HealthcarePays (HCP), a member-owned payment network, has partnered with technology developer StoneEagle to sell an electronic payments system.
The offering is designed to replace checks and paper Explanation of Benefits (EOBs) for providers on the HCP network.
"It's astonishing to see the large number of health care providers still using paper to process claims and checks. Our alliance with StoneEagle will help providers use a virtual card system via MasterCard to eliminate paper processes and utilize the electronic network HealthcarePays provides for free to providers," said Dave Adams, CEO of HealthcarePays, in a Sept. 11 press release.
HCP is a payments processor that works with employers, hospital systems, physician groups, insurance companies, government payers, clearinghouses and banks to provide interoperable payments and scale, as well as compliance with the Affordable Care Act and other laws. .
"HealthcarePays is a prime example of the high caliber technology companies tackling the wasteful and expensive processes currently dragging down the U.S. healthcare system," said StoneEagle President Jeff Brown in a release. "Our joint efforts will utilize established technology networks, sophisticated electronic tools, and healthcare industry expertise to create a game-changing solution for our customers and to positively impact our country's health care budget."
Payments technology companies including Alegeus, PaySpan, Simplee and PayZang are quickly issuing new systems to enable compliance with the Affordable Care Act, which encourages automated payments processing.