Best for
Healthcare facilities searching for a combined payment processor and healthcare platform that focuses on transactions for that industry.
Specializes in
InstaMed specializes in providing an integrated healthcare management platform and payment processing services. The company offers a payment estimator, various payment acceptance methods and plans as well as billing options.
Pricing Summary
Setup Fee: NA
Monthly Fee: NA
Swipe Rate: Unknown
Keyed-in Rate: Unknown
Early Termination Fee : $0
Contract Terms:
InstaMed was founded in 2004 by Bill Marvin and Chris Seib. Its legal name is InstaMed Communications, LLC.
The company was acquired by JP Morgan Chase in 2019.
InstaMed offers a way for healthcare professionals to accept payments while providing a management platform and processing insurance verifications.
InstaMed is a subsidiary and a registered MSP/ISO of JP Morgan Chase Bank. The company is also a registered ISO of Wells Fargo Bank, US Bank and Elavon, Inc. The company aims to provide a better healthcare payments experience on one integrated platform.
InstaMed utilizes patented, private, cloud-based technology to compile healthcare data, process payments and improve customer satisfaction.
The company has its headquarters in Philadelphia, Pennsylvania. InstaMed offers a Patient Portal that allows patients to securely make payments online and see reports. Their software offers a clearinghouse and payment processing abilities all on one platform through industry-leading products and tools.
Head Quarters
1880 John F Kennedy Boulevard 12th Floor Philadelphia, PA 19103 3300 Irvine Avenue Suite 305 Newport Beach, CA 92660
Year Founded
2004
CEO
Bill Marvin
Employees
1-10
Merchant Provider Risk Tolerance
Offers a payment portal to combine medical results and payment options.
They offer both an app and payment portal in addition to normal payment terminals.
Provide estimates on visits and procedures.
High security standards.
In-house sales reps.
No pricing available.
Complaints of double charging.
System reported being difficult to navigate.
Lack of transparency on contract terms.
No timetable for setup.
Hardware & Software
InstaMed does not offer a lot of information on their website about their supported payment devices and methods. It appears that they offer a virtual gateway, but the company also has touch-free devices for contactless payments, credit card and debit card terminals and an app that can be used for payments.
InstaMed also offers InstaMed Connect, which facilitates the integration of healthcare payments into any healthcare IT application through the company’s API.
Value Added Services
InstaMed offers several additional services that both healthcare provider merchants and their patients will appreciate. They include:
A payment estimator, which gives providers and patients an estimation for the expected portion of their bill that patients will need to pay.
The ability to create payment plans for patients.
A patient portal, where patients can securely pay their bills.
Billing capabilities.
Insurance claim management tools to reduce the number of rejected claims.
Because InstaMed is a healthcare provider payment processing company, they must adhere to the highest security standards in the industry. This includes remaining compliant and following all HIPAA guidelines.
Additionally, InstaMed offers a helpful Resource Center on their website that gives healthcare providers access to case studies, ebooks, white papers and much more.
Supported Payment Types & Services
Healthcare providers who choose InstaMed will have the ability to accept many different forms of payment, including:
All 4 major credit cards
Debit cards
Checks
Cash
HSA payments
FSA payments
Discloses All Important Terms
No
Public Pricing Available
No
There is no information available on the InstaMed website regarding pricing or fees for the company’s services. It is possible that this is because they are variable based on the type of facility or practice they are working with.
The InstaMed website does advertise free ERA/EFT transactions from payers on their Integrated ERA/EFT Payer List. The list is available on the company’s website.
Pricing Model
Flat Rate
Swiped Rate
Unknown
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
N/A
Monthly Fee
NA
Payment Gateway Fee
N/A
Batch Fee
N/A
Early Termination Fee
$0
PCI Compliance Fee
N/A
Equipment Lease Terms
Unknown
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
NA
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
N/A
Statement Fee
N/A
There is also no information on the InstaMed website regarding contracts and terms. However, the company does offer a service guarantee to healthcare providers that allows for immediate termination of the contract without repercussions if the provider is not satisfied with their services.
Contract Length
Unknown
Early Termination Fee
$0
There is no information available on the InstaMed website regarding how long it takes to get set up with this company as a healthcare payment processor. The company website does indicate that it offers free demos, which are available by request.
Once a healthcare provider is set up with InstaMed, the company offers several ways for them to get support. They list their full addresses in both California and Pennsylvania as well as phone numbers and fax numbers. The website has a support center that is available for healthcare providers to get answers to frequently asked questions. The website also has a live chat option that connects providers with a member of the sales team online and a contact form.
BBB Rating
InstaMed has been accredited with the Better Business Bureau since 2018, and the company has an A+ rating with the BBB.
There are 33 complaints listed on the BBB website that are mostly from patients who were billed through this service. All of the complaints have been resolved and mostly centered around being charged after their insurance covered the cost of medical services in full, poor customer service and payments that were not received by the provider.
Other Online Reviews
There are a few other online reviews for InstaMed. Most of them state that the system can be difficult to learn and use. A few of them indicate that the company’s automated features, such as filling in information once a bill has been scanned, were faulty.
BBB
A+ and has been Accredited since 2018. (17 Reviews; 28 Complaints)
N/A
No Reviews
Yelp
N/A
Total Online Reviews
17+
Total Online Complaints
28+
Lawsuits
Unknown
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