NASHVILLE, Tenn., Nov. 15, 2016 /PRNewswire/ -- Change Healthcare, a leading provider of software and analytics, network solutions and technology-enabled services designed to enable smarter healthcare, has released a Merchant Services enhancement to its SmartPay solution. Adding Merchant Services to SmartPay equips payers and providers with simplified pricing and consolidated billing to support consumer-preferred channels and payment methods.
Out-of-pocket costs rose 37 percent from 2009 to 2013, with the average patient paying more than $1,000 per hospital visit, according to a study conducted by the University of Michigan. In addition, more than 12 million Americans are paying an average of $149/month for their health insurance premiums through the Healthcare Marketplaces1. Knowing that consumers are now responsible for more of their healthcare bills than ever before, Change Healthcare has created a solution that will help streamline the consumer collections process by offering a wide variety of payment options that fit individual preferences through its SmartPay solution suite.
"We offer our clients, both providers and payers, a suite of consumer messaging and payment solutions that transforms complex healthcare transactions into a more personalized, digital experience similar to what consumers have in retail or online settings," said Stuart Hanson, senior vice president and general manager, consumer payment solutions. "Bundling Merchant Services within our SmartPay solution suite optimizes our ability to help our clients deliver a positive, consumer-centric experience, while also helping to increase their revenues and lowering cost to collect."
SmartPay with Merchant Services combines diverse payment applications with merchant processing functionalities for credit card, debit card, physical check, and electronic check transactions. This configuration delivers streamlined onboarding, simplified pricing, efficient operations, and centralized billing to support consumer-preferred channels and payment methods. The SmartPay solution suite includes:
- Point of Service Collections
- Patient Pay Online
- Patient Phone Pay
- Patient Lockbox
- Merchant Services
To learn more about how Change Healthcare's Intelligent Healthcare Network™ brings value to its partners through innovative solutions, visit Change Healthcare at www.changehealthcare.com or follow @Change_HC on Twitter.
About Change Healthcare
Change Healthcare is a leading provider of software and analytics, network solutions and technology-enabled services designed to enable smarter healthcare. By leveraging our Intelligent Healthcare Network™ – the single largest financial and administrative network in the United States healthcare system – payers, providers and pharmacies are able to improve efficiency, reduce costs, increase cash flow and more effectively manage complex workflows. Learn more at www.changehealthcare.com.
1HHS data through February 2016. Based on a HHS data using the National average of policy premiums, taking into account the percentage of plans with and without subsidies.
SOURCE Change Healthcare