On December 12, 1980, Apple launched the Initial Public Offering of its stock to the investing public. When Apple went public, it generated more capital than any IPO since Ford Motor Company in 1956. Let’s just say if you would have bought $1,000 worth of Apple stock in 1980, you very well could be a millionaire today! Apple’s technology has transformed the everyday consumer as we now expect simple, convenient experiences with everything we do, including healthcare. I wanted to take some time to reflect on just how much Apple has impacted the healthcare payments industry. Here’s a look back at some of the biggest innovations in healthcare that Apple has influenced.
“There’s an App for That”
This slogan was used in an Apple commercial to promote their iPhone in 2009. This phrase has become so ingrained in our society, we don’t even question the validity of this statement. If you need an app for just about anything you can possibly think of, you can find it in the App store. Do you need an app to stream all your favorite TV shows and movies? There’s an app for that. Are you looking for an app to pay all your healthcare bills? There is most certainly an app for that. InstaMed has created healthcare’s first mobile app. Paying your healthcare bills has never been easier as patients can now take a picture of their statement and quickly pay healthcare organizations through their mobile device. With the InstaMed app, patients can save payment and health plan details to a secure digital wallet, access payment history 24/7, and check in for provider visits and easily access benefit details and payment options. The app is available on iOS and Android devices.
iPhone, iPads, Apple Watch, and More!
It all started with the Macintosh computer and from there came the iPod, iPhone, iPad, Apple Watch and more! Apple has expanded its product line to meet the needs of all consumers. Some consumers may like to do everything from their mobile devices while others might prefer a larger screen on a computer or iPad. Either way, Apple recognizes the need for options in today’s society and the same applies for healthcare. There is no “one-size-fits-all” payment channel that meets the needs of every person, therefore utilizing omnichannel payment methods at your organization is necessary to create a positive payment experience for all. The key is to offer patients multiple payment options so that all of your patients have the ability to pay their healthcare bills however they want. Not only do omnichannel payment methods increase the likelihood that patients will pay, but they also can positively impact a healthcare organization’s revenue, brand awareness and patient satisfaction scores.
Since its introduction in October 2014, Apple Pay has grown in popularity with consumers. It also revolutionized mobile payments and is the main reason behind a forecast of $110 billion in mobile payments transactions in 2018 (Bloomberg). Both Apple Pay and Google Pay are available for healthcare payments (in fact, InstaMed was the first to bring Apple Pay to healthcare). Consumers want simple and convenient payment experiences and Apple Pay and Google Pay provide just that. Consumers can easily save their payment cards to their mobile device and quickly make payments with their payment cards. This enhances the payment experience for consumers by saving payment cards in one place for a simple payment transaction, without the need to physically present the payment card.
Apple co-founder Steve Wozniak headlined the InstaMed User Conference 2018 as our opening keynote speaker. A Silicon Valley icon and philanthropist for more than thirty years, Steve Wozniak has helped shape the computing industry with his design of Apple’s first line of products, the Apple I and II. His innovative mind has contributed to all the changes in healthcare we see today. Watch a recap video of his keynote address, then don’t forget to register for this year’s InstaMed Healthcare Payments Summit 2019. Our three-day conference is back and better than ever, and it even has a new name. Join us on March 25–27 in Philadelphia, PA to learn from more innovative minds as they discuss the latest in healthcare payments. And this year’s opening keynote speaker is a bit of a shark… if you know what I mean! Register now and don’t miss out!