PHILADELPHIA, PA and NEWPORT BEACH, CA (May 25, 2016) – InstaMed, healthcare’s most trusted payments network, announced today that it has released new enhancements that deliver next-generation healthcare payments solutions for providers, payers and consumers. Most notably, InstaMed has built on ten years of innovation with updates to its patented InstaMed Estimator solution, which allows providers to estimate patient responsibility, secure a payment method and then automate payment collection according to the patient’s payment preferences.
“We place high value on clear patient communications regarding payments. The ability to set payment expectations upfront with the InstaMed Estimator solution has been key to these communications,” said Vicki Durso, Revenue Process Manager of Radiology Regional Center. “With the enhanced solution, it’s even easier for our staff to leverage the integrated healthcare and payment data to quickly estimate the patient responsibility, then immediately offer payment options, including automated payments. This allows us to achieve payment assurance from patients, while also meeting their demands for understanding estimated costs and having convenient payment options.”
These enhancements augment the way InstaMed simplifies the entire healthcare payments lifecycle for providers, payers and consumers alike, from paying health plan premiums to analyzing patient collection trends. Highlights include:
- Delivering a Consumer-Centric Premium Payments Experience
Consumers can make premium payments the same way they pay their other monthly household bills in an omnichannel payment experience with convenient payment options including automated, recurring payments.
- Gaining a Comprehensive View Into Patient Payment Data
By integrating healthcare clearinghouse data with patient payment information and displaying it on one screen, providers immediately get a full picture of a patient’s financial and benefit data. This single view enables an InstaMed user to quickly estimate patient payment responsibility and deliver convenient, automated patient payment options.
- Bringing Convenience to Healthcare Payments
Consumers can manage all of their healthcare bills in one place with a secure digital wallet leveraging tokenization and self-service capabilities for managing payment methods and payment plans, accessing payment and statement history and selecting email and/or text messages for healthcare payment communications.
- Driving Smart Business Decisions Through Data Analytics
Now providers have easier access to long-term collection data to understand revenue trends and make smart business decisions around collection strategies.
- Integrating Into Any Healthcare IT System
Providers and payers can integrate secure healthcare payments into any healthcare IT system, including practice management systems, patient portals, member portals and proprietary systems with numerous embeddability options.
“I am very proud of the work our team has done to build on ten years of leadership in healthcare payments,” said Bill Marvin, President and CEO of InstaMed. “Whether it’s full integration into all Epic modules or being the first in healthcare to support Apple Pay, our innovation delivers results at scale. Simplifying healthcare payments has been our mission since day one, and this is seen in our continued commitment to connecting providers, payers and consumers, which lifts the entire healthcare economy.”
InstaMed is healthcare’s most trusted payments network, connecting providers, payers and consumers on one platform. The InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed enables providers to collect more money from patients and payers while reducing the cost and time to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments and facilitate consumerism for their members. Visit InstaMed on the web at www.instamed.com.