Member Payments solution continues to grow momentum one year after launch
PHILADELPHIA, PA (July 29, 2014) – InstaMed, the leading Healthcare Payments Network, announced today that its Member Payments solution, launched one year ago, is rapidly transforming the healthcare payments experience for consumers, providers and payers. Member Payments enables consumers to pay all of their healthcare providers directly from their payer’s member portal as soon as claims are adjudicated. Consumers can easily make payments from a secure digital wallet that stores a consumer’s preferred payment method, including payment cards, bank accounts and healthcare spending accounts such as HSA and FSA accounts.
For consumers in healthcare, Member Payments delivers a simple, convenient and secure way to pay all healthcare providers, directly from a payer’s member portal. A recent survey of consumers returned positive responses, including: “It is great to have everything in one place,” “Great method of paying bills and keeping track of them,” and, “By paying on my member portal my number of medical bills, amounts and my personal budgeting will be as simple as a few clicks of a button and are all lumped together on one site!”
Member Payments enables healthcare providers to get paid by patients automatically, without sending statements or spending staff time and effort to collect. Healthcare providers also automate payment posting and reconciliation for all Member Payments transactions for free by connecting to the InstaMed Connect or InstaMed Online platforms. Providers have been offering positive feedback on Member Payments, including: “It is awesome that I’m getting paid before I even have to spend money on a stamp and send a statement out,” and, “When patients pay online, we collect payments weeks faster and cut out the time and money spent to send multiple statements and make follow-up calls.”
InstaMed allows payers to enhance consumer engagement and increase traffic to their member portal by delivering a simple payment solution embedded directly into their member portal. The Member Payments solution can also be embedded easily into a payer’s mobile platform.
Since the launch one year ago, over 70,000 healthcare provider organizations have been paid through Member Payments, representing over one-third of the U.S. healthcare provider market. The solution is expected to reach 150,000 provider organizations in 2015.
“Patient responsibility has been consistently rising since the mid-1990s when HMOs briefly offered $5 and even $0 co-pays,” said Bill Marvin, President and CEO of InstaMed. “Today, private and public exchanges are accelerating the increase in patient responsibility as consumers choose plans with lower premiums. This consumer choice is a basic trade-off for higher deductible payments and presents a higher risk to providers. When we launched Member Payments, we created a new payment channel that helps solve this challenge by giving consumers a single, convenient place to manage and pay all of their healthcare bills. One year later, our momentum continues to build as we work with more payers to expand the reach of Member Payments and enable consumerism.”
About Member Payments
The Member Payments solution enables payers to deliver a consumer-friendly way for their members to manage and pay all of their healthcare bills, directly from their member portal. With Member Payments, providers get paid faster and more efficiently, without sending patient statements. Providers also improve efficiency with automated posting to their billing system. The Member Payments solution is available free of charge with no incremental costs to healthcare providers.
Member Payments is fully compatible with the InstaMed Premium Payments solution, which enables payers to deliver a secure place for consumers to easily understand and conveniently pay their premiums. Both Member Payments and Premium Payments integrate into payer systems, portals and mobile apps to deliver a seamless consumer payment experience within the payer’s brand.
InstaMed Member Payments is certified for the highest levels of security and compliance, including PCI Level One and EHNAC FSAP and HNAP.
Learn more at www.instamed.com/memberpayments.
InstaMed simplifies every healthcare clearinghouse and payment transaction for providers and payers, all in one place. InstaMed enables providers to collect more money, get paid faster and reduce the time and costs to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments. InstaMed’s single, integrated network simplifies the healthcare payments process for 1,500+ hospitals, 70,000+ practices/clinics and 100+ billing services; connects to 3,000+ payers; and integrates with 60+ practice management systems. InstaMed processes tens of billions in healthcare payments each year at a rate of more than $1,500 per second. Visit InstaMed on the web at www.instamed.com.
InstaMed Public Relations