FARMINGTON, Maine and PHILADELPHIA, May 19 /PRNewswire/ -- By utilizing InstaMed's solutions, Franklin Memorial Hospital has streamlined its payment collection processes, increased payment card transactions and decreased administrative costs. InstaMed's integrated and flexible platform allows Franklin to collect patient payments over the web, in the back office and at the point of service.
As patient responsibility continues to increase, hospitals like Franklin are proactively seeking solutions to streamline their patient payment process, cut costs and increase patient payments while reducing bad debt. With the added challenge of managing multiple payment locations, hospitals require a simple, reliable solution to process patient payments. By implementing InstaMed's PCI Level One certified solutions, which include the ability to collect in the front and back office, as well as collect from patients via the Web, Franklin has seen a 46% increase in payment card transactions contributing to a significant increase in patient revenue. Additionally, InstaMed's solutions enable Franklin to operate their entire hospital on one platform and network - offering unified real-time reporting, consolidated statements and payment posting, which delivers new actionable information where it's needed in the organization, while saving thousands of dollars in administrative overhead and third party vendor costs. Franklin now has the flexibility to instantly deploy a point of collection to any of Franklin's computers in its front and back offices at no additional cost.
Michael Nile, Business System Specialist of Franklin Memorial Hospital stated, "InstaMed has helped us increase payment card transactions, which has helped our organization thrive even through tough economic times. InstaMed's solutions have proved to be flexible and cost effective for our organization and we are also pleased that their solutions help to facilitate patient satisfaction."
Bill Marvin, President and CEO of InstaMed stated, "Our experience with Franklin Memorial Hospital demonstrates how our flexible solutions can rapidly and cost effectively deploy to meet the dynamic needs of a hospital organization, while maintaining the highest level of compliance in the industry. We are thrilled that Franklin has joined our rapidly growing, nationwide network."
About Franklin Memorial Hospital
Franklin Memorial Hospital in Farmington, Maine, is a progressive, friendly, nonprofit community general hospital whose mission is to provide high-quality, cost-effective, patient-centered health care to west central Maine. The hospital actively works with the community and with other health-care providers to integrate services and ensure the health of people within its service area. Franklin Memorial Hospital offers highest-quality health care and state-of-the-art technological support. At the same time, FMH is one of the lowest cost hospitals in Maine as the result of astute quality assurance and cost containment measures. Care here, as elsewhere in the country, has shifted rapidly from a primarily inpatient medical model to one that emphasizes education, prevention, and outpatient services. Visit Franklin Memorial Hospital on the web at www.fchn.org.
InstaMed is the industry leading healthcare payments network and platform. InstaMed's mission is to transform the healthcare payment process for healthcare Providers, Payers, Banks and Patients so their payment experience is simple, convenient, reliable and secure. InstaMed processes all of the healthcare and payment transactions in the healthcare revenue cycle and offers patent pending, integrated healthcare and payment transactions that accelerate the healthcare payment process and reduce the administrative costs to all parties. InstaMed currently supports the healthcare payment processing needs of over 900 hospital and clinic locations; practice management vendors and billing services representing over 50,000 providers; and hundreds of healthcare payers of all sizes. InstaMed is registered with Visa and MasterCard and is certified as a Payment Card Industry Data Security Standards (PCI-DSS) Level One Service Provider. InstaMed is also fully accredited by the Electronic Healthcare Network Accreditation Commission (EHNAC) as a healthcare clearinghouse. InstaMed is an AHIP Solutions Partner (America's Health Insurance Plans), a member of the C.O.R.E. Initiative (Committee on Operating Rules for Information Exchange), the Medical Banking Project, ASC X12, HBMA (Healthcare Billing & Management Association), Electronic Payments Network ACH Association Services, MGMA's Project SwipeIT (Medical Group Management Association) and WEDI (Workgroup for Electronic Data Interchange). Visit InstaMed on the web at www.instamed.com.
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