PHILADELPHIA & NEWPORT BEACH, Calif.--(BUSINESS WIRE)--InstaMed, the leading Healthcare Payments Network, announced today that it expects to experience triple-digit growth in the wake of healthcare reform. The company’s growth projections are based on its recent surge in healthcare payments volume processed and the increase in healthcare providers joining the InstaMed Network.
As of March 2013, InstaMed has processed more than $60 billion in healthcare payments volume. InstaMed simplifies the healthcare payments process for 400+ hospitals, 60,000+ practices/clinics and 100+ billing services. Additionally, InstaMed connects to 3,000+ payers and integrates with 50+ practice management systems.
Industry trends including payer-provider collaboration, rising patient responsibility, the consolidation of provider organizations, emerging ACO business models, and regulations for administrative simplification and ERA/EFT (electronic remittance advice/electronic funds transfer) will drive growth for InstaMed, as the industry strives to achieve greater efficiency in healthcare payments.
“We are creating innovative ways to make healthcare payments more convenient and efficient for the entire industry,” said Chris Seib, CTO of InstaMed. “Our product roadmap is focused on developing new ways to efficiently connect payers and their members to providers, deliver more ways to collect consumer payments and enable the industry to connect quickly to the InstaMed Network.”
“One year ago we hit the $30 billion milestone for healthcare payments processed, and now we have crossed the $60 billion threshold,” said Bill Marvin, President and CEO of InstaMed. “We are expecting to see an increase of at least 200 million healthcare payment transactions, and we have already completed several projects that will enable us to continue to support our rapid growth.”
In late March, InstaMed will release the 2012 Trends in Healthcare Payments Report, featuring qualitative and quantitative data from the growing InstaMed Network. The report will be publically available at www.instamed.com.
About InstaMed
InstaMed simplifies every healthcare clearinghouse and payment transaction for providers and payers, all in one place. InstaMed enables providers to collect more money, get paid faster and reduce the time and costs to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments. 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.