Commanding the largest payment automation network in the U.S. that securely facilitates healthcare payments and new reimbursement strategies, Payspan is dedicated to improving patient outcomes and reducing costs for payers and providers. Providing industry leading EFT adoption, for many customers surpassing 95 percent, for the healthcare industry, Payspan helps organizations lower costs by reducing tedious administrative paperwork and installation complexities with an innovative SaaS model. Payspan’s Core Payer Network enables processing of electronic payments and remittance information for payers via three payment models.
While the Payer to provider model allows providers to make EFT payments to payers, the payer to member model connects payers and consumers for direct payments. Moreover, the payer to vendor model orchestrates early payment options for vendors to payers.
For a healthcare provider, Payspan’s online bill payment solution adds in revenue generation by ensuring efficient, customized, and secure methods to collect payments from patients
For a healthcare provider, Payspan’s online bill payment solution adds in revenue generation by ensuring efficient, customized, and secure methods to collect payments from patients at any time, from any device. The Patient Financial Engagement solution simplifies financial workflow for a provider and aids in patient satisfaction by introducing financial transparency. An end consumer also experiences efficient financial management using Payspan Direct—a PCI-DSS compliant platform for easy payments to providers as well as premium payments to insurance companies. “We try to keep three things in mind while developing our solutions—technologically innovative, six sigma reliability, and consumer-centric,” states Adams.
Connecting over 80 percent of the providers in the U.S. in an electronics payments platform, Payspan economizes the high administrative costs in the healthcare sector, saving millions of dollars in the process. Primus Capital, a growth equity company that focus on healthcare, technology, and financial services has recently invested in Payspan— acknowledging its work in the healthcare payments industry. This investment aids Payspan in accelerating the expansion of its product portfolio, enlarging its customer reach, and moving into newer verticals stretching beyond only providing payment solutions.
According to Adams, the healthcare industry struggles in delivering quality-based care because of the fragmented structure between its different providers and businesses. “Our platform, primarily designed to move financial payments and patient data, is now being used to transmit gaps in care, quality information, and other associated needs of members/ patients,” he says. Going further, Payspan is set to empower a new generation of healthcare economics with its proven financial services technology and healthcare expertise. Realizing this, Payspan will be focusing more on value-based care in the future with a quality-based incentive management system that thrives on the backbone of the Core network— connecting providers and payers.