Elavon, a payments provider owned by US Bancorp, has partnered with Emdeon, a payments and revenue-cycle-management firm, to launch a new payments processing platform for hospitals and healthcare providers.
Dubbed Transend Pay, the platform will significantly reduce the time taken to receive payments from health insurance carriers, Elavon claims.
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With this service, hospitals and healthcare providers can receive payments three to seven days faster and more secure than paper checks, which have several indirect costs linked with the handling process including slowing down cash flow availability and adding non-patient paper work for staff.
Elavon added that electronic deposits through Transend Pay will not require staff to open, record, reconcile, and deposit payments.
The platform will allow claim payments from insurance payers to be deposited automatically into a hospital or healthcare provider’s bank account on file with Elavon and will be reported on bank statements and MerchantConnect.com, Elavon’s online customer reporting tool.
Additionally, the platform will ensure that protected health information remains secure as Emdeon acts as the clearinghouse for the paying insurance companies.
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By GlobalDataElavon SVP and general manager of healthcare services Rustin Fichtner said: "The combination of our global expertise in secure payments solutions with Emdeon’s leadership position in processing U.S. health insurance claims makes Transend Pay a premier payments option for providers so they can focus on providing the best care for their patients instead of spending time and resources on tracking paper checks from insurance companies."
Emdeon SVP of strategic marketing Mike Peresie said: "The launch of Transend Pay also helps to answer the growing need among healthcare providers for solutions that reduce administrative costs."
