The InstaMed Disbursement Hub solution is a Fierce Healthcare Innovation Awards 2021 winner in the financial/operational solutions category. The program showcases outstanding innovation that is driving improvements and transforming the industry.
“Healthcare is drowning in paper,” Jeff Lin, Chief Product Officer, InstaMed, a J.P. Morgan company, told FierceHealthcare. “At the same time, delivering coverage to employees has become increasingly complex for health plans, as employers seek out self-managed plans, also known as Administrative Services Only (ASO) options. Our innovative solution is allowing payers to do more with fewer resources and driving better experiences for all. Our future vision is simple – don’t stop innovating until there is no paper in healthcare payments.”
Rebecca Willumson, Vice President & Publisher, Fierce Life Sciences & Healthcare said, “The awards program was designed to showcase innovative solutions from our industry over the past year. We received a tremendous amount of nominations and our panel of judges looked for effectiveness, technical innovation, competitive advantage, financial impact and true innovation. We believe the winners of the 2021 program have the greatest potential to save money, engage patients or revolutionize the industry. Congratulations to all of the Innovation Award winners.”
More about the InstaMed Disbursement Hub solution
Disbursement Hub breaks through the complexity of healthcare payments with one end-to-end solution that helps payers increase ERA/EFT adoption, improve provider and member satisfaction, and optimize support for ASO business. InstaMed, a J.P. Morgan company, delivers Disbursement Hub as the one hub for all payer disbursements, including claim payments to providers and reimbursements to members.
Disbursement Hub reflects an evolution in innovation for the InstaMed offering to payers. Through new enhancements, InstaMed supports dynamic messaging to members and enhanced support for ASO business. As it has for more than a decade, the solution will continue to improve provider satisfaction, drive growth and reduce costs for payers.
With Disbursement Hub, payers join the InstaMed Network to achieve the highest rates of electronic adoption. InstaMed delivers free ERA/EFT to providers help payers remain CAQH CORE Phase III compliant, maintain a positive brand and relationship with providers and act as industry partners in reducing costs in healthcare.
With InstaMed, payers leverage the only market offering regulated as the bank, payment processor, card issuer and integrated healthcare clearinghouse in one place. InstaMed is independently certified and audited at the highest levels for both healthcare and payment processing, including: CAQH CORE Phases I, II and III; EHNAC HNAP and FSAP; HIPAA; HITRUST; Payment Card Industry (PCI) Data Security Standard (PCI DSS) Solution Provider; PCI P2PE v2.0 Validated Solution; and SSAE18 SOC 1 Type 2 and SOC 2 Type 2.
The InstaMed Disbursement Hub solution has proven and repeatable success in provider adoption with its payer clients.
With Disbursement Hub, Geisinger Health Plan delivers more than 90 percent of provider payment transactions via ERA/EFT. Bob Hough, Director of Accounting Operations at Geisinger Health Plan, describes the success below.
Our health plan was transacting all electronic payments ourselves and using a vendor to print and mail our paper checks. We were also in charge of setting up providers for ERA/EFT. These manual, labor-intensive processes resulted in data entry errors and delayed payments, which distracted our business from focusing on provider adoption of ERA/EFT.
Partnering with InstaMed has changed all of that. Within just three months of launching InstaMed to our providers, more than 60% of our transactions were delivered through ERA/EFT. The InstaMed team worked with us to increase adoption of ERA/EFT to more than 90 percent using numerous provider communications across many channels. We have received positive feedback from providers about their experience with InstaMed.
(Read the full case study here. Geisinger Health Plan Case Study – InstaMed)
Excellus Blue Cross Blue Shield increased ERA/EFT transactions by 145 percent in the first six months after go-live with Disbursement Hub. Dave Johnson, Project Manager at Excellus, describes the success below.
The InstaMed Provider Adoption Program has enabled us to deliver ERA/EFT to providers who were previously reluctant to adopt. That makes the gains even more impressive. We are finally seeing cost savings and efficiency improvements we expected to achieve with electronic transactions. Plus, our providers have been very happy with the ease of use of the InstaMed Platform.
(Read the full case study here. Excellus BCBS Increases ERA/EFT Transactions by 145% With InstaMed)