce administrative costs and enhance provider relationships, insurers are increasingly deploying “virtual card” pay- ments, says Kevin Arner, president and CEO of PaySpan, which specializes in healthcare payments automation. With virtual card reimbursement, payers provide virtual card numbers and authorization codes that enable hospitals and physicians to retrieve payments from merchant terminals. According to Arner, more than 25 pay- ers have adopted virtual card payments, with hundreds more in the planning stages.
“Providers need to take steps now to prepare for and take advantage of virtual card benefits,” he says. “When properly managed, virtual card reimbursement minimizes fraud and
expedites reimbursement, enabling providers to access funds quickly.” To take advantage of these benefits, Arner says, providers must adapt their workflows and ensure certain safeguards are in place: • Assure virtual card numbers and security codes for pay- ments and reconciliation data are delivered over a secure electronic payment network instead of receiving complete card information in printed form, which creates a signifi- cant security risk and is much less efficient.
• Choose a merchant terminal solution that is both secure and optimized for healthcare.
• Avoid merchant solutions that charge excessive rates, limit redemptions and charge fees that reduce overall reimbursement income.
• Seek out proven healthcare payments solutions and services to secure the best rates, rebates and other value- added services. “Virtual cards automate many steps in processing reimbursement payments,” Arner says. “This new work- flow process can reduce paper and decrease errors, while improving efficiency, the accuracy of claims reconcilia- tion and cash management – and it does so with fewer administrative resources.”
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your enterprise on the right track now and as ICD-10 gets closer. Its cloud-based components will provide the direction you need, whichever path you choose.
SSI to the Power of 10. Learn more at www.10SmartSolution.com or call 1.800.881.2739.
10Smart™ Solution • ClaimSmart Suite™ Leverage SSI’s fully-integrated, workflow-driven, ICD-10-ready RCM solution.
• A/Rchitect™ - Analytics Suite: Baseline operational performance for your entire revenue cycle. - ICD-10 Assessment Tool: Prioritize ICD-10 conversion efforts using historical data and latest mappings. - Claims Management: Optimize tracking and workflow, while preparing for increased ICD-10 complexity. - Contract Administration: Model current and proposed ICD-10-based contracts and track payment accuracy.
• ClearView ICD-10 Test newly coded claims against ICD-10 edits to ensure compliance. © 2012 SSI. All rights reserved. A/Rchitect and its components are products of MedWorth, a wholly owned subsidiary of SSI.
Visit www.rsleads.com/210ht-003 HEALTH MANAGEMENT TECHNOLOGY
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