Two healthcare technology companies have announced a strategic alliance that will integrate electronic payment systems with electronic medical record systems for the medical community.
PR Newswire reports that on July 9th, TransFirst, an electronic payment processing company, and TRIARQ Health, a performance management services company, announced they will team up and pool their resources in order to provide faster and better services for medical providers. TransFirst will integrate its electronic payment processing products with TRIARQ’s electronic medical records system, known as gloStream.
One of the most pressing issues affecting health practices today is their ability to collect medical payments, a problem that has grown with the rise in high-deductible health insurance plans. TransFirst’s services tackle this issue by providing medical practices with accessible and efficient payment collection services, both at the time of service and afterwards. Among other things, its services allow medical practices to accept electronic payments from patients, who can pay their medical bills on a secure online portal.
Not only is electronic payment faster, it reduces the chance for human error when it comes to billing. It is so efficient, in fact, that 70% of medical providers accept some kind of electronic payment.
“In the very complex world of healthcare, we are always seeking to partner with organizations that provide simplicity in the payment collections process for providers and patients,” said Jason Green, Vice President of Health and Government Services at TransFirst. “We are very excited about the relationship with TRIARQ and their provider product solution.”
“TransFirst has had a cooperative mindset from the beginning, continuously keeping in mind the best interests of our practices throughout all phases of implementation,” said Piyush Khanna, President of TRIARQ Practice Services. “TRIARQ Health is very excited to roll out this new system, which increases patient payment options, improves patient relationships, and saves each user time and money. Physicians may see increased cash flow while reducing the costs associated with collecting patient payments, and should see a marked decrease in outstanding patient receivables.”