Healthcare providers could see a change in the way they receive payments from patients, as TransFirst, an electronic transaction firm, has entered into a strategic partnership with PatientPay, a payment technology organisation specialising in the healthcare industry.
The partnership will allow TransFirst to take advantage of PatientPay’s PCI-compliant payment technology, enabling healthcare providers a chance to offer its patients a seamless payment experience.
‘‘The alliance with PatientPay creates a payment management solution that could make a significant difference in helping healthcare providers collect patient payments, and this makes it an especially appropriate collaboration for TransFirst because of our mission-driven commitment to helping businesses grow and succeed financially,’’ explained John Shlonsky, president and CEO of TransFirst.
‘‘We look forward to working with the PatientPay team in a relationship that benefits both our companies and the medical practices we mutually serve.’’
In the United States, healthcare providers are finding it increasingly difficult to collect payments.
Figures suggest that healthcare expenses for American patients is set to hit the $1 trillion mark, as ‘‘fee-for-service insurance reimbursement to physicians transitions to more value-based models and high-deductible health insurance plans become more commonplace.’’
Healthcare providers are now looking for reasonable solutions that will enable them to collect payments before they are written off. The TransFirst and PatientPay partnership aims to do just that.
The partnership’s solution allows patients to pay for medical services online with major credit or debit cards. Patients can pay whole balances or set up recurring and scheduled payment plans with payments automatically deducted from their credit or debit card accounts.
‘‘The changes that are happening in the way providers are reimbursed means it is absolutely critical that they find effective ways to collect more of what their patients owe. Our collaboration with PatientPay will give providers a valuable solution that can make a tangible difference in their receivables,’’ commented Carl Mazzola, president of TransFirst’s Health and Public Services division.
A number of healthcare institutions are leveraging mobile payment technology in order to help customers pay for their treatment.
In April, Payment Eye reported that InstaMed, a Philadelphia-based healthcare payments firm became the first company of its kind to integrate Apple Pay into its transaction structure, allowing organisations and customers to pay for healthcare services using their mobile.
This move allowed the tech giants to branch out into other sectors, as the retail industry has been dominating the Apple Pay space since the technology’s release.
Tom Furr, CEO of PatientPay, hopes to go down a path similar to that of InstaMed, with the firm looking to increase its payment retrieval rate by partnering with TransFirst.
‘‘We are pleased to leverage TransFirst’s proven payment processing platforms to offer healthcare providers a compliant, easy-to-use and environmentally friendly solution to collecting patient payments.’’
‘‘We enter this alliance with the confidence of knowing that TransFirst understands the technical requirements to deliver a simple yet secure solution for the complex healthcare market.’’
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.