October 8, 2008
Summit Medical Group Leverages InstaMed for Patient Payment Collections
Summit Medical Group recently implemented InstaMed's industry leading healthcare payments network and platform as their solution for patient payment collections.
Healthcare providers like Summit Medical Group face the new challenge of increasing patient responsibility resulting in a higher cost to collect, reduced margins and an increase in bad debt. The solution to this challenge is to proactively identify the patient responsibility and act upon that information at the point of service. To achieve a higher level of financial assurance, Summit has chosen to leverage InstaMed's industry leading solutions.
Utilizing InstaMed's full suite of payment capabilities in the front and back offices, including the ability to setup flexible payment plans, Summit has seen a 40% increase in back office collections as well as a 40% reduction in their costs to collect, post and reconcile patient payments.
"We are thrilled about the savings to our Medical Group, but are even more excited about the feedback we've received from our patients," stated Mike Dugan, Director of Business Operations at Summit Medical Group. "Allowing patients to pay their bill online 24/7 from the web, has resulted in greater patient satisfaction and rapid adoption of online payments to their healthcare provider."
In addition to offering its patients the most flexible and convenient payment options, Summit now takes advantage of InstaMed's Automated Eligibility solution. The Automated Eligibility solution improves Summit's ability to identify patient responsibility and provides seamless integration with InstaMed's payment solutions to drive increased financial assurance. InstaMed currently supports over 430 healthcare payers for real-time eligibility and provides the response in one easy to read view.
Bill Marvin, President and CEO of InstaMed stated, "Summit's implementation of InstaMed demonstrates how our patent pending network and platform increase patient collections and cut costs. We are thrilled to serve Summit and we look forward to continuing to strengthen their financial assurance and patient satisfaction."
About Summit Medical Group
Summit Medical Group is the largest multispecialty medical group in New Jersey with over 120 highly qualified physicians. SMG treats more than 30,000 patients per month at its Diamond Hill Road campus in Berkeley Heights, and six satellite offices in Berkeley Heights, Shorts Hills, Summit, Warren, and Westfield. SMG plays a major role in the American Group Practice Association (AMGA) along with the Mayo Clinic, the Lahey Clinic and the Geisinger Clinic. As one of the premier multi-specialty groups on the East Coast, Summit Medical Group has provided exceptional primary and specialty care since 1929. Visit Summit on the web at www.summitmedicalgroup.com.
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 700 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 as a PSP of U.S. Bank. InstaMed is Payment Card Industry Level One certified and fully accredited by the Electronic Healthcare Network Accreditation Commission 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, and WEDI (Workgroup for Electronic Data Interchange). Visit InstaMed on the web at www.instamed.com.