Deluxe Partners with Health Care Provider to Streamline, Secure Medical Payment Process
ST. PAUL, Minn.—February 3, 2016—Deluxe Corp. announced a partnership with Rete+Pay, a leading payment platform specializing in third-party medical insurance administration. This new venture adapts Deluxe’s eChecks solution to the Rete+Pay platform for faster, more secure payments to medical care providers while simultaneously delivering the payment and remittance information in the form of an integrated Explanation of Benefits (EOB).
Rete+Pay facilitates the payment of medical claims between insurance companies, patients and health care providers. In processing millions of transactions a year, Rete+Pay already delivers innovations to its clients that save claim and administrative costs for patients, insurers and medical providers alike. With the implementation of the Deluxe eCheck technology, Rete+Pay is creating an even more cost effective method for insurance payments.
"By partnering with Deluxe, we are further streamlining the payment system and simplifying accounting practices for health care providers, allowing them to spend more time where they are needed—caring for patients," explained Kim Darling, founder and president of Rete+Pay.
While the U.S. has long been a leader in medical procedure advancements and technology, medical insurance payment systems can often pose challenges for the parties involved, requiring fax numbers, monetary exchanges and credit cards. Further, because in many cases the EOB information doesn’t accompany the payment, physician offices are left to take extra steps to align payment with paperwork.
Integrating Deluxe’s eCheck technology into the innovative Rete+Pay network improves the overall process and reduces costs for health care providers. Once the insurance company processes the claim, an eCheck and associated EOB is sent to the provider. Unlike other payment systems, the eCheck allows the provider to receive payment and deposit it in any bank account without revealing account information.
"We believe this application of our eCheck technology platform will create a game-changer in the health care payment market," explained Malcolm McRoberts, senior vice president of Small Business Services for Deluxe. "There are literally thousands of offices and clinics around the country, and every one of them is burdened with the administrative costs and added complexity of deciphering payments and benefits from dozens of insurance carriers. Now, in one simple and quick process, they will receive their payment and benefit information—together."
Using the Deluxe eCheck technology to process payments reduces costs on average by 50 percent, savings that can be passed on to the health care consumer. As the cost of health care continues to rise, the ability to remove costs from the payment system will benefit patients and corporations that provide health insurance to their employees.
Working with Rete+Pay, Deluxe has enhanced its eCheck system to integrate the Explanation of Benefits with the eCheck. This enables the provider to immediately apply the payment to the services rendered.
Deluxe is a growth engine for small businesses and financial institutions. 4.5 million small business customers utilize Deluxe’s service and product solutions, including website development and hosting, email marketing, social media, search engine optimization and logo design, in addition to our industry-leading checks and forms offerings. Deluxe serves approximately 5,100 financial institutions with a diverse portfolio of financial technology solutions that enable them to grow revenue and manage their customers’ throughout their lifecycle, including our best-in-class check program solutions. Deluxe is also a leading provider of checks and accessories sold directly to consumers.
Source: Deluxe Corp.