REPAY, VBA Team On B2B Healthcare Payments

REPAY, which produces payments solutions, and insurance management software firm Virtual Benefits Administrator (VBA) have linked their offerings, the companies announced in a press release.

“The two-way integration between the platforms will enable insurance companies to pay healthcare providers, including licensed healthcare facilities, programs, agencies and doctors, for services rendered directly from the VBA system,” according to the release.

The integration will also make it easier for benefits administrators to collect premiums and other out-of-pocket expenses paid by patients whose coverage they facilitate. The result is much faster processing of claims, the release stated.

The integration will mean that a system user can access information about payments, explanation of benefits, and explanation of payments through one portal, according to the release.

“Several technologies and innovations have come to market, helping to streamline payment processes across the banking and financial industry,” REPAY Senior Vice President of B2B Darin Horrocks said in the release. “Healthcare is in a unique position and primed to follow suit. Administrators, providers and insurers continue to seek new ways to facilitate electronic funding, integrate solutions and create a transparent, secure and seamless experience for all parties involved.”

VBA Vice President for Enterprise Solutions Jessica Lockhart said in the release: “REPAY’s payment technology is an important enhancement for VBASoftware that will provide more visibility into the payment and disbursement process between payers and providers. Clients with this enhancement will enjoy increased efficiency thanks to the elimination of lengthy multistep legacy processes and improved payer-provider relationships.”

The need for systems to streamline processing of healthcare transactions is becoming increasingly clear.

Addressing the issue of healthcare transaction costs in a conversation with PYMNTS in late October, David Goldhill, founder and CEO of medical services platform Sesame, said: “We have the highest imaginable transaction costs for every possible healthcare interaction no matter how routine or predictable, and we’ve imposed these extraordinary transaction costs which exist almost nowhere else in our economy.”