PHILADELPHIA, PA and NEWPORT BEACH, CA (January 28, 2014) – InstaMed, the leading Healthcare Payments Network, announced today that it enables payers to achieve the highest levels of electronic payment adoption with InstaMed’s fully integrated Claims Settlement Complete. By connecting to InstaMed, payers easily manage every provider payment type, including EFT (electronic funds transfer), MasterCard and paper check, on a single, integrated network. With InstaMed Claims Settlement Complete, payers reduce administrative costs and accelerate electronic payment adoption for their provider networks.
Payers on the InstaMed Network also achieve immediate compliance with the Patient Protection and Affordable Care Act (PPACA) mandate on ERA (electronic remittance advice) and EFT through Phase III CAQH CORE certification.
“Delivering electronic payments is crucial to reducing administrative costs for payers. However, this is not an area where payers can take shortcuts,” said Bill Marvin, President and CEO of InstaMed. “The complexities and compliance requirements for managing provider bank accounts, money transfer laws regulated by FinCEN and each of the 50 states, system integration and provider adoption, prevent many organizations from achieving results. InstaMed delivers a robust, independently certified solution that enables payers to streamline all provider payment types, accelerate provider adoption and eliminate the complexities of managing provider payments by connecting to our nationwide network.”
About Claims Settlement Complete
Leveraging InstaMed’s single, integrated network, payers manage every provider payment type, including EFT, MasterCard and paper checks in one place, giving providers flexibility and choice with their payer payments. The Claims Settlement Complete solution includes a proven, full-service provider adoption program to deliver immediate value to payers. InstaMed’s Integrated ERA/EFT® transaction also allows payers to immediately achieve compliance with the ERA/EFT mandate, as InstaMed is the first organization to achieve compliance with Phase III CAQH CORE Certification.
With Claims Settlement Complete, payers enable their providers to get paid faster and automate the payment posting and reconciliation process. Additionally, the solution includes a free Provider Portal to enable providers to access every claim and payment detail at any time.
InstaMed simplifies every healthcare clearinghouse and payment transaction for providers and payers, all in one place. InstaMed allows payers to cut settlement and disbursement costs with electronic payments. InstaMed enables providers to collect more money, get paid faster and reduce the time and costs to collect. 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