PHILADELPHIA, PA and NEWPORT BEACH, CA (May 22, 2018) – InstaMed, healthcare’s most trusted payments network, announced today the launch of the InstaMed Engage solution. The InstaMed Engage solution streamlines the end-to-end consumer healthcare payments experience from check-in through billing and payment from all consumer devices.
Providers and payers will be able to leverage the InstaMed Engage solution to allow their patients and members to check in for provider visits, view up-to-date benefit information, create and use a digital wallet for co-pays and outstanding balances, enroll for eStatements and set up automatic payments and payment plans. The InstaMed Engage solution leverages the Bring Your Own Device (BYOD) approach to give consumers maximum convenience while avoiding the hygienic risks and financial costs of communal, patient-shared devices at check-in. With the InstaMed Engage solution, consumers can check in from their own devices before their visit or as soon as they arrive through Bluetooth-enabled beacon alerts or via SMS text messaging.
The Pew Research Center reports 77% of American adults have a smartphone including almost half of adults 65 and older. Smartphone dominance has created a rapid shift in consumer expectations for experiences within all industries including healthcare. 80% of consumers want to check in for a provider visit on their own secure mobile device according to an independent consumer survey of over 2,500 American adults for the InstaMed Trends in Healthcare Payments Eighth Annual Report.
Providers using the InstaMed Engage solution will deliver a superior patient experience while driving the adoption of consumer behaviors that accelerate patient payments. Consumers who create digital wallets, enroll for eStatements and set up automatic payments and payment plans pay their bills 5X faster than industry norms. Payers will be able to embed the InstaMed Engage solution into their member portals and mobile apps to drive utilization and gain insights into member activity in real time, as medical expenditures are incurred.
“The financial touchpoints of a healthcare experience are major determinants of overall consumer satisfaction. Providers and payers are seeing the opportunities to significantly improve their patient and member experiences by helping consumers understand the financial side of healthcare,” said Chris Seib, CTO of InstaMed. “Our extensive consumer research proves that engaging with consumers pre-service through their own device and delivering an end-to-end, frictionless healthcare payments experience drives consumer satisfaction. The InstaMed Engage solution is the combination of deep experience and expertise in healthcare payments along with customer-centric design thinking that benefits providers, payers and consumers.”
InstaMed is healthcare’s most trusted payments network, connecting providers, payers and consumers on one platform. The InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed enables providers to collect more money from patients and payers while reducing the cost and time to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments and facilitate consumerism for their members. Visit InstaMed on the web at www.instamed.com.