Payspan Empowers New Healthcare Economy with Innovative Solution for Providers
Atlanta, GA, April 12, 2016 —Payspan®, Inc. the leading provider of electronic healthcare payments solutions, today announced the launch of its Patient Financial Engagement (PFE) offering, which enables providers to immediately assess patient financial responsibility and provides multiple options to process payments. PFE gives providers’ front‐desk and business-office personnel all the tools needed to create a more effective patient financial experience.
“In today’s modern, agile healthcare economy, it is essential for providers to engage with patients through financial transparency,” said Lynn Carroll, Chief Product Officer at Payspan. “Payspan brings the tools that give providers better patient experience and flexible payment handling options at the point of care, maximizing patient revenue capture.”
A platform for delivering simple financial management, PFE will give providers real-time benefit information combined with estimated amounts that can be settled using various payment options. Using Payspan’s PFE solution, provider organizations can finally establish a simplified collection of payments that can be easily managed by administrative office staff.
According to Express Urgent Care, PFE has enabled them to reduce revenue sent to collections by roughly 70 percent, resulting in increased cash flow, operational efficiency and patient satisfaction.
Key features of the new solution include:
- Encounter: Helps the reconciliation process and tracking of transactional history by tying multiple payments to the date of service.
- Eligibility: Provides effective patient financial responsibility amounts by providing a clear understanding of patients’ insurance benefits.
- Estimation: Brings transparency to patients by giving them a clear understanding of payment expectations prior to service.
- Payments: Offers automated and consumer-friendly payment options for patients at every encounter.
Designed to be intuitive for the non-technical user, Payspan’s PFE allows anyone to execute sophisticated information and reporting based on actions they already use every day. The solution provides a rich repository of patient financial, membership and provider data, along with a collection of self-service operational reporting and dashboard capabilities to streamline tedious processes.
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 https://www.payspan.com.