Hauppauge, New York (Sept. 1, 2015) – TransFirst®, a leading provider of electronic transaction processing services, has formed 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.
"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," says 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."
"We are excited to add PatientPay's patented solution to our practice management software partners' already strong value proposition with TransFirst," says Carl Mazzola, president of TransFirst's Health and Public Services division. "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."
"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," says Tom Furr, CEO of PatientPay. "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."
About TransFirst, LLC
A leading provider of secure transaction processing services and payment enabling technologies, TransFirst offers innovative products and services designed with financial institution, independent sales organization, healthcare, e-commerce, integrated partners, government and merchant customers' unique needs in mind. By collaborating with our customers and utilizing strong industry knowledge, we can help them grow their businesses. 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. For additional information, please call 800.745.2659 or visit www.TransFirst.com.
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. The online service can combine with any practice management software to offer an integrated online solution that automates billing, collections and posting of patient payments. For more information, please visit www.patientpay.com or call 888.730.9374.