Emdeon to Introduce New Capabilities to Enhance the Emdeon Payment Network Simplicity® Settlement Service Powered by ECHO Scheduled for Release in Q4 2013
NASHVILLE, Tenn., July 12, 2013 /PRNewswire/ -- Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, today announced several initiatives to further expand the capabilities of its industry leading Emdeon Payment Network™. The Emdeon Payment Network, one of the largest automated payment distribution solutions in the healthcare industry, currently facilitates both electronic and paper-based provider payments, remittance, member explanation of benefits (EOBs) and correspondence. As the single largest clinical, financial and administrative health information exchange in the U.S. healthcare system, Emdeon's network currently reaches approximately 500,000 providers, 81,000 dentists, 60,000 pharmacies, 5,000 hospitals, 1,200 payers and 300 labs.
"Today's announcement of our intent to integrate the Simplicity® Settlement Services into the Emdeon Payment Network is further evidence of our continued investments in payment solutions," said Gary Stuart, executive vice president of payer services for Emdeon. "As an established market leader in healthcare payments, Emdeon is best positioned to help payers implement strategic payment solutions designed to eliminate administrative settlement burdens, while still offering providers a broad set of options as to how they will be paid. Emdeon's payment solutions also are designed to help its payer clients comply with the looming January 1, 2014, CAQH CORE EFT & ERA deadline."
To further expand its leadership position in the distribution of payer-based claim communications, Emdeon recently opened a new 100,000-square-foot facility in St. Louis, Mo., dedicated to supporting the Emdeon Payment Network. In addition, Emdeon introduced a new electronic payment option called Virtual Card Services (VCS) during the fourth quarter of 2012, which has quickly gained significant market acceptance. Emdeon's VCS solution is designed to reduce payment distribution costs and streamline payment processes.
Coupled with VCS, the addition of the Simplicity® Settlement Service to the Emdeon Payment Network will provide payers with 1099 reporting, pre-funded virtual card payments, settlement and reconciliation and provider preference based delivery capabilities. The Simplicity® Settlement Service will be powered by ECHO Health, Inc., a leading innovator of healthcare payment solutions.
"We are very excited to work with Emdeon to accelerate market adoption of electronic payments," said Bill Davis, chairman and CEO of ECHO. "Established in 1997, ECHO has proven to be a market leader in moving and settling over $7 billion of benefits payments annually from over 34,000 individual bank accounts with hundreds of thousands of providers through the largest payment networks in the country."
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon's offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of 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 the complex revenue and payment cycle and clinical information exchange processes. For more information, visit www.emdeon.com.
SOURCE Emdeon Inc.