Millions of dollars in premium payments paid to payers on the InstaMed Network
PHILADELPHIA, PA (June 11, 2014) – InstaMed, the leading Healthcare Payments Network, has announced today the success of its Premium Payments solution, which enables payers to transform the consumer premium payment process by delivering a secure place for consumers to easily understand and conveniently pay their premiums. Millions of dollars have been paid to payers on the InstaMed Network with the Premium Payments solution.
With Premium Payments, consumers pay their premiums using their preferred payment method, including from the payer website, a mobile device, through automated payments, at walk-in retail locations, through the mail or over the phone through interactive voice response (IVR). The InstaMed Premium Payments solution streamlines the premium collection process for payers with complete operational automation and compliance for consumer-to-payer payments.
The Premium Payments solution is fully compatible with the InstaMed Member Payments solution, which enables consumers to manage all claim payments and pay all of their providers directly from the payer’s website. Both Premium Payments and Member Payments integrate into payer systems, portals and mobile apps to deliver a seamless consumer payment experience within the payer’s brand.
“Millions of consumers are choosing their health plans through public and private exchanges. However, consumers, especially new participants, are confused and frustrated by the process of managing their healthcare finances. As a result, they frequently do not pay their premiums on time or at all,” said Chris Seib, CTO and Co-Founder of InstaMed. “Payers have an opportunity to improve the consumer payment experience using integrated payment technology. With InstaMed Premium Payments and Member Payments, payers deliver the tools for consumers to understand how much they owe, easily pay that amount, and, ultimately, simplify healthcare payments.”
InstaMed recently released Challenges and Opportunities for Payers in the Changing Healthcare Payments Landscape, a white paper that outlines the risks, best practices and security requirements as payers evolve to accommodate the growing role of consumers in healthcare payments. Download the white paper here.
InstaMed will present an educational session on healthcare consumerism for payers at the AHIP Institute on June 12, 2014, in Seattle, WA. This session will deliver insight into the emerging trends in healthcare payments, how these trends affect payers, and how payers can leverage technology and best practices to meet consumer demands, enhance consumer engagement and simplify the way their members manage their healthcare finances.
InstaMed simplifies every healthcare clearinghouse and payment transaction for payers and providers, 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 1,500+ 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