PHILADELPHIA, PA and NEWPORT BEACH, CA (September 12, 2006) – InstaMed, a real-time gateway and processor of healthcare and payment transactions, announces that the patent pending InstaMed Platform now offers InstaMed Claim Verification Services (ICVS), an all-payer, real-time processing and pre-adjudication solution for healthcare.
ICVS delivers real-time processing on every claim so that healthcare providers can detect claim errors, rejections and potential denial issues prior to submission and begin to correct them immediately. The InstaMed Platform supports many of the key processing functions that occur on a payer’s claim system, which means that a submitter can find out claim status in real-time instead of waiting 24 to 48 hours or making a phone call.
Bill Marvin, President of InstaMed stated, “We believe that healthcare providers should receive payment as easily and efficiently as a retail business. Of course claim transactions are much more complicated than bankcard transactions, but there is room for improvement by incorporating best-practices and methodologies from the payment industry. Delivering real-time acquisition, processing and responses from our platform to a provider’s environment is the first component of our strategy to achieve our mission.”
ICVS supports claims for all payers and accepts a variety of formats from healthcare provider’s existing systems. ICVS includes HIPAA-Standardized responses that are easy-to-use, understand and available in different human and machine-readable formats. Users can also define custom views, workflows and business rules.
ICVS is offered on the InstaMed Platform, which is available as a web portal based ASP application, through a local Smart Client application, or through a Service Oriented Architecture (SOA) to provide flexible integration into systems and workflow in any healthcare provider environment. Healthcare providers can get started easily as no system or clearinghouse changes are required and no upfront investment is necessary.
InstaMed is a real-time gateway and processor of healthcare and payment transactions utilizing the patent pending InstaMed Platform. For thousands of healthcare providers, InstaMed continues to transform healthcare payments so their experience is simple, convenient, reliable and secure.
The InstaMed Platform integrates the healthcare and financial networks by delivering real-time and batch connectivity between healthcare providers, billing services, vendors, health plans, payers, banks, bankcard associations, the Federal Reserve and other financial entities. The InstaMed Platform supports Claims, Eligibility, Status, Remittance, Credit, Debit, eCheck and ACH transactions in both real-time and batch modes.
The Company’s management team brings many years of experience working on transaction processing with payers, providers, clearinghouses, vendors, billing services and financial entities of all sizes across the country. Started in 2004, InstaMed has customers in over 12 states and has been processing live transactions since July of 2005. The Company is compliant with HIPAA, EHNAC and PCI standards and continually undertakes independent third-party audits to ensure that it maintains and exceeds the highest security and operational standards of the healthcare and financial industries.
InstaMed Public Relations