With InstaMed’s Digital Payouts, Providers can offer digital refunds to patients, as a result of overpaid patient responsibilities. These refunds can also be accompanied with HIPAA compliant remittances.
Features & Benefits
Electronic Payment Options: Consumers can receive electronic payments back to their original payment instrument (if provider is using InstaMed for merchant processing), Direct Deposit, or Digital prepaid card.
- Support consumer choice as it relates to payment delivery (Patient Experience)
- Reduce check print and mailing costs (CFO, Rev Cycle)
- Decrease FTE time spent on refunds process and customer service inquiries by automating bulk refunds (Operations, Revenue cycle)
- Use existing merchant rails rather than opening a new merchant account (Treasury Services)
HIPAA Compliant Solution: Send digital payments with the highest level of security and compliance.
- Meet the highest levels of security by partnering with a vendor that’s HITRUST CSF certified (Patient Experience, Security)
Consumer Portal for Receiving Payments: Self-service portal that allows patients and/or members to collect business-to-consumer payments
- Easy-to-use consumer portal to receive payments direct deposit via ACH, physical pre-paid cards or digital pre-paid cards.
- Ability to save preferred payment methods, making future payments easier for patients and faster to collect for providers (Patient Experience, Revenue)
- Access all remittance documentation associated with each payment from a single, secure site (Patient Experience, IT, Revenue)
Escheatment: Ability to improve reconciliation process by outsourcing escheatment requirements
- Eliminate operational overhead related to state escheatment requirements