PHILADELPHIA, March 25 /PRNewswire/ -- In an economic environment where many healthcare providers are facing steep challenges, Prime Health Network and its patients are thriving with help from InstaMed. By utilizing InstaMed's industry leading healthcare payments network and platform, Prime Health Network has increased patient collections and reduced their costs related to collections, while also improving the patient experience at each of their eleven locations.
As patient financial responsibility rises due to increases in deductibles and fundamental changes in health plan benefits, providers face the increasingly difficult challenge of managing patient collections and patient satisfaction. Legacy collection processes and solutions have proven inadequate in this new era of increased patient responsibility. By implementing InstaMed's solutions -- which include eligibility, point of service estimation, payment processing, clearinghouse services and online bill payment -- in their front and back offices and on the web, Prime has seen a 24% increase in patient collections as well as a 10% reduction in their costs to collect, post and reconcile patient payments.
Healthcare providers today are seeking integrated healthcare and payment processing financial services technologies that go beyond what standard payment processors or healthcare clearinghouses currently offer. It is also increasingly relevant that these solutions are certified and compliant with the security standards and regulations of both the healthcare and financial services industries. Additionally, providers must implement new policy initiatives focused on patient payment responsibility, while demonstrating sensitivity toward positive patient relationships and satisfaction metrics.
"InstaMed's impact on our practice was one of the highlights for our business in 2008," stated Mary Jo Shields, Executive Director at Prime Health Network. "With In
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