RICHMOND, Va., Sept. 11, 2013 /PRNewswire/ -- HealthcarePays, Inc. (HCP), a member-owned "payment network" designed to cut healthcare costs, has partnered with StoneEagle to provide an innovative ePayment solution that replaces checks and paper Explanation of Benefits (EOBs) to providers on the HCP network. By combining StoneEagle's patented VPay solution with the recently announced HealthcarePays virtual card relationship with MasterCard, the companies have created a truly end-to-end electronic payment and deposit system for providers.
HCP employs a member-owned network for healthcare payment processing that is proprietary, industry-standardized and compliant with the Affordable Care Act (ACA) and all state and federal laws. Employers, providers and insurance companies are joining HCP to combat waste and fraud, create efficiencies of healthcare payment processing, access industry-wide data cube analytics, and to own equity in HCP and receive dividends.
"HealthcarePays is a prime example of the high caliber technology companies tackling the wasteful and expensive processes currently dragging down the U.S. healthcare system," said StoneEagle President Jeff Brown. "Our joint efforts will utilize established technology networks, sophisticated electronic tools, and healthcare industry expertise to create a game-changing solution for our customers and to positively impact our country's healthcare budget."
The electronic payment and deposit system will be available to any healthcare provider that is a member of the HCP network.
"It's astonishing to see the large number of healthcare providers still using paper to process claims and checks. Our alliance with StoneEagle will help providers use a virtual card system via MasterCard to eliminate paper processes and utilize the electronic network HealthcarePays provides for free to providers," says HealthcarePays CEO Dave Adams. "Our mission is to reduce the total cost of healthcare in the U.S. by focusing on the payment side and utilizing the best technology tools on our network – these include StoneEagle solutions and the virtual card from MasterCard."
HCP interacts with all existing healthcare industry organizations including employers, hospital systems, physician groups, insurance companies, government payers such as Medicaid and Medicare, intermediaries, clearinghouses and banks.
VPay® is a proprietary process developed by StoneEagle Services, Inc., one of a portfolio of technology companies in business for over 30 years with extensive experience in the design and development of enterprise-wide insurance industry applications, data management and standardized business process outsourced solutions. VPay is a complete payment solution that offers a virtual card designed specifically for healthcare claim payments, with core VPay functionality in-house, including: payer integration, electronic payment and EOB production, ACH origination and management, virtual card processing and call center support. This unique approach will significantly reduce costs related to processing, delivering and reconciling paper checks. No paperwork is required to receive a claim payment via card. Each card is processed through a merchant terminal as a standard credit card transaction, and funds are promptly received in the same manner as other card transactions. Each card payment is delivered concurrently with the EOB to simplify reconciliation. www.stoneeagle.com; www.vpayusa.com
About HealthcarePays, Inc.
HealthcarePays (HCP) is a member-owned "payment utility" designed to cut healthcare costs. HCP, headquartered in Richmond, Virginia, with a technology team in Carlsbad, California, provides a fast, secure, electronic network that simplifies and improves the healthcare payment system. HCP streamlines the movement of healthcare payments and filters such payments among providers, payers, self-insured employers, government payers, intermediaries, clearinghouses and banks in the U.S. The secure network is highly efficient, cost effective and fully compliant with the Affordable Care Act and other state and federal laws. www.healthcarepays.com. https://twitter.com/healthcarepays; https://www.linkedin.com/company/healthcarepays.
SOURCE HealthcarePays, Inc