ATLANTA & NASHVILLE, Tenn.--(BUSINESS WIRE)--Elavon, a leading global payments provider and subsidiary of U.S. Bancorp (NYSE: USB), and Emdeon, a leading provider of software-based solutions, network solutions and technology-enabled services that optimize communications, payments and analytics by leveraging its intelligent healthcare network platform, today announced the launch of Transend Pay, an innovative payments processing platform for hospitals and healthcare providers that significantly reduces the time it takes to receive payments from health insurance carriers.
Paper checks may have little to no direct cost to the payee, but there are numerous indirect costs associated with the handling process such as slowing down cash flow availability and adding non-patient paper work for staff. Electronic deposits via Transend Pay do not require staff to open, record, reconcile, and deposit payments, offering significant time savings compared to checks.
“The National Academy of Social Insurance estimates that nearly 30 percent of healthcare expenses are attributable to administrative costs as opposed to clinical costs,” said Rustin Fichtner, SVP and general manager of healthcare services for Elavon. “The combination of our global expertise in secure payments solutions with Emdeon’s leadership position in processing U.S. health insurance claims makes Transend Pay a premier payments option for providers so they can focus on providing the best care for their patients instead of spending time and resources on tracking paper checks from insurance companies.”
With Transend Pay, claim payments from participating insurance payers are deposited automatically into a hospital or healthcare provider’s bank account on file with Elavon and are reported on bank statements and MerchantConnect.com, Elavon’s online customer reporting tool. Because Emdeon serves as the clearinghouse for the paying insurance companies, protected health information remains secure via this new processing platform.
Mike Peresie, SVP of strategic marketing at Emdeon, stated, “Healthcare organizations of all sizes can benefit from our strategic partnership with Elavon as we bring this faster, one-of-a kind direct insurance payment option to market. The launch of Transend Pay also helps to answer the growing need among healthcare providers for solutions that reduce administrative costs.”
About Elavon (www.elavon.com)
Elavon is an independent card payments specialist owned by U.S. Bank, the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. As the #1 provider for airlines and a top five provider for hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.
Emdeon is a leading provider of software-based solutions, network solutions and technology-enabled services that optimize communications, payments and analytics by leveraging its intelligent healthcare platform, which includes one of the largest financial and administrative networks in the United States healthcare system. Emdeon's platform and solutions integrate and automate key functions of our payer, provider and pharmacy customers throughout the patient encounter, from consumer engagement and pre-care eligibility and enrollment through payment. By using Emdeon's comprehensive suite of solutions, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage complex workflows. For more information, visit www.emdeon.com.