PaySpan acquires assets of mPay Gateway
ATLANTA - June 18, 2013 - PaySpan Inc., a leading provider of healthcare payment and reimbursement automation, today announced the acquisition of the assets of mPay Gateway, a point-of-service patient payment solution for healthcare providers. This transaction, in conjunction with PaySpan's Patient-Centered Financial Home (PCFH),creates a unified reimbursement solution that will enable physicians, hospitals and other healthcare providers to manage patient payment collections more efficiently and reduce the administrative complexity of patient financial responsibility.
PaySpan's expanded set of tools will enable hospitals, physicians and other healthcare providers to collect patients' out-of-pocket costs at the time of service, and collect the remaining patient responsibility payments automatically after the payer claim payments are received. This unified payment method is markedly more efficient and cost effective than pursuing patient collections weeks or months after care has been delivered.
"The acquisition of the mPay Gateway assets addresses providers' critical need to manage the increasing amount and volume of patient responsibility," explained Kevin Arner, CEO of PaySpan. "In the changing healthcare economy we are seeing patient liability for copays, deductibles and coinsurance becoming a greater challenge for all types of providers. This technology combined with the patient financial engagement and transparency of our PCFH, provides a single business process to improve collections and streamline cash flow. We now enable healthcare providers to unify the revenue stream before, during and after care."
Patient bad debt resulted in more than $65 billion in uncollected healthcare revenue in 2010, placing a serious strain on providers' finances, according to a McKinsey Quarterly report published in May 2010. Because the faster growing portion of bad debt stems from insured patients who fail to pay the balance after health plans have paid their portion of the bill, the report predicted that the uncollectible revenue problem will worsen when more than 30 million uninsured Americans gain health coverage.
PaySpan will continue to offer all mPay Gateway clients the best and most powerful payment automation platform to improve operational and revenue cycle efficiencies, simplify the patient billing experience and lower administrative costs associated with chasing payment for outstanding bills.
"With the industry's largest healthcare payment and reimbursement network that represents providers and health plans providing care and benefits to more than 64 million covered lives, PaySpan is committed to leveraging its connectivity to deploy innovative solutions that empower provider revenue cycle efficiency," said Lynn Carroll, SVP Provider Economics for PaySpan. "