The InstaMed network of consumers, providers and payers inspire us every day to improve and innovate in the healthcare payments space. In 2017, we worked hard to meet and exceed our goals of delivering a more seamless, simple, intuitive and secure payment experience for everyone. Here are some highlights.
Focusing on Consumers
Enhanced Patient Portal Experience
In October, we released updates to our Patient Portal that enhanced the look and feel to make it even easier for patients to view and pay their healthcare bills online. Providers can collect patient responsibility faster and increase brand loyalty, while patients can enjoy a state-of-the-art patient portal with a clean, simple and responsive design.
The InstaMed One Bill Solution Transforms the Patient Payment Experience
Did you know that patient satisfaction ratings drop by an average of more than 30% from post-discharge through the billing process? This year, we helped a customer improve patient satisfaction, collect more patient responsibility and increase revenue by delivering a simple and consolidated bill. The InstaMed One Bill solution consolidates statements across numerous provider entities within a healthcare system, enables patients to pay multiple bills at once and reduces print and mail costs significantly.
Abilene Diagnostic Clinic (ADC) – a multi-specialty, multi-location healthcare organization in Texas – leverages the InstaMed One Bill solution. Previously, each location managed their independent patient billing, which included sending multiple paper statements and following up with separate phone calls. This process proved to be inefficient, time-consuming, costly and confusing. After implementing the InstaMed One Bill solution, ADC saw immediate results. Andrew Kouba, CFO of ADC, says,
“In addition to the positive feedback we are receiving from One Bill, we are also seeing an increase in payments, including the adoption of online payments and even paying off older balances that are easier to understand. Everyone wins when patients are having a great experience.”
Read more about how ADC transformed their payment experience with One Bill.
Delivering the Best-Possible Payments Experience for Healthcare Organizations
InstaMed Introduces Healthcare Bill Payments
In May, we introduced Healthcare Bill Payments, the first solution built specifically for healthcare that enables patients to pay all of their bills and manage all of their payments in one place. This innovative and secure technology is necessary for healthcare today, as increasing patient payment responsibility means providers have to collect more from patients than ever before. When patients pay using Healthcare Bill Payments, providers on the InstaMed Network get these payments directly deposited into their bank account, meaning they get paid faster and reduce the costs to collect. Plus, consumers love to pay this way!
“I loved how easy it was to navigate. The language was clear, and the colored buttons really helped to guide me on where to click next.”
“The fact that I could search for a provider without registering first was nice. It made it a quick and satisfying experience.”
New Ways to Integrate InstaMed Into Your System
With our second major release of 2017, we made it easier than ever for our partners and customers to integrate InstaMed solutions with their existing systems. Integration creates a seamless experience for patients and staff, increases security, and eliminates double-entry, human error, unnecessary follow-up calls and repetitive statements to save healthcare organization time and money. Additionally, integration opens up more payment channels to collect, such as check-in kiosks, online and the back office. We also introduced new integrations with GE Centricity and AdvancedMD. Learn more about the benefits of integrating.
Sierra Pacific Orthopedics Automates 80+% of Patient Payments With InstaMed
The InstaMed Auto Payment Collect™ solution securely stores a payment method on file to automate the processing of patient payments and suppress printed statements. In 2017, we highlighted Sierra Pacific Orthopedics, who successfully automates 80+% of their patient collections with Auto Payment Collect.
“With the InstaMed Auto Payment Collect solution, more than 80+% of our payment collections are automated, and that number is growing every day. The best part is that we are guaranteeing more revenue with fewer resources, in less time and at a lower cost. As a result, the practice’s days in accounts receivable have decreased by 16% and the percent of patient balances over 90 days has decreased by 44%, reaching an all-time low.” – Joe Clark, CEO of Sierra Pacific
Download the case study to learn more.
Leading the Conversation in Healthcare Payments
The InstaMed User Conference 2017
We also hosted the InstaMed User Conference 2017 in Philadelphia, Pennsylvania. This one-of-a-kind event is the only conference that brings together consumers, providers, payers and partners in one place to talk about healthcare payments. Our favorite moments included hearing from consumer-experience expert Dr. Joseph Michelli, walking attendees through our Innovation Lab and celebrating after a full day of educational sessions at the Annual InstaMed Network Bash.
This year’s conference will be held April 9th-11th at the historic Warwick Hotel in Center City Philadelphia with the Annual InstaMed Network Bash at the Reading Terminal Market. Apple co-founder, Steve Wozniak, will headline the conference as the opening keynote speaker. Be sure to register today and secure your spot for the can’t-miss healthcare payments event of the year!
The Seventh Annual Trends in Healthcare Payments Report
InstaMed released the Trends in Healthcare Payments Seventh Annual Report: 2016. This report features key market trends influencing the healthcare industry from an objective view to educate the market and promote awareness, change and greater efficiency.
This year’s report focused on four core challenges facing the healthcare industry, as highlighted by statistics and research in 2016. First, consumers are demanding more from healthcare; they want clear and easy-to-understand explanation of benefits (EOBs) and medical bills. Second, omnichannel payments are impacting healthcare, as 68% of consumers prefer electronic payment methods to pay their medical bills and 80% of consumers prefer online payment channels to pay their healthcare premiums. Third, paper is hurting all healthcare stakeholders – 85% of providers would prefer to receive ERA/EFT payments from payers, and 86% of consumers still receive paper medical bills. Healthcare data is under attack; 2016 saw more healthcare data breaches than any other year on record. Download the full report to learn more about the payments trends impacting healthcare today. If you are a more of a visual learner, watch our informational webinar!
Dayton Children’s Hospital First to Leverage InstaMed Healthcare Payments P2PE
Dayton Children’s Hospital – a multi-specialty pediatric hospital in Dayton, Ohio – was the first healthcare organization to leverage InstaMed Healthcare Payments P2PE, a PCI-Validated P2PE v2.0 solution. Dayton Children’s sought new and better ways to protect the personal and financial information of the 300,000 children and their parents that they care for every year. Additionally, they wanted to deliver a simple and consumer-friendly healthcare payment experience that eliminated any additional stress.
By partnering with InstaMed, Dayton Children’s ensures that patient and guarantor information is protected by the most advanced and rigorously audited technology. They also streamlined their workflow and increased operational efficiency by leveraging InstaMed’s omnichannel payment approach that fully integrates into their existing electronic health record (EHR) system, Epic. Read more about how Dayton Children’s transformed their healthcare payments process.
InstaMed’s PCI-Validated P2PE v2.0 Solution Now Available for Ingenico Devices
Most recently, we announced that the InstaMed PCI P2PE Validated solution is now available for Ingenico payment devices, allowing InstaMed customers to meet the highest levels of security and compliance when collecting card payments from even more types of devices. InstaMed was audited against the strictest PCI standards for encryption, and the PCI Council approved the P2PE v2.0 Validated Healthcare Payments P2PE solution to be listed for the Ingenico iPP320 and iSC250 devices. Only solutions listed on the PCI SSC website have been audited and approved by the Council as P2PE Validated solutions.
Year in Review
InstaMed’s achievements in 2017 reflect our steadfast focus on improving and simplifying the healthcare payment experience for everyone. We look forward to keeping the momentum going in 2018 as we continue to be healthcare’s most trusted payments network.