By Jeff Lin, Senior Vice President of Product Management at InstaMed
Since day one, InstaMed was founded on the mission to simplify healthcare payments. You’ll find that mission is built into each one of our products and solutions. Our relentless drive to innovate allows us to deliver these next-generation healthcare payments to each stakeholder in the industry – whether you are a provider, payer or consumer – and 2016 was no different.
From paying health plan premiums to analyzing collection trends, the enhancements and product releases in 2016 are built on our long history of leadership in healthcare payments and lifting the entire healthcare economy. This year, our team brought industry-leading enhancements that focused on the key themes of payment assurance, consumerism and security. Here is the year 2016 in InstaMed innovation:
Achieving Payment Assurance
- Our patented Estimator solution now allows providers to deliver a positive, consistent and transparent payment experience and clear payment options – to every patient. This has never been more important as 91 percent of consumers are demanding price transparency according to the Trends in Healthcare Payments Sixth Annual Report: 2015.
- To maximize the benefits of payment technologies, we created new robust reporting capabilities to give insight into receivables data, so you can quickly use reporting to diagnose your collection strengths and weaknesses.
- Healthcare payments, all in one place. You have heard it before, but 2016 was really the year of bringing together all payment information in one place. We expanded our promise to integrate into any healthcare IT system to streamline your payment processes and make it easier to collect payments, including any practice management system, patient portal, member portal or proprietary systems with numerous embeddability options. So, what is integration and how can you benefit? Learn more here.
Providers gained a comprehensive view into patient payment data with integrated healthcare clearinghouse and payment information in one screen, so that it is easier to collect, because providers like convenience, too.
Meeting the Expectations of Consumerism
- Have you met Stacey yet? If not, you can probably still relate to the negative experience of trying to pay multiple healthcare bills from the same health system. How can we deliver patients like Stacey a better payment experience? Consider the Amazon online shopping experience. The One Bill solution brings that same experience to the healthcare industry by enabling providers and payers to deliver one bill to consumers for all of their healthcare payments.
- Did you know that 90 percent of text messages are read within three minutes? (MobileSQUARED) Text messages, emails and eStatements are vital tools to speed up the collection process without relying on paper or manual processes, while still delivering the convenience that consumers want. That’s why we expanded and enhanced these features in 2016 to help you improve patient communication and increase collections.
- Health plan premiums are increasing at a rapid pace, making them the new utility bill as reported in the Trends in Healthcare Payments Sixth Annual Report: 2015. 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.
Enhancements to how consumers pay premiums was just the start. We also expanded how consumers manage all of their healthcare bills with a secure digital wallet leveraging tokenization and self-service capabilities.
Keeping Security Top of Mind
- In October 2016, InstaMed announced that we are the first and only in healthcare to be PCI-validated for P2PE v2.0. You can read the full press release here.
P2PE (point-to-point encryption) is a methodology for securing credit card data by encrypting it from the time a card is swiped or keyed until it reaches a secure endpoint (InstaMed) where it is decrypted. InstaMed customers that collect card payments with P2PE v2.0 reduce their PCI compliance programs and leverage the highest levels of security and compliance possible.
It is important to note that many vendors claim to offer P2PE solutions, which are not actually PCI-validated. We have outlined what exactly it means to offer a PCI-validated P2PE solution in this post.
- Security is always top of mind at InstaMed. We are committed to delivering the most secure and compliant healthcare payments experience in the industry, and we continue to uphold our reputation as healthcare’s most trusted payments network. Recently, I sat down with InstaMed’s security experts to discuss this commitment and the latest security trends impacting the industry. You can read the full interview here.
Check out our monthly Innovation Lab in the InstaMed Healthcare Payments Blog to stay informed of our latest enhancements and releases.