According to forecasts from InstaMed, its new Member Payments solution may process over $100 million in healthcare payments during its first year in operation.
The cost of processing medical transactions between payers, providers, patients and banks is $300 million annually. InstaMed estimates that providers send at least three statements and wait 90 days to collect most patient payments. Since an estimated 70 percent of patients pay household bills online, Member Payments can deliver a faster way for healthcare providers to collect these payments.
When an insurance company issues an Explanation of Benefits (EOB), Member Payments sends the EOB to the patient. Utilizing the “Pay Now” button on the EOB, patients can input their credit card information, and the payment is sent directly to the provider.
Thanks to the way Member Payments integrates with most practice management systems, payments post automatically without requiring manual input from the provider’s office. Also, the solution frees providers up from sending statements or making calls regarding payment collection.
As a result, Member Payments helps providers to collect payments up to five times faster while lowering billing costs and bad debt write-offs.
Privacy, security and compliance are all crucial components of any healthcare payments processing solution. Member Payments boasts a number of certifications including HIPAA compliance and accreditation from the Electronic Healthcare Network Accreditation Commission (EHNAC).
In addition, Member Payments has Level One PCI compliance, Type II SSAE16 certification and membership in McAfee Secure’s Hacker Safe program, which is designed to prevent data theft. Trustwave monitors the company for PCI compliance, and the portal uses 128 and 256-bit SSL certificates from Thawte for secure processing of financial transactions.
InstaMed reports that it is adding 1,000 new providers to its network each week. Member Payments’ transaction volume has increased by a factor of 15 since the beginning of 2013.