Alliance Aims to Improve Cash Flow for Health Care Providers, Reduce Patient Receivables and the Costs Associated with Patient Billing and Collections
CHICAGO, April 6 /PRNewswire/ -- Medical Pay Solutions, a national patient revenue management consulting firm and TransEngen, Inc., a rapidly growing innovator in transaction processing technology for health care, announce an alliance to bring a solution to health care providers that dramatically increases cash flow and reduces costs associated with prolonged billing cycles and collecting patient out-of-pocket expenses. Medical Pay Solutions offers this solution, the Revenue Maximizer, to medical practices, clinics and hospitals to streamline billing procedures, lower collection costs and reduce patient bad debt.
"By adding the TransEngen™ technology to our list of recommended products, we feel we have the most state-of-the-art and effective method of helping our clients with the very real problem of collecting efficiently, the majority of the monies owed directly from patients for their health care," said Anthony Wunsh, CEO of Medical Pay Solutions. "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."
TransEngen's innovative 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.
"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," added Wunsh. 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.
"This alliance serves to expand the distribution of the TransEngen technology," said Greg Morris, President & CEO of TransEngen. "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."
About Medical Pay Solutions
Formed in 2009, Medical Pay Solutions is a revenue management consulting firm with over 140 consultants nationwide. Medical Pay Solutions is dedicated to helping patients and health care providers resolve the issues associated with rising health care costs and patient pay sectors losses. For more information, visit www.medicalpaysolutions.com.
Founded in 2006, TransEngen has developed a technologically advanced and integrated platform capable of processing both healthcare and financial transactions. The platform provides the end-to-end connectivity between payers, providers and consumers that drive efficiencies to reduce costs, streamline payments and reduce provider collection efforts for patient self-pay responsibilities. With solutions directed at both payers and providers, TransEngen is leading the transformation of the healthcare payments process, creating valuable new functionality at nearly every transaction stage of the process and delivering real-time information at the point of care. For further information, visit www.transengen.com.
SOURCE Medical Pay Solutions