Browse by Topic
More than 40,000 members value HFMA's thought leadership and practical strategies. HFMA is where you need to be.
Get acquainted with the
healthcare finance industry's leading professional association. Find out why our
members rely on HFMA as their go-to source for insight and
Members have many
options for helping them advance their careers. Conferences, seminars,
eLearning, certification, and more -- our education and events will keep you
Connect the dots on today's big issues, explore collaborations, get career-boosting tips, and network with colleagues nationwide at the leading finance conference. Save $100 off the full conference rate when you register by May 8.
Real-time presentations with nationally recognized experts, networking opportunities, and industry solutions—no travel required!
Get the latest, practical education in key areas of healthcare finance over 1, 2, or 3 days. Choose Essentials Programs or Master Sessions in DC or Seattle. Register early and save $100.
If you're a subscriber to any of our three newsletters, you have access to online education. Learn more or subscribe.
Get the perspectives of leading healthcare finance professionals on today's hottest issues.
Information about leading vendors helps your buying decisions.
Forum members can network during live webinars or access a library of past webinars on topics such as bundled payment, charity care, and ICD-10.
An ever-expanding collection of spreadsheets, policies, job
descriptions, checklists, and more that you can adopt and adapt.
Forum members can submit vexing questions to a panel of experts
using our Ask the Expert service.
Your source for employment solutions.
Find new employment opportunities or
reach out to qualified candidates.
Distinguish yourself as a
leader among your peers and advance your career by earning certification in our
healthcare finance programs.
Get an objective third-party evaluation of products and services used in the healthcare finance workplace.
MAP App is a web-based application that helps organizations improve revenue cycle performance based on industry-standard metrics called MAP Keys.
Find suppliers and products in this comprehensive vendor directory for healthcare finance professionals.
Guidance for understanding and communicating about the price of health care.
Guidelines on how to make it easier for consumers to get information about healthcare prices.
Improve your revenue cycle performance through standard metrics, peer comparison, and successful practices.
Simplified Solutions from Our Sponsor
If your organization accepts credit card payments from patients at the point of service or online, you need to understand that all payment processors are not created equal. Your merchant processor can affect your hospital's profitability and, more importantly, the security of sensitive patient billinhttp://staging2.hfma.org/WorkArea/edit.aspxg information.
While providing your patients with more ways to pay is certainly a best practice for patient-friendly organizations, your hospital might be at risk of exposing sensitive patient billing information if your merchant processor isn't compliant with industry standards-so choose wisely.
Payment Card Industry (PCI) compliance regulations were developed to prevent credit card fraud and identity theft for all organizations that accept, transmit, or store credit card information. Falling short of PCI compliance can be costly on many levels. Accepting credit card payments from patients while using a merchant processor that isn't PCI compliant could increase your risk of exposing patient payment information that could be used by criminals to commit credit card fraud or identity theft.
According to a recent survey commissioned by ACI Worldwide, Inc., an electronic payment software developer, and conducted by Research Now, 29 percent of the 4,200 individuals surveyed who have used a credit or debit card within the past five years have experienced card fraud. According to the Javelin Strategy & Research 2011 Identity Fraud Survey Report, 8.1 million adults in the United States in 2010 were victims of identity fraud where unauthorized individuals used another person's information for their own financial gain.
In addition to jeopardizing the financial safety of patients, organizations that experience breaches in data security are required by law in more than 38 states to notify affected parties.
Sometimes it is taken for granted or assumed that all companies selling merchant services are PCI compliant. However, that's a dangerous assumption; you're only as secure as the partners you work with. You must be certain your payment processor adheres to data storage and security guidelines, and that appropriate firewalls are in place.
Along with steering clear of merchant processors that aren't PCI compliant to protect the financial security of your patients, you should also be aware of other common pitfalls associated with fly-by-night merchant processors to shield your organization as well.
Watch out for bait-and-switch rates. There's a reason they are called "teaser rates." Some merchant processors use low introductory rates to lure you in, only to hike the rates soon after the relationship is established or add fees along the way. Seek out processors that offer full disclosure of rates and provide a lower overall cost and effective rate from the start.
Beware of long-term obligations. If you are required to sign a long-term contract to initiate a working relationship, be on guard. Companies that demand lengthy agreements will likely levy heavy fees should you need to cancel before term. Some merchant processors are more flexible, working on short-term or month-to-month agreements that never lock you into situations or lead you into costly fees.
Demand clear reporting and support. As with any solid business relationship, set high standards for service. Amidst the array of potential partners to choose from, there are those that take a consultative approach, provide customizable reporting tools, and offer support. You need access to clear reports and statements online, in addition to support services, to promptly answer any issues that may arise.
Prioritize implementation. Find a merchant processor that is sensitive to the fact that your organization is already entrenched in IT solutions and systems that run your business and is willing to work with you to ensure smooth implementation and integration. The merchant processor should be with you each step of the way, integrating systems and determining the best solutions to help you collect more of what you are owed, while keeping costs low and efficiency within your hospital high.
If you'd like peace of mind knowing your merchant processor is not only PCI compliant, but also a trusted leader in the industry, Emdeon Merchant Services and Chase Paymentech are here to help. Emdeon is collaborating with Chase Paymentech, a global leader of payment processing, to simplify patient payment processing and integrate seamlessly with Emdeon solutions. Call 877.EMDEON.6 (877.363.3666) or visit us online to learn more today.
Publication Date: Friday, November 18, 2011
Brian Kueppers, founder and CEO, Apex, discusses the importance of a robust patient payment strategy in boosting organization revenue and enhancing patient satisfaction.
Brian Grazzini, CFO, HealthPort, describes the importance of efficient and compliant information exchange and audit management in helping HIM staff spend less time on paperwork and more on mission-critical projects.
Cindy Matthews, executive vice president, Community Hospital Corporation, discusses how rural and community hospitals can use collaborative partnering to position for success through tough market conditions.
Rick Heise, senior vice president, revenue cycle, at Cerner Corporation, discusses the importance of integrating clinical and financial data to excel in health care’s changing payment environment.
Dale Hockel, senior vice president of operations, and Jim Fanelli, CFO, TriMedx, share strategies for elevating clinical engineering through innovative management programs.
Russ Graney, founder and CEO for Aidin, and John Laursen, head of business development for Aidin, share insights on how to improve care transitions between acute and post-acute care settings and incentivize high-quality patient outcomes.
Scott Elston, strategic accounts manager, GE Healthcare Services, describes how substantial cost reduction in health care requires rethinking business strategy and asset use.
Robert Williams, MD, director, Deloitte Consulting LLP, and Arielle Freiberger, product strategist, ConvergeHEALTH by Deloitte, explain how sophisticated retrospective, real-time, and predictive data analytics can inform decision making to reduce costs and improve care.
Stuart Hanson, director of business development (healthcare solutions) at Citi Retail Services, discusses how improving the payment experience can benefit consumers and healthcare providers.
Scott Schmidt, vice president, Cerner RevWorks, LLC, shares insights on best practices for maximizing a revenue cycle management partnership.
©2015 Copyright Healthcare Financial Management Association
HFMA.org is best viewed using IE9 or the latest versions of Chrome, Firefox, and Safari.
Join HFMA today and enjoy: