FOR IMMEDIATE RELEASE
Payer with Managed Care, Marketplace and TPA lines of business to use PaySpan’s Patient Centered Financial Home™ member engagement solution
ATLANTA – October 16, 2014 – PaySpan®, Inc., the leading provider of health care reimbursement and payment automation services, today announced that Colorado Choice Health Plans will be using the company’s healthcare reimbursement platform and Patient Centered Financial Home™ (PCFH™) member engagement solutions.
Colorado Choice provides coverage to some of Colorado’s largest businesses through its Third Party Administration (TPA) of self-funded groups, fully insured commercial products, Medicare beneficiaries, children covered by Colorado Health Plans Plus (CHP+), and most recently Marketplace-eligible individuals and their families.
Colorado Choice selected PaySpan’s platform to help achieve the Council for Affordable Quality Healthcare (CAQH) Core Phase III compliance to operating rules for provider payments’ Electronic Remittance Advice (ERA) and Electronic Funds Transfers (EFT).
PaySpan’s PCFH™ framework solution helps providers improve efficiency and lower risk by enabling automated payments to be received from the patient without the cost of traditional billing systems. The increased revenue, reduced risk and improved efficiency in turn improve provider satisfaction with health plans and TPAs such as Colorado Choice.
“As the largest health care payment network in the U.S., PaySpan clearly demonstrated throughout our competitive selection process why it is the leader in the managed care, self-funded TPAs and exchange and marketplace payer industries,” said Cindy Palmer, CEO of Colorado Choice. “With PaySpan’s turnkey platform, Colorado Choice can meet the association and timing requirements under CAQH without having to invest in significant enhancements or modifications to our existing systems. PaySpan’s Patient Centered Financial Home™ framework promotes more effective engagement with consumers in their health care decisions, helping us to mitigate the growing collection problems often associated with increases in patient responsibility.”
PaySpan’s platform will offer providers in the Colorado Choice system a self-service environment to manage electronic payments from multiple payers, access associated electronic remittance advices and retrieve historical settlement information. This will allow Colorado Choice to increase services to providers.
By using these PaySpan solutions, Colorado Choice will expand and extend the capabilities of its existing HealthTrio and Monument Systems managed care solutions, enabling Colorado Choice to more efficiently reach and communicate with providers, payers and consumers across its network.
“For more than 40 years, Colorado Choice has been a leader in bringing innovative insurance and payments programs, such as the national Prometheus bundled payment pilot and the Medicare Comprehensive Primary Care Initiative, to members, providers and payers across 29 counties in Colorado,” said Kevin Arner, CEO of PaySpan. “A more strategic approach to the reimbursement process is critical to the success of payers and providers in today’s changing health care economy. We are pleased to work with industry leaders like Colorado Choice to bring greater value to providers and help consumers make informed care choices that better utilize their benefits.”
About Colorado Choice
Colorado Choice is a 40-year-old nonprofit HMO based in Alamosa, Colo., with considerable experience developing and implementing custom benefit designs and health and wellness programs for employer groups. A leader in bringing innovative insurance and payment models to its service area, including cutting-edge programs such as the national Prometheus bundled payment pilot and the Medicare Comprehensive Primary Care Initiative, Colorado Choice, covering 29 counties in Colorado and expanding, is dedicated to building improved models of health care delivery. For more information, visit http://cochoice.com/.
With more than 25 years of payments expertise, PaySpan® is a trusted source of innovative health care reimbursement solutions that are Empowering the Healthcare Economy® for health plans, providers, members and banks. PaySpan’s solutions enable stakeholders to interact across communities, conduct commerce, capture value, instill trust and use reimbursement currency strategically.PaySpan’s customers comprise an elite array of industry leading payers, providers and solution partners, spanning the health care reimbursement spectrum. For more information, visit www.PaySpan.com.