Healthcare providers, payers and vendors on the InstaMed Network prepare for the future of payments with simple and secure ways to get paid by 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
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
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