Payment System

Shall be able to accept payment from all reputed bank transfer facilities for customer flexibility.

Centers for Medicare and Medicaid Services (CMS) adopted the Medical Severity Diagnosis Related Groups (MS-DRGs) for use in the Inpatient Prospective Payment System (IPPS) in the fiscal year 2008, which ran from October 1, 2007 through September 30, 2008. CMS was influenced by the Medicare Payment Advisory Commission (MEDPAC) and the hospital community to use a severity adjusted DRG system.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

An Accountable Care Organization or ACO is a group of doctors, hospitals, and healthcare providers, who voluntarily come together and provide coordinated high quality medical care to Medicare patients.

Prospective Payment Systems (PPS) determines the payment a medical facility will receive by evaluating preestablished criteria. The reimbursement amount will only be based on the preestablished criteria (glossary). PPS helps decrease health care spending because the health care facility knows that they will only receive a reimbursement amount that is based on PPS's preestablished criteria. Implementation of the PPS has proven to be a success towards reducing hospital costs, especially for Medicare patient. The health care facility will have limits on spending due to fewer inputs coming in.

Prospective payment system is a “method of reimbursement in which payment rates for healthcare services are established in advance for a specific time period.” These rates are based on the average usage of resources for those certain types of healthcare. The prospective payment system puts the liability on the healthcare organization because the cost of the healthcare procedure can be more expensive than the average cost. Therefore, healthcare organizations need to be methodical with the way the treat their patients, use as little resources for the best quality of care. There are many prospective payment systems; there is inpatient, acute-care, inpatient psychiatric facility, home health, outpatient, long-term care, rehabilitation, and nursing facilities.

The introduction of online transaction processing and real-time customer information will speed up the billing process

Even though Happay provides a platform for its clients to load money into dedicated accounts to disburse money from those accounts to its employees, Happay is not authorized to keep companies money with it. Thus Happay partnered with RBL bank to provide escrow accounts to its clients. This made it important for the finance department of Happay to reconcile the transaction data available with RBL bank with the data available at Happay systems. For a small organization like Happay manual reconciliation of transaction data proved cumbersome and time consuming as the number of clients kept increasing. This led to the need of an automated tool that would minimize the human effort needed in such tasks.

Capitation Payment System is a financing method for managed care. Managed care gives affordable priced health care for the people buying it and the providers who agree to certain conditions.The people who buy this have a pre-established payment for health care services. If services cost less than capitation amount, profit results but if it was more than capitation amount then the provider loses money.

Explanation of Benefits (EOB): A summary statement from the payer that explains the claim, the amount that is the responsibility of the member, or the reason for non-payment.

I found an article “CMS: Over Half in Value-Based Care Program to Earn Bonuses” on the Revcycle intelligence website. The government attempts to promote the transition from volume-based purchasing to value-based purchasing for health care and receives positive feedbacks in the past few years. It brings my interest because value-based payment is a new strategy based on value instead of volume.

Paper or plastic? Debit or Credit? Marianne or Ginger? These are the decisions that keep most people awake at night. Okay, admittedly, probably not that many people are losing sleep over making these particular choices.

In order to attract workers and to retain the best performers, employers need to have a compensation system that will achieve these objectives. Furthermore, employers need to comply, with the relevant law which relate to payment systems and hours of work. Payment systems and quantum of payment play a significant role not only for individual employers, but also at the level of society.

For many years the banking and financial services industry has been developing new methods of cash payments. One of these methods is generally referred to as “cyber payments”. A significant feature of the new cyber payments is that they include a new form of currency. Cyber payments also comprise other payment components, which emulate current payment systems. For example, already in use are cyber-cheques, cyber-credit and cyber debit. Cyber-currency, therefore, includes the attributes of conventional currency, which are: a store of value; a medium of exchange; and ease of use. However, it has one very important added feature – almost instant electronic transfers from point to point[ Available at http://www1.worldbank.org/finance/assets/images/01-chap01-f.qxd.pdf (last visited on 02/03/2016)

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means