HOUSTON, April 11, 2017 /PRNewswire/ -- Noventis, Inc., (Noventis) is helping the healthcare industry reduce its dependence on paper checks by expanding its network of over 100,000 billers to include thousands of healthcare providers that can accept electronic payments. In an industry where payment cycles often exceed one month, the Noventis payment platform's ability to convert checks and other cumbersome transactions into fast, efficient digital payments is a welcome change for all parties.
Framing the Industry Problem
The increase in high-deductible health insurance plans has created greater patient responsibility for payment, and is among several factors creating more check payments for healthcare. Recent studies show the dependence on checks and its effects on healthcare payments.
- Approximately 74% of providers saw an increase in patient financial responsibility in 2015*
- 70% of providers reported that it takes one month or longer on average to collect payment from a patient*
- Nearly 96% of consumers say they pay a portion of their healthcare providers via paper checks*
How Noventis is Helping
Currently, for Noventis' partners, payments to healthcare providers represent over 10 percent of their total checks. By digitizing these payments, Noventis is creating value for the healthcare industry by reducing the number of days in accounts receivable, lowering processing costs and improving cash flow. The company intends to continue adding healthcare providers as it doubles the size of its network in 2017.
"With so much friction in healthcare payments, we're glad that Noventis is helping the industry benefit from fast, electronic delivery of payments," said Steve Taylor, CEO of Noventis. "Noventis is committed to continuing to grow its network of billers and providing the innovation needed to ease the burden of slow, inefficient check payments plaguing healthcare providers, patients and insurers."
After record fiscal growth and steady network expansion Noventis is earning recognition as a digital payments Fintech innovator. Dedicated to eliminating paper checks, accelerating the posting of payments and enhancing security, Noventis is modernizing the way businesses receive payments without the added cost or hassle of backend system integration.
Noventis is trusted by over 5,000 financial institutions, processors and aggregators to deliver electronic payments between the broadest base of businesses and consumers. Since 1998, Noventis has been providing its partners with innovative solutions to longstanding bill payment challenges. Noventis' proprietary processing platform dynamically routes payments to a vast and ever growing network of billers. The patented platform replaces cumbersome transactions, such as paper checks, with a wide array of electronic payment methods, greatly accelerating delivery speed and dramatically lowering costs for payments to billers and vendors. For more information, visit www.NoventisPayments.com, www.linkedin.com/company/noventis-inc. and @Noventis_Inc.
* InstaMed Trends in Healthcare Payments Sixth Annual Report
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SOURCE Noventis, Inc.