Financial institutions accelerate patient revenue capture with Payspan
Atlanta, GA, June 24, 2016 —Payspan, Inc., the largest provider of electronic healthcare payments and reimbursement solutions, today announced it is deepening its partnerships with financial institutions.
Leveraging Payspan’s Patient Financial Engagement (PFE) solution suite, financial institutions such as Commerce Bank, can now offer a toolset to assist providers with efficient calculation and capture of patient financial responsibility. This is an expansion of an already well-established partnership channel for Payspan.
“The crux of everything we do is ‘ask, listen and solve’ for our healthcare clients,” said Jared Robinson, Business Line Manager of Commerce Bank. “We are pleased to empower stronger and more productive financial experiences for our clients and theirs by leveraging the feature-rich attributes of PFE.”
PFE enables financial institutions that work with healthcare organizations to more easily capture revenue, using tools that drive an increase in patient payments while adding efficiency in the revenue cycle. The PFE platform includes tools such as patient financial encounter data, detailed eligibility and benefits verification, auto-calculated estimates and simple payment options, including payment plans. This system creates more transparent financial events for both healthcare practices and their patients.
Patient Financial Engagement (PFE) is differentiated by:
- Integrated Eligibility – Simple patient eligibility and benefit verification prior to service;
- Accurate Estimation – Easy estimates for patient financial responsibility at the time of service; and,
- Payment Options – Flexible payment options that result in decreased patient AR and a minimum 15% decrease in patient write-offs.
“We have enjoyed a long relationship with the financial industry and look forward to deepening partnerships with banks helping the healthcare sector,” said Bill Nordmark, Chief Growth Officer of Payspan. “We are excited to assist others in unlocking the power of transparent transactions through Payspan’s Patient Financial Engagement solution.”
More information on Payspan’s PFE platform can be found at http://payspan.wpengine.com/providers/.
With more than 25 years of payments expertise, Payspan, Inc. is a trusted source of innovative healthcare reimbursement solutions that are Empowering the Healthcare Economy® for payers, providers, consumers and banks. Payspan’s customers comprise an elite array of industry-leading payers, providers and solution partners, spanning the healthcare reimbursement spectrum.
Connecting more than 650 health plans, over 1,300,000 provider payees and 126,000,000 members, we securely facilitate healthcare payments and new reimbursement strategies that improve patient experience and reduce costs. For more information, visit http://www.payspan.com.