At the InstaMed Healthcare Payments Summit 2019, we had the opportunity to hear from two renowned keynote speakers who motivated the crowd. Robert Herjavec, CEO of Herjavec Group and star of ABC’s Shark Tank, kicked off our full day of educational sessions by sharing his journey from a U.S. immigrant to one of America’s most recognizable business leaders. Of his many accomplishments, we were particularly moved by his company’s dedication to information security. This almost topped him being our favorite Shark! As we closed out the summit, we all got a lesson in trust from David Horsager, CEO of the Trust Edge Leadership Institute and national bestselling author. David inspired us all to instill the eight pillars of trust in everything we do in life to present the best versions of ourselves.
Chris Seib, InstaMed CTO and co-founder, shared a story of innovation to illustrate how connectivity is changing the healthcare industry as we know it. We heard the story of Kate, a hardworking mother whose son Kyle tore his ACL. Kate and her husband Dan are confused and stressed by their healthcare bills. Their experience has become a normality in healthcare as most consumers today are more worried about how they are going to pay a healthcare bill than they are about the actual healthcare encounter. Chris explained how InstaMed is changing this experience by leveraging machine learning and multiple data sources to build consumer profiles and deliver personalized engagement in the patient billing experience. He explored a few consumer profiles and showed attendees how payment personalization can revolutionize healthcare payments.
In this year’s Innovation Lab, attendees witnessed ground-breaking innovations coming to healthcare payments. In the lab, we saw how InstaMed is protecting payments made in your call center with InstaMed VoIP Protection. We learned more about blockchain and how this buzzword is making its way into healthcare. We also saw how InstaMed is developing new and exciting ways to engage consumers in the billing and payments process that will ultimately remove paper and manual steps from every healthcare payment transaction. Plus, attendees had the opportunity to get up close and personal with the InstaMed Masterminds to answer any and all questions they had about their InstaMed account or about healthcare payments in general.
Boston Children’s Hospital wowed the crowd with a presentation that really got attendees fired up – pun intended! Kevin Pawl and David Gates from Boston Children’s Hospital shared their hospital’s journey to a better healthcare payments experience by going cashless. And to illustrate “going cashless,” Kevin and David even burned some (fake) money! Boston Children’s Hospital was feeling the impacts of increasing patient responsibility and understood the inefficiencies around paper billing. The hospital decided it was time to make a significant change to a centralized billing system that would take their hospital almost completely electronic. Attendees were inspired by their forward-thinking initiative and had the opportunity to ask questions about the hospital’s process. And of course, David and Kevin’s matching cash sweatshirts helped too!
Our payers did not disappoint at this year’s summit with presentations on mobile strategies for member engagement, talking to providers about ERA/EFT, consumer journey maps and achieving member portal stickiness with premium payments. There was a common theme throughout each presentation: transforming the member experience is a necessity in healthcare. As members continue to be a key player in healthcare, payers must cater their payment experiences to fit the needs of today’s members. With presenters from Blue Cross Blue Shield of Nebraska, Excellus BlueCross BlueShield, SelectHealth and BlueCross BlueShield of Tennessee, attendees had the opportunity to learn from forward-thinking health plans and ask questions on how they can replicate the significant results they saw at their own organizations.
During the Welcome Reception, Jeff Lin – host of HealthcareNOW radio’s Payment Matters – interviewed Dave Stewart in a special live recording of Payment Matters. Dave Stewart is the Vice President of Ingenico which is a global leader in healthcare payment systems. Dave and Jeff discussed the evolution of healthcare payment devices and how changing technology has impacted the way consumers make payments. They talked about the new contactless EMV mandate that has been put into effect and how payment preferences continue to change in healthcare. Dave shared his vision for the future of payments with one word: mobile. Consumers are using the phones in their pockets for more of their everyday life and Dave believes this will continue to grow in healthcare.
To wrap up our full day of educational sessions, all attendees were invited to join a Fireside Chat that featured prominent journalists in the healthcare industry. The media panel consisted of Dan Munro (Forbes), Susan Morse (Healthcare Finance News), Stephanie Baum (MedCity News), and Fred Bazzoli (Health Data Management). Each member of the panel offered their predictions as to the storylines that will have the most crucial impact on stakeholders within healthcare and how this emerging news may affect those within the payments industry.
A Philadelphia icon, the man, the myth, the legend… please welcome to the Annual InstaMed Network Bash, Rocky Balboa! The InstaMed team brought a Rocky Balboa (look-alike) to the Reading Terminal Market on Tuesday night of the InstaMed Healthcare Payments Summit. After running up the Art Museum steps and standing in the shoes of the famous fighter during the historic trolley tour, we had the chance to snap selfies and get signed autographs from this American icon. During the party, we got to indulge in many of the delicious offerings from Reading Terminal Market, including lobster mac & cheese, sushi, paella, freshly pulled mozzarella, ice cream, moon pies and much more. Then, we danced the night away with the help of an awesome DJ.
Patient engagement is more than just a buzzword; it is essential for delivering the best possible payment experience to patients. Throughout the three-day summit, we heard various providers discuss the strategies and processes their organizations have implemented to achieve patient engagement. One provider in particular was able to increase self-service patient payments by 83 percent with InstaMed by optimizing the billing and payment process. Paul Brewer from Dermatology LTD shared how his organization leveraged the InstaMed Patient Engagement Program to deliver a comprehensive approach to driving online payments and eStatement adoption. From his presentation, we saw how Dermatology LTD increased self-service and online payments, increased the number of patients enrolled in eStatements, and maximized the utilization of their Patient Portal.
Chris Seib, CTO and co-founder of InstaMed, took some time on Wednesday morning to preview the InstaMed Trends in Healthcare Payments Ninth Annual Report. Through his presentation, Chris shared insightful statistics and data points from the perspective of the provider, the payer and the consumer. We learned that mobile technology isn’t going anywhere and consumers will continue to stay true to experiences rather than people. Data from the InstaMed Network proved why the healthcare payments experience needs to change and focus on consumer demands.