PHILADELPHIA, PA and NEWPORT BEACH, CA (June 9, 2016) – InstaMed, healthcare’s most trusted payments network, announced today the launch of its ERA/EFT Transaction Adoption Guarantee. Payers who use the InstaMed Claims Settlement solution to deliver all of their provider payments will be guaranteed an ERA/EFT transaction adoption rate of at least 50% within the first 12 months of go-live.
InstaMed, the first organization to receive CAQH CORE Phase III certification in 2013 with its Integrated ERA/EFT® transactions, has heavily invested in building its network of healthcare providers, which now connects over two-thirds of the market. Providers who register for the InstaMed Network undergo comprehensive Know Your Customer (KYC) validation, including organization and bank account verification in order to prevent fraud and money laundering and to comply with increasingly strict financial industry regulations. Once a provider organization is on the InstaMed Network, it is able to receive Integrated ERA/EFT transactions from all of the payers using the InstaMed Claims Settlement solution. Providers experience a streamlined enrollment process and then benefit from receiving free Integrated ERA/EFT transactions.
InstaMed’s Integrated ERA/EFT transactions enable straight through processing, including reassociation, automated posting and reconciliation. InstaMed supports heterogeneous integration with healthcare IT systems for organizations of all sizes with varying levels of system complexity from small to large practices, labs, health systems and billing services with multiple clients.
Additionally, InstaMed registers new providers on the InstaMed Network every day through its ongoing provider adoption program. The provider adoption program utilizes multiple outreach channels to encourage providers to enroll for electronic payments. As a result of the InstaMed Network, InstaMed’s payer customers have realized ERA/EFT transaction adoption rates significantly higher than industry averages.
“Within three months of launching InstaMed to our providers, more than 60% of our transactions were delivered through ERA/EFT,” said Bob Hough, Director of Accounting Operations at Geisinger Health Plan. “The InstaMed team worked with us to increase adoption of ERA/EFT using numerous provider communications across many channels. We have received positive feedback from providers about their experience with InstaMed.”
“Some organizations tout high levels of ERA/EFT adoption by using the percentage of dollar volume delivered through ERA/EFT, but that metric is very misleading. Payers send a large dollar volume to a small percentage of their providers, but it’s the number of transactions being delivered through checks and EOPs that drive up the costs to payers, including the extra service calls from providers that are looking for payments. The percentage of transactions being delivered through ERA/EFT is the most important metric, not the dollar volume,” said Bill Marvin, President and CEO of InstaMed. “There is significant opportunity to eliminate the cost and hassle of paper checks and EOPs which benefits both payers and providers. The InstaMed Network is built to address this problem. Our national scale and market penetration allow us to connect providers and payers quickly, and our value proposition to both continues to increase as we build out the InstaMed Network.”
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.