RICHMOND, Va., Aug. 8, 2013 /PRNewswire/ -- HealthcarePays (HCP) has created a virtual card processing solution to ensure compliance, reconciliation of remittance information with payments, and detection of waste and fraud for healthcare providers throughout the United States. MasterCard will supply the connection between banks and providers to ensure speed and convenience in the payment process.
"We are using our expertise to help transform healthcare payments to new, efficient and paperless systems before January 2014," said Michael Cyr, group executive, MasterCard. "HealthcarePays offers a straightforward, transparent system for U.S. providers that reduces payment processing time and allows providers to receive payments for services faster."
With the new virtual card, healthcare providers process payments completely electronically and easily download reconciled information from commercial and government payers within the HCP network. HCP's unique industry-owned network reconciles remittance data with payments and systematically distributes Electronic Remittance Advice (ERAs) and Electronic Payments.
HCP employs a novel approach to healthcare payment processing that is all-inclusive, yet industry-standardized and fully compliant with the Affordable Health Care Act (ACA) and all state and federal laws. Every participant in the healthcare payment ecosystem – providers, employers, private and government payers, intermediaries, clearinghouses and banks – can own and use the secure network to access the data they require to complete healthcare payment transactions.
"Our goal is to eliminate paper from the healthcare payment system once and for all. The MasterCard virtual card and HCP network work together to eliminate paper processes and significantly reduce waste and fraud in healthcare, which is siphoning an estimated $600 billion from our healthcare system annually," says HealthcarePays Chief Executive Officer Dave Adams. "The strength of the HCP network is that it works with all the players within the healthcare payment system on one universal platform, creating an efficient, cost-saving network that reduces costs for the entire healthcare industry."
HealthcarePays (HCP) is a member-owned "payment utility" designed to cut healthcare payment costs. HCP, headquartered in Richmond, Virginia, with a technology team based in Carlsbad, California, provides a fast, secure, electronic network that simplifies and improves the healthcare payment system. HCP streamlines the movement of healthcare payments among providers, payers, self-insured employers, government payers, intermediaries, clearing houses 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.