Vantiv and TransEngen, Inc. Announce Strategic Relationship

CINCINNATI and WILTON, Conn., Dec. 20, 2011 /PRNewswire/ -- Vantiv, LLC, (formerly, Fifth Third Processing Solutions, LLC) one of the nation's leading full service payment solutions providers announced today a new relationship with TransEngen, Inc., an innovator in health care transaction processing technology to offer the Healthcare Virtual Payments System, to Vantiv merchants. This relationship aims to improve cash flow for health care providers, reduce patient receivables and the costs associated with patient billing and collections.

(Logo: http://photos.prnewswire.com/prnh/20110628/CL27165LOGO )

"We understand the challenges facing healthcare merchants today. As a leading integrated provider of payment processing strategies and advanced technology solutions, we focus on innovation and new opportunities for our customers," said Bill Weingart, Chief Product Officer at Vantiv.  "With the shift to more consumer directed payments, medical providers are experiencing a substantial financial burden from outstanding patient receivables. The addition of the Healthcare Virtual Payments System to our family of payment solutions, offers a proven way to increase patient collections and revenues, and a healthcare platform to expand upon in the future."

The Vantiv and TransEngen relationship provides a robust solution specifically designed to help healthcare providers overcome the patient payment collection challenges.  The solution gives providers the ability to process payments at the point of care, arrange for payment after the patient's insurance has paid, or set up automated, no-interest, recurring payment plans.  Delivering immediate workflow improvements, the system processes all electronic payments including check, ACH, and credit and debit cards, as well as accepting and recording cash payments.  The system is Health Insurance Portability and Accountability Act (HIPAA) compliant and PCI Level 1 certified, protecting patient and financial data throughout the transaction process.

"With Vantiv's guidance in this rapidly changing payments landscape, we will be able to expand the distribution of the TransEngen technology," said Mike Pileggi, Executive Vice President at TransEngen. "At a time when patient accounts receivables and bad debt are at an all time high, we are delighted to be working with Vantiv to help health care providers overcome the challenges associated with delayed or unpaid patient payments."

About TransEngen

Founded in 2006, TransEngen has developed a technologically advanced and integrated platform capable of processing both health care and financial transactions. The platform provides the end‐to‐end connectivity between payers, providers and consumers that drive efficiencies to reduce costs, streamline payments and reduce provider collection efforts for patient self‐pay responsibilities. TransEngen is leading the transformation of the health care payments process, creating valuable new functionality at nearly every transaction stage of the process and delivering real‐time information at the point of care. For further information, visit www.transengen.com.

About Vantiv

Vantiv, LLC is one of the leading integrated payment processors to businesses and financial institutions of all sizes in the United States.  Formerly known as Fifth Third Processing Solutions, LLC, since 1971, Vantiv has provided payment processing solutions to its clients.  Headquartered in Cincinnati, Ohio, Vantiv, LLC is a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).

©Copyright Vantiv, LLC.  All rights reserved.  Vantiv, the Vantiv logo, and all other Vantiv product or service names and logos are registered trademarks or trademarks of Vantiv, LLC in the USA and other countries.  ®indicates USA registration.

CONTACT:
Stephen J. Henricks
Vice President, Marketing, TransEngen®
Cell Phone: 813-486-9484
[email protected]

CONTACT:
Lynn M. Rhoads, Senior Vice President
Communications Director, Vantiv
513.900.4942
[email protected]

SOURCE Vantiv, LLC