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Pay-Plusâ” Solutions Named Winner in Eighth Annual Paybefore Awards
In the "Killer Technology" category for their Virtual Healthcare Claim Settlement Technology
Clearwater, FL - Jan. 22, 2014 -Pay-Plus Solutions, Inc. (PPS), a leading provider of electronic payments to healthcare Providers, is proud to announce that it has been named as a winner in the 2014 Paybefore Awards for "Killer Technology." This award is in recognition of Pay-Plus' virtual claim settlement technology. For eight years, Paybefore Awards has conferred the most prestigious recognition of excellence in the worldwide prepaid, mobile and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for alternative payments executives.
"We are beyond thrilled to be recognized for our technology which ultimately fulfills the needs of our clients. At Pay-Plus we created a new process, in partnership with UMB Bank and StoreFinancial, to speed claim settlement payments on behalf of our clients that utilize a card network. This enables healthcare Provider payees the ability to deposit and reconcile outstanding receivables faster, more effectively and with greater cost efficiencies than traditional payment processes. Our solution provides a reliable, CAQH CORE certified process for our clients. In the payments industry, the Pay-Plus solution is "pushing the envelope" in two highly regulated industries: card and healthcare. It gives the full spectrum of healthcare Providers an alternative payment method to speed their payment receipt and reduce their internal cost of reconciliation and deposit", said Jay Ver Hulst, President of Pay-Plus.
Virtual Healthcare Claims Settlement was selected by a panel of five industry experts who served as judges for this year's competition, which included a record number of entries from around the world.
"An industry is only as good as its innovators. This year's Paybefore Awards have demonstrated that prepaid, emerging and mobile payments companies always find new ways to address consumer, government and business needs. We are proud to recognize Pay-Plus and StoreFinancial's contributions to advancing the industry," said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel.
"The companies and programs recognized in the 2014 Paybefore Awards are great of examples of what can be accomplished when innovators apply thoughtfulness and payments technology to address real-world needs," added Marilyn Bochicchio, Paybefore's CEO.
Pay-Plus delivers easy, fast and reliable electronic payments and explanation of payments to healthcare Providers upon adjudication of valid and payable medical claims and reconciliation. In an effort to simplify the payment process, Pay-Plus, in partnership with UMB Bank and StoreFinancial, created an account-based solution that involves a minimum amount of coordination and communication between parties while providing a simpler process for reconciling the payments to healthcare claims. Pay-Plus identified two services to offer to out-of-network healthcare Providers: Pay-Plus Select and SelectPlus. Using either solution reduces the time for the Provider to receive payment by 60% to 80% compared with other payment options. The Pay-Plus solution provides Physicians with an alternative payment method to speed their payment receipt and reduce their internal cost of reconciliation and deposit.
Virtual Healthcare Claims Settlement now will vie for Best-in-Category distinction, which will be announced during the Paybefore Awards ceremony on March 4 at the All Payments Expo. For the second year, visitors to will have a chance to vote on Best in Category. The outcome of this vote (counted as one-sixth of the total) will be combined with the five judges' picks to determine Best-in-Category honorees.