A Different Approach to Payments in Healthcare

Simplify Payments so You Can
Focus on Your Patients
Show Me How

Patient Refunds Made Easy

Payments are evolving and the healthcare industry isn’t immune. The shift from co-pay plans to high-deductible plans has increased the percentage of revenue collected from patients.

The list of hypothetical (but very real) circumstances surrounding the changes and growing costs in the healthcare space is boundless but the bottom line is this:
The volume of patient refunds has grown considerably and so has the number of players involved. It’s time consuming, chaotic, expensive, and creates a poor patient experience.
Our Solution for Common Challenges
Costs
Operational Challenges
Technical Challenges
Problem:
Check printing and mailing
Additional admin time & A/P (accounts payable) staff time
Lost credit card interchange fees
Increase call center volumes
Escheatment
Solution:
Lower check volumes in favor of cheaper transaction methods and a reduction in escheatment items can mean much lower costs
Saved costs & time
Electronification and automation of manual processes
Decrease recipient questions by issuing payments more quickly, with the relevant documentation attached
Pay-by-email, Pay-by-text

Integrated Payables

Integrated Payables (IP) allow an organization to submit to their designated payments provider a single, electronic payments file that utilizes multiple payment methods- check, ACH, card, and now Real-time Payments.
Single File Payment
Initiation
Healthcare providers will gain efficiency by uploading a single data file, which will then be executed as virtual payments, ACH’s, RTP’s, or checks.
Simplified Vendor
Outreach
Transcard takes this to the next level as vendor enrollment teams handle outreach to vendors to capture their bank account details and set them up for electronic payments – we even campaign to convert them from check payments to ACH or virtual card ePayments.
Integration with
existing ERP Systems
Integrated payables (IP) also means integration into the clients existing ERP system- made simple with Transcard’s Open APIs. It also means simplicity and process ease from payment initiation through reconciliation through various payment modalities- simplified by our robust omni-channel pay-in/pay-out platform with added workflow.
Transcard Integrated Payables benefits:
Scale down the use of paper payment systems
Decrease cost of doing business
Reduce & outsource check printing and mailing
Make and receive payments faster
Simplify and expedite reconciliation
Recover Accounts Payable (AP) staff time
Increase New Net Revenue due to decreased costs in check processing and the associated admin costs

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Third Party Administrators (TPAs)
in Healthcare

Third party administrators (TPA’s) for healthcare payments fight an uphill battle in many arenas: meeting deadlines, collecting payments in a timely fashion, reconciling those payments properly, their own back office systems… The list goes on and on.
TPA's can benefit from Transcard's omni-channel payments platform through:
Providing more avenues of payment for payers to utilize
Digitizing these payments means they are received more quickly
Added workflows attach any relevant data, docs, and messaging to payments, so they can be reconciled simply and quickly
Accounts Payable (AP) staff time
Integrated Payables solutions allow TPA’s to maintain their focus on their clients instead of their own back office
FREE UP MORE CASH
for Your Healthcare Organization with an Integrated Payable Approach
Learn How