Vantiv Accelerates Expansion of Healthcare Payment Processing Services Through Agreement with nTelagent
Alliance Provides Healthcare Providers and Patients More Convenient Payment Options
CINCINNATI and NASHVILLE, Tenn., Oct. 22, 2012 /PRNewswire/ -- Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today that it has entered into a co-marketing agreement with nTelagent, Inc., based in Nashville, Tennessee. nTelagent provides pre-registration and point-of-service payment solutions for acute care providers across the United States. The company's point-of-service solution for managing accounts receivable enables healthcare providers to settle accounts on the front end of the revenue cycle via real-time, customized scripts.
With this agreement, nTelagent will market Vantiv payment processing services as a preferred provider option, and Vantiv will now offer nTelagent's point-of-service solutions as a choice to their healthcare clients and prospects. The agreement builds upon the companies' existing payment processing relationship and will further accelerate the growth of healthcare processing business by Vantiv.
"We are pleased to expand our reach within the healthcare industry through this agreement," said Donald Boeding, President of Merchant Services at Vantiv. "With healthcare providers under increased pressure to more quickly settle accounts, the market is in need of ways to better facilitate financial transactions between patients and providers. Together, Vantiv and nTelagent provide the solutions that make this happen."
The evolution of high deductible insurance plans and increasing patient payment responsibility is requiring healthcare providers to reevaluate and redesign their patient payment processes. Nearly 25 percent of patient service revenue is paid by the patient today, and this number is expected to double by 2017. More than 60 percent of patients indicate that they would pay with a credit card for healthcare transactions if they are informed more effectively at the point of service about their financial obligations and payment options.
"As more of the financial obligation shifts to the patient, healthcare providers need to provide more convenient and flexible ways for them to pay for their services," said Earl Winter, Chief Executive Officer of nTelagent. "When they do this, not only will they have more satisfied patients but they will collect revenues more quickly on the front end. Given their industry leading service and reliability, Vantiv is the perfect company to align with to help healthcare providers meet this need."
For more information about healthcare solutions by Vantiv, please visit them at the 2012 MGMA Annual Conference – Booth 1100 from October 21-24, 2012 or anytime at vantiv.com.
For more information about the Vantiv Insights series, to replay previous webinars, or to download articles from the Vantiv Resource Library, visit vantiv.com/Research. Vantiv Insights can also be found on Twitter, Facebook, LinkedIn and Google+.
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV), is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit vantiv.com.
nTelagent's fully integrated point-of-service solution for managing accounts receivable revolutionizes how healthcare providers interact with patients. The system enables providers to settle all accounts on the front end by guiding patient access staff through each patient encounter via real-time, customized scripts. From insurance verification to payment processing, registration is fast, simple and accurate for all patients: insured, uninsured and those qualifying for financial assistance. In minutes, registrars using nTelagent validate the patient's address, verify insurance, process medical necessity when appropriate, determine approved charges based on service provider contracts, and follow online scripts for discounts, payment terms and patient collections – all at point of service. In addition to increasing upfront cash and cash on hand, nTelagent clients reduce AR days and bad debt, reduce or eliminate back-end denials, follow consistent practices on all registrations, identify accounts needing financial assistance, and are able to access dynamic reports for real-time end-user monitoring. Visit ntelagent.com for more information. For a video overview of nTelagent, visit http://ntelagent.com/Video_and_Demo.html.
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Director of Public Relations for Vantiv
L. Campbell & Associates for nTelagent
SOURCE Vantiv, Inc.
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