InstaMed Surpasses Five Billion Dollars in Healthcare Payments Processed After Fifth Year Anniversary
PHILADELPHIA, Oct. 22 InstaMed announced today that it has processed over five billion dollars in healthcare payments since its inception five years ago. Just one year ago, the company surpassed the one billion dollar mark. In the last five years, InstaMed has established itself as a pioneer and leader in the emerging healthcare payments market segment, creating innovative solutions to simplify the healthcare payment process. By combining the functions of a healthcare clearinghouse and a payment processor, InstaMed delivers one source and one end to end process for healthcare payments, which include eligibility, patient responsibility estimation, claim submission, remittance, payer payments and patient payments.
Through its channel partner network, InstaMed currently delivers solutions to over 27,000 active users in all fifty states, a number that has grown by 150% in the past year. In this same time period, the company's healthcare payments volume has increased by 400%.
"In the past five years, we've made it easier for patients and payers to pay, and for healthcare providers of all sizes to get paid. We are also beginning to see the rapid growth of electronic payer to provider payments within our payer market segment -- a market that represents over one trillion dollars a year in volume," stated Bill Marvin, President and CEO of InstaMed. "I am pleased with the company's ability to scale at such a rapid pace, while setting industry leading service levels and quality standards in support of our partners and customers that include fifty of the largest healthcare entities in the country. Our growth and performance is a combination of great solutions, great people, great channel partners and strong support from our board."
InstaMed is the industry leading healthcare payments network and platform. InstaMed's mission is to transform the healthcare payment process for healthcare Providers, Payers 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. Through its channel partner relationships, InstaMed currently supports the healthcare payment processing needs of over 2,000 hospital and clinic locations; practice management vendors and billing services representing over 100,000 providers; and hundreds of healthcare payers of all sizes. InstaMed is registered with Visa and MasterCard and is certified as a Payment Card Industry Data Security Standards (PCI-DSS) Level One Service Provider. InstaMed is also fully accredited by the Electronic Healthcare Network Accreditation Commission (EHNAC) as a healthcare clearinghouse. InstaMed is an AHIP Solutions Partner (America's Health Insurance Plans), a certified member of CORE® (the CAQH® Committee on Operating Rules for Information Exchange), the Medical Banking Project, ASC X12, HBMA (Healthcare Billing & Management Association), Electronic Payments Network ACH Association Services, MGMA's Project SwipeIT (Medical Group Management Association) and WEDI (Workgroup for Electronic Data Interchange). Visit InstaMed on the web at www.instamed.com.
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