- The Joint venture solution is likely to prompt healthcare payers to ascend from paper checks to digital payments.
- Collaboration would bring a paradigm shift in healthcare payment landscape.
Deluxe has reportedly undertaken a Joint Venture agreement with ECHO Health, a healthcare payment provider to foray into the healthcare payment industry. The JV has transpired into the launch of the medical payment exchange (MPX) platform.
The JV is believed to bolster a novel cloud-based digital payment process to keep up with the potential challenges of providing efficient e-payments to providers whom they don’t pay very often and to meet the ever-increasing need in healthcare payments. The 2018 CAQH Index is reported to have stated that these payments accounted for 88% of dental claim payments and around 40% of all medical payment.
GM of Payments for Deluxe Michael Reed noted that the collaboration would bring a paradigm shift in healthcare payment landscape, surmounting challenges encountered by providers and payers.
He went on to highlight that the venture uses patented technology to surmount challenges of business process disruptions when transacting digital payments and seamlessly addressing the various requirements of providers and payers.
The Joint venture solution is likely to boost healthcare payers to ascend from paper checks to digital payments, thereby bolstering considerable savings via efficiency and speed keeping large infrastructure investments of modifying payment processes at bay.
Chairman and CEO of ECHO Health Bill Davis highlighted that inefficiency, exorbitant costs and dearth of payments choice for providers have become a common phenomenon in the healthcare payment landscape.
Davis was quoted saying that teaming up with Deluxe has enabled them to bring together an innate solution to the industry which provides instant upsides to providers and insurers and assist them in driving cost out of the healthcare landscape.