|By Business Wire||
|January 22, 2014 11:01 AM EST||
Paybefore has selected InstaMed Member Payments as a 2014 Paybefore Awards winner in the Boundary Buster category. For eight years, Paybefore Awards has conferred the most prestigious recognition of excellence in the worldwide prepaid, mobile and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for alternative payments executives.
“First Data is honored to be recognized as the program manager for the virtual prepaid cards provided by the Member Payments solution,” said Mark Putman, Senior Vice President of First Data Prepaid Solutions.
“Processing patient payments in a secure, compliant and convenient manner is one of the biggest challenges in healthcare,” said Bill Marvin, President and CEO of InstaMed. “Additionally, with the rise in healthcare consumerism, understanding and managing healthcare finances is one of the biggest challenges to consumers. Our Member Payments solution is a new and innovative payment channel that enables payers to create a simpler payment process for providers and patients.”
InstaMed Member Payments was selected by a panel of five industry experts who served as judges for this year’s competition, which – once again – included a record number of entries from around the world.
“An industry is only as good as its innovators. This year’s Paybefore Awards have demonstrated that prepaid, emerging and mobile payments companies always find new ways to address consumer, government and business needs,” said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel. “We are proud to recognize InstaMed’s contributions to advancing the industry.”
“The companies and programs recognized in the 2014 Paybefore Awards are great examples of what can be accomplished when innovators apply thoughtfulness and payments technology to address real-world needs,” said Marilyn Bochicchio, CEO of Paybefore.
About Member Payments
The Member Payments solution addresses the challenges of healthcare consumerism by delivering a unique and innovative payment channel to connect patients to their providers for payment. With InstaMed Member Payments, providers get paid by patients automatically, based on the patient’s responsibility as determined by the claim adjudication process and upon the approval of the patient. As a result, providers get paid faster and more efficiently, without sending patient statements, which reduces administrative costs in healthcare. Providers can also set up automated posting to their billing system. The Member Payments solution is available free of charge with no incremental costs to healthcare providers.
InstaMed is independently audited, certified and compliant with state and federal regulations that govern the financial networks. InstaMed is HIPAA compliant and the only network to achieve full accreditations with the Healthcare Network Accreditation Program (HNAP) and the Financial Services Accreditation Program (FSAP) from the Electronic Healthcare Network Accreditation Commission (EHNAC).
Learn more at www.instamed.com/memberpayments.
InstaMed Member Payments now will vie for Best-in-Category distinction, which will be announced during the Paybefore Awards ceremony on March 4 at the All Payments Expo. For the second year, visitors to Paybefore.com will have a chance to vote on Best in Category. The outcome of this vote (counted as one-sixth of the total) will be combined with the five judges’ picks to determine Best-in-Category honorees.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive client revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn, Facebook and YouTube.
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.