InstaMedÂ® today announced it has processed over one billion dollars in healthcare payments using the companyÂ™s proprietary network and platform. InstaMed has created the first and only fully integrated, real-time payment platform and network that meets all of the security and compliance requirements across both the healthcare and the financial services industries. InstaMedÂ™s capabilities include: merchant acquiring; payment card, check and ACH processing; comprehensive healthcare clearinghouse processing; provider and patient portals; patent pending integrated transactions such as Integrated ERA/EFTÂ„, InstaAuthÂ® and InstaFundÂ®; and gateway services for healthcare payers.
There is a lot of theoretical dialogue about integrated healthcare and payment transactions and the associated benefits to the market. One billion dollars in transactions is a major milestone for InstaMed and for the convergence of healthcare and financial services, said Bill Marvin, President and CEO of InstaMed. We set out in 2004 to pioneer this space and we are proud to have built and delivered the first framework for payment and financial assurance between providers, patients and payers.
InstaMed has customer accounts in 48 states and the InstaMed network is processing with a 99.99% uptime. The company also provides fully integrated transaction services to software vendors and billing services, enabling access to the complete set of InstaMedÂ™s functionality.
InstaMed has over 10,000 users across 1,900 Merchant IDs and we are growing 10% per month, said Bill Marvin. We are seeing increases in self pay collections of 100% and decreases in collection costs of 75% across our customer base. We equate these benefits to $10,000 per provider per year in new realized value. The biggest challenge weÂ™ve seen in the market is the change management component of engaging with patients for payment at the point of service, or through automated payment collection mechanisms. We have developed best practices for managing this change, which is a key factor for the success of our channel partners and our mutual customers as we drive this new technology and framework into the market.
InstaMed is the industry leading healthcare payments network and platform. InstaMedÂ™s mission is to transform the healthcare payment process for healthcare Providers, Payers, Banks and Patients so their payment experience is simple, convenient, reliable and secure. InstaMed processes all of the healthcare and payment transactions in the healthcare revenue cycle and offers patent pending, integrated healthcare and payment transactions that accelerate the healthcare payment process and reduce the administrative costs to all parties. InstaMed currently supports the healthcare payment processing needs of over 700 hospital and clinic locations; practice management vendors and billing services representing over 50,000 providers; and hundreds of healthcare payers of all sizes. InstaMed is registered with Visa and MasterCard as a PSP of U.S. Bank. InstaMed is Payment Card Industry Level One certified and fully accredited by the Electronic Healthcare Network Accreditation Commission as a healthcare clearinghouse. InstaMed is an AHIP Solutions Partner (AmericaÂ™s Health Insurance Plans), a member of the C.O.R.E. Initiative (Committee on Operating Rules for Information Exchange), the Medical Banking Project, ASC X12, HBMA (Healthcare Billing & Management Association), Electronic Payments Network ACH Association Services, and WEDI (Workgroup for Electronic Data Interchange). Visit InstaMed on the web at www.instamed.com.
Russell Lamontagne, 917-744-7957