Healthcare in the U.S. is a complicated mix of people and organizations both large and small. Patients navigate through small practices and large healthcare systems as well as individual and employer-provided insurance. Further adding to the complications are very specific regulations protecting patient data and the need to protect the patients’ payment information.
As a payment facilitator, InstaMed strives to connect those disparate parts through a single network. The company claims to connect more than two-thirds of the healthcare market and process tens of billions of dollars a year in healthcare payments.
“Our focus has always been on healthcare payments, and that’s really allowed us to hone in on the specific needs of healthcare and payments,” said Noah Dermer, security officer for InstaMed.
While other companies may have expertise in payments or in healthcare, the company’s focus on the intersection of the two sets it apart, Dermer said.
“Because of the unique regulatory requirements involving both healthcare and payments it’s allowed InstaMed to focus on that and serve our customers with the right security and compliance, and also the right functionality,” he said.
InstaMed offers its clients an end-to-end payment processing solution. While Dermer said that most providers use practice management systems they are comfortable with, so InstaMed does not offer its own, the company has integrated its platform with more than 60 of the most commonly used systems. For software that is not already integrated, developers can connect to their platform through the company’s APIs.
In addition to connecting the players involved, InstaMed offers both payers and providers an online portal where they can accept payments. It also facilitates walk-in payments, where consumers can pay their bills in person at a retail location.
“Our goal is to provide an omnichannel approach to capturing payments, recognizing that it’s the consumer experience that we expect from the Ubers or the Amazons of the world. I should be able to pay whatever way I’m comfortable paying. And as importantly, it should be a seamless and transparent experience for the consumer,” Dermer said.
The company recently announced that it had achieved P2PE (point-to-point encryption) v2.0 validation from the PCI Security Standards Council. Dermer said that, while the company had already offered point-to-point encryption, the validation provides peace of mind for potential clients in the market for a solution, and eases its clients’ annual burden for paperwork related to PCI.