SPECIALIZES IN B-TO-B
DEDICATED CARDFELLOW REP
ACCEPTS HIGH RISK
Since it specializes in healthcare management and payments, InstaMed’s services focus on that. It offers a payment estimator, a variety of payment acceptance methods, payment plans, billing options, and more.
The InstaMed payment estimator automatically estimates your patients’ expected portion of the bill. It also processes insurance verification, securely stores info for payment, and allows you to configure fee schedules.
There are multiple ways to pay, and InstaMed supports a bunch of them. You can keep patients’ card details securely on file, automate payments, set up payment plans, and allow patients to create digital wallets to pay from. You’ll be able to accept Visa, MasterCard, American Express, Discover, checks, cash, and HSA and FSA payments.
Your clients will have the choice of paying at the time of service, by phone, with a contactless option like Apple Pay, online, or using their bank’s bill pay option.
For clients that need payment plans, you can customize and automate payment plan billing. Payments can be scheduled according to a pre-arranged payment plan, with staff and patients receiving notification when a payment is made.
A patient billing option lets you easily send bills and other communications to your patients through a patient portal. You’ll be able to reduce paper and postage costs and save time while also enabling online payments.
You can reduce the amount of time staff has to spend dealing with claims to insurance companies by using the claim management tools. You can monitor claim status in real-time and manage rejected claims.
Kareo is practice management software designed for independent practices as opposed to hospitals. InstaMed integrates with Kareo to enable payment processing. (Note, it’s not required to use InstaMed with Kareo or vice-versa, but the two have a seamless integration option.)
InstaMed is PCI and EMV compliant, and utilizes encryption and tokenization technologies to ensure the safety of your patients’ card data.
InstaMed offers a Patient Portal, allowing your patients to make online payments and view information. Additionally, you’ll be able to view transactions, see a summary of payments, or view detailed reports. If you use the billing tools and claim management options, you’ll also be able to see reports on that activity.
InstaMed doesn’t publish rate or fee information on its website, although healthcare software solution Kareo lists rates for InstaMed. The rates and fees indicate tiered pricing, but it’s not clear if that’s all InstaMed offers, or if other pricing plans are available.
Specialized solutions often have less reviews available, and that holds true for InstaMed. The company does have a profile with the Better Business Bureau, but it offers little insight. InstaMed is not BBB accredited, and has a B+ rating as of spring 2016. There are two complaints, for which only one is publicly viewable. That complaint is from the patient side (complaining that InstaMed sent a payment to the wrong provider) as opposed to reviewing from the practice side.
With the limited information available, we’d love to hear firsthand experiences. If you’ve used InstaMed at your healthcare practice (for billing and payment acceptance or any other functions) eave a review!
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