TransFirst has inked a strategic sales partnership with PatientPay, an online practice management and payment technology for healthcare practices.
TransFirst will provide payment processing solutions that will integrate with the PCI-compliant PatientPay technology, creating a seamless online payment experience for providers to offer their patients.
The collection of patient receivables is one of the most often cited issues currently facing healthcare providers. According to industry analysts, patients’ out-of-pocket healthcare expenses are expected to reach more than $1 trillion in the coming years, as fee-for-service insurance reimbursement to physicians transitions to more value-based models and high-deductible health insurance plans become more commonplace.
In order to collect the increasing amount of payments for which their patients are responsible, practices must expend increasing amounts of time and money to avoid write-offs. The combined TransFirst and PatientPay payment solution makes it easier and more convenient for patients to pay their providers by offering the option of paying online for medical services with major credit and debit cards at multiple points of service.
Patients can pay whole balances or set up recurring and scheduled payment plans with payments automatically deducted from their credit or debit card accounts.
Founded in 1995, TransFirst continues to attain significant market share and world-class expertise in growing and profitable industry segments. Built on a platform of personal service, customer commitment and flexible pricing, TransFirst is headquartered in Hauppauge, New York, and has operations facilities in Aurora, Colorado; Broomfield, Colorado; Franklin, Tennessee; and Cypress, California.
PatientPay is a patented, web-based service for physician groups and their patients to process and manage bills and balances. It handles the time-intensive, complicated and expensive process in minutes not days, at half the cost and with less risk than paper-based payments or traditional online portals. PatientPay, based in Durham, North Carolina, reaches more than 30,000 physicians through its current network of Practice Management Software partners.
For data, background and forecasts TransFirst or PatientPay: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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