TransFirstÂ® said it 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 USD1 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.
“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.”
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.
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.