InstaMed, the leading Healthcare Payments Network, announced today that Apple Pay, a new category of service that transforms mobile payments with an easy, secure and private way to pay, will be available to its customers within the healthcare industry. Apple Pay is the latest innovation in payment technology and security that InstaMed has introduced to its customers, enabling healthcare organizations to offer a convenient and secure payment experience to consumers.
In the healthcare industry, consumers will now be able to use their iPhone 6, iPhone 6 Plus and Apple Watch, upon availability, to make contactless payments using Apple Pay at the point of service. InstaMed allows all providers, payers and vendors launching consumer-facing mobile apps to offer Apple Pay as an online payment method. Within apps, Apple Pay is compatible with iPhone 6 and iPhone 6 Plus, iPad Air 2 and iPad mini 3.
Security and privacy is at the core of Apple Pay. When you add a credit or debit card to Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of your card.
“Approximately 20 percent of consumers have unpaid healthcare bills as a result of confusion in the payments process. This will only grow as more and more consumers continue to enroll in high deductible health plans,” said Chris Seib, CTO and Co-Founder of InstaMed, in a statement. “To resolve consumer confusion and rising bad debt, the healthcare industry must deliver a simple, secure and private payment process with innovative technology, including Apple Pay. As mobile payments are expected to reach $142 billion by 2019, the healthcare industry must leverage solutions like Apple Pay to meet these consumer needs. We are excited to bring Apple Pay to our customers and remain the leader in innovation for healthcare payments.”
Consumer preferences continue to drive the evolution and expansion of payment channels in the healthcare industry, as the rise of high deductible plans and healthcare exchanges brings consumer payment preferences to the forefront. Consumers can now pay their co-pays and outstanding balances using Apple Pay in a variety of ways: at the check-out desk at a hospital or doctor’s office, or within a mobile app that a hospital or doctor’s office uses to communicate with their patients. Additionally, consumers enrolled in health insurance can pay their premiums and even their patient responsibility using Apple Pay with the convenience and ease of their insurance company’s mobile app. By bringing Apple Pay to hospitals, doctor’s offices, and insurance companies, InstaMed continues to demonstrate its leadership in healthcare payments innovation.
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 1,500+ hospitals, 70,000+ practices/clinics and 100+ billing services; connects to 3,000+ payers; and integrates with 60+ practice management systems. InstaMed processes tens of billions in healthcare payments each year at a rate of more than $2,000 per second. Visit InstaMed on the web at www.instamed.com.
Source: InstaMed
This is so wrong-headed.
Never pay for health services at the point of service. Ever. Your only friend at spotting billing errors is you insurance company.
Never pay a medical bill until you have an analysis of the bill from your insurance company that clearly delineates how much you should pay for the services you received.
Never pay one penny more than the insurance company says the doctor may bill you. They will get it right and they will keep sending the bill back to the medical provider until they also get it right.
You don’t stand a chance against your doctors billing department without the backing of your insurance company. Don’t pay up front.
The Doctors are your friends not the insurance companies.
The insurance companies have screwed up the billing and payment process not the docs.
Neither insurance companies nor doctors are my friend. Some insurance companies are better than others and some doctors are better than others. Each has biases that impact the value of their guidance, depending on the circumstances. I trust doctors more when it comes to health care advice and recommendations. Insurance companies are driven by the dollar in those cases. But I have experienced quite a few billing errors in doctor’s offices and hospitals. Unlike most other industries where cash warrants a discount, the most expensive health care that you can Get is an individual paying cash, because you do not receive the discounts off of the “MSRP” negotiated by every insurance company. And hospitals and doctor’s offices will issue bills directly to the patient to attempt to collect fees in excess of those negotiated rates. That practice is fairly common, and your best defense is your insurance company.
Friend? No. But you have to learn how to deal with the system. Frankly, I believe that a single-payer system would be better that the complicated maze of insurance options.