Medical Pay Solutions, a patient revenue management consulting firm and TransEngen, a provider of transaction processing technology for health care, have entered into an alliance to bring a solution to health care providers that increases cash flow and reduces costs associated with prolonged billing cycles and collecting patient out-of-pocket expenses.
Medical Pay Solutions will offer Revenue Maximizer to medical practices, clinics and hospitals to streamline billing procedures, lower collection costs and reduce patient bad debt.
TransEngen’s web-based Revenue Maximizer delivers immediate process improvements. It enables health care providers to instantly verify patient insurance eligibility and estimate what patients’ owe at the point of care, generating a patient-friendly statement to present to the patient.
Integrated with a payments portal processing all electronic payments including check, ACH and credit/debit cards, health care providers can process payment at the point of care, arrange for payment after the patient’s insurance has paid, or set up automated recurring no-interest payment plans allowing patients to pay larger balances over time.
Greg Morris, president and CEO of TransEngen, said: “This alliance serves to expand the distribution of the TransEngen technology. We are pleased to be working with Medical Pay Solutions for their consultative selling approach with health care providers to overcome the challenges associated with delayed or unpaid patient payments.”
Anthony Wunsh, CEO of Medical Pay Solutions, said: “By adding the TransEngen technology to our list of recommended products, we feel we have the most effective method of helping our clients with the real problem of collecting efficiently, the majority of the monies owed directly from patients for their health care. TransEngen and its Revenue Maximizer product is by far the most advanced, easy-to-use technology available in the market today to address the pain health care providers are experiencing in managing their patient receivables.
“We want to give health care providers the ability to offer outstanding patient care for the lowest possible price and believe the Revenue Maximizer allows us to do just that this program offers many time-saving and cost-saving features. For added flexibility and efficiency, health care providers can import patient demographics, organize patient payment history, and export daily transaction reports into their practice management or patient accounting systems.”