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ECHO Health Debuts Consolidated Payment Technology for Payers

Friday 18 March 2005 18:41 CET | News

ECHO Health, has introduced a payment process, which for the first time ever, allows health care payers to consolidate payments across all boundaries -- from multiple employers, bank accounts, and adjudication systems -- into one single provider payment.

The product, called ECHOPay, uses a new technology (patent pending) developed exclusively by ECHO Health. This technology will alter the nations medical payment process. Today, most health care payers reimburse providers by issuing multiple checks and explanation of benefits (EOBs). Individual checks are then sent regular mail to providers at significant cost -- postage expense, printing costs, and related banking fees -- to the payers. New in health care, ECHOPay leverages existing bank industry technology to consolidate and simplify payments from payer to provider. By consolidating all payments across multiple employers and bank accounts, these efficiencies will: Reduce postage and printing costs by as much as 33%; Eliminate unnecessary paperwork by consolidating one monthly family EOB; Eliminate unnecessary bank fees, such as checking clearing costs, stop payment, and positive pay fees; Manage payment consolidation within ERISA guidelines; Eliminate employers W9 provider maintenance and 1099 reporting responsibility; Enhance customer service capabilities through a new web-based reporting and tracking system, offering online check reconciliation, check imaging (front and back), and full on-line accounting capabilities.


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Categories: Payments & Commerce | Payments General
Countries: World
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