Impact Health Sharing is not a new concept, but it is a new blend of a lot of the things that work RIGHT in healthcare.
- Members pay a set Monthly Share Amount based on age, household size, and the deductible amount that they have selected.
- These Monthly Share Amounts are collected and used to pay the medical bills of members, as well as to build and maintain medical reserves that are held in each member’s Share Account.
- We find that it is most efficient for medical providers to submit bills for their services electronically through EDI and to the Payor ID on the back of the member’s card.
- This allows Impact Health Sharing to process and adjudicate medical bills for eligibility per the Program Guidelines quickly. Most bills are processed in less than 30 days.
- Once processed, Impact Health Sharing members share funds from their Share Accounts to pay each other’s medical bills; on average in 3-4 days.
- At this point, Impact Health Sharing remits payment electronically to providers, less any Member Responsibility Amounts (i.e., Deductibles, Co-Pays or Co-Shares) and furnishes the provider with an EOP (Explanation of Payment) detailing the amount(s) paid.
Impact Health Sharing’s electronic bill processing, digital sharing, and distributed medical reserves enables payment to providers, typically 30-40 days after receipt of the members’ bills. This approach sets Impact Health Sharing apart from the healthcare sharing process that many providers may have experienced with other healthcare sharing organizations. It is our aim to provide an experience that works better, feels better than insurance for our members.
Please let us know how we can continue to further this aim. Thank you again for taking the time to care for our member.