Collection of payments from customers has grown increasingly difficult as changes in the healthcare sector have called for greater consumer involvement in their health, including a considerable rise in their portion of the cost.
The consumer part of the cost used to be substantially lower, and suppliers could simply write off losses if customers failed to pay their fair amount.
The rising use of high-deductible health insurance has given consumers greater financial responsibility, which has raised the amount of unpaid bills. The payers, or health insurance companies, must also collect money from members and providers and compensate them.
Payspan’s founders saw a need and developed a solution in order to become the top supplier of healthcare reimbursement and payment automation services in the country for payers and providers. The Core Payer Network, Payspan’s first product, is a technological platform that allows payers and providers to securely handle electronic payments (EFT/ACH) and remittance information (ERA). To assist payers in streamlining member premium payments and increasing member participation, Payspan also introduced Premium Payments.
The electronic payment and reimbursement services from Payspan make even the most complicated financial operations simpler by:
Accurate, effective, and consistent payment collection, the optimization of innovative reimbursement techniques in a healthcare sector that is continually changing, increased administrative effectiveness, and compliance with payment rules.
Payspan Offers Largest National Network
Over 97% of payments for this customer are now handled electronically thanks to the Core Payer Network, which was initially introduced in 2000 for a major national insurance company. Payspan has grown over the past 17 years by steadily bringing in new national payers and hundreds of thousands of providers to the network. This has given the company a nationwide reach that allows payers to connect with the majority of the provider population.
Currently, 1.3 million provider payees, 750 health plans, and 107 million customers have access to and have their electronic payments and remittance information processed over Payspan’s network. The network of Payspan has accomplished the following:
- A provider acceptance rate of EFT of 98+% for our biggest payers
- Annual savings of $2+ million for our top payer client
- The best customer service for payments for healthcare
- The integration of Payspan’s products has been warmly received in the increasingly digitised and difficult-to-manage healthcare environment.
Innovations Support Value-based Care
Payspan is now using its network to assist payers transition from a fee-for-service to a fee-for-quality payment and reimbursement model. Payspan is constantly searching for ways to offer value for both payer and provider customers.
The implementation of value-based care reimbursement by providers is significantly hampered by payers’ failure to communicate quality incentive schemes to them in an understandable and straightforward manner. With the help of Payspan’s brand-new Quality Incentive Communications System, payers may instantly communicate patient care gap notifications and information about streamlined rewards to the vast provider network of Payspan. In order to close care gaps, the system also enables payers and providers to upload, download, and share medical information.
Meet Rob Pinataro, the CEO
Rob joined Payspan in July 2015 to take the company’s growth and expansion strategy to the next level. Rob has experience in supply chain automation, benefit/consumer driven healthcare administration, online banking and payments, and has held the positions of chief operating officer, chief service officer, and general manager for privately owned and Fortune 500 Software as a Service firms.
“Our commitment to our personnel has been the cornerstone of our success of our accomplishments over 25 years.”
