PHILADELPHIA, PA (August 10, 2010) – InstaMed, the industry leading Healthcare Payments Network, today announced its enhanced Patient Estimator solution, which enables healthcare providers to increase collections, accelerate cash flow and decrease bad debt. Using the Patient Estimator for scheduled visits or at the point of service enables providers to set better expectations with their patients, secure a pre-authorized method of payment and then settle funds once the claim has been adjudicated and the exact patient responsibility is known. This secure and easy-to-use solution is available on InstaMed Online, its web-based portal product, and now also on InstaMed Connect, its Application Programming Interface (API) product for system vendors.
“This year alone, healthcare providers will incur over sixty-five billion dollars for bad debt and other related patient collection expenses,” said Bill Marvin, President and CEO of InstaMed. “InstaMed’s innovative Patient Estimator solution is built upon three years of healthcare provider and patient experiences working across the healthcare and payment transaction domains. Our enhanced Patient Estimator solution gives providers Payment Assurance and improves the overall patient experience.”
Two-Step Payment Assurance
Step 1: Verify Eligibility & Estimate Patient’s Responsibility – InstaMed integrates healthcare clearinghouse transactions and a robust fee schedule engine with payment processing to enable providers to verify eligibility and estimate what a patient will owe after insurance. Using InstaMed’s Patient Estimator, providers can estimate both professional and institutional services, including out-of-the-box support for Medicare RBRVS calculations.
Step 2: Authorize Payment & Get a Direct Deposit Upon Claim Adjudication – InstaMed enables providers to accept all types of payments, set up convenient payment plans for patients and even send payment notifications before and after payment settlement.
Using InstaMed Connect, system vendors can seamlessly integrate the Patient Estimator and the InstaMed Healthcare Payments Platform into their applications in order to optimize healthcare provider workflow.
InstaMed Healthcare Payments Network
InstaMed does not sell its products and solutions directly; rather InstaMed supports its partners, which include banks, system vendors and billing services, in building and delivering enhanced solutions for their customers. The InstaMed Healthcare Payments Network has processed over ten billion dollars in healthcare payments with more than 60,000 users at over 7,500 locations in all 50 states, from solo practitioners to billion dollar health systems and health plans.