PHILADELPHIA, PA and NEWPORT BEACH, CA (October 7, 2013) – InstaMed, the leading Healthcare Payments Network, announced today that it projects to process over $100 million in patient payments made through its new Member Payments solution. Member Payments enables patients to pay all of their healthcare providers online from their health plan’s website as soon as claims are adjudicated.
The Member Payments solution launched early this year. Since the launch, the daily payment volume has grown 15-fold. Additionally, the InstaMed Network is adding 1,000 new healthcare providers per week, as more patients elect to pay their healthcare providers using their health plan’s website.
“The Member Payments solution is a great way for us to connect with patients quickly for payments,” said Franco Rizzolo, DC, Partner and Administrator of Suburban Orthopaedic Medical Center. “I am receiving payments faster without having to print and mail statements, and my patients love having a convenient place to pay all of their providers.”
“Processing patient payments is complex because it involves at least three parties and multiple steps,” said Bill Marvin, President and CEO of InstaMed. “Processing patient payments in a secure, compliant and convenient manner is one of the biggest challenges in healthcare. Member Payments is a new and innovative payment channel that enables health plans to leverage our network to integrate with the financial and payment card networks, creating a simpler payment process for providers and patients.”
About Member Payments
The Member Payments solution is available free of charge with no incremental costs to healthcare providers. This new patient payment solution delivers a unique and innovative payment channel to connect patients to all of their providers. With InstaMed Member Payments, providers get paid by patients automatically, based on the patient’s responsibility as determined by the claim adjudication process and upon the approval of the patient. As a result, providers get paid faster and more efficiently, without sending patient statements. Providers can also set up automated posting to their billing system.
InstaMed is independently audited, certified and compliant with state and federal regulations that govern the financial networks. InstaMed is HIPAA compliant and the only network to achieve full accreditations with the Healthcare Network Accreditation Program (HNAP) and the Financial Services Accreditation Program (FSAP) from the Electronic Healthcare Network Accreditation Commission (EHNAC).
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 400+ hospitals, 60,000+ practices/clinics and 100+ billing services; connects to 3,000+ payers; and integrates with 50+ practice management systems. InstaMed processes tens of billions in healthcare payments each year at a rate of more than $1,000 per second. Visit InstaMed on the web at www.instamed.com.
InstaMed Public Relations