Deluxe Enters into Health Care Payments Claims Transactions through new Venture with ECHO Health
April 02 2020 - 4:05PM
Business Wire
New platform will enable organizations making
healthcare payments to migrate from paper checks to digital
payments
Today, Deluxe (NYSE: DLX), a Trusted Business Technology™
company, announced the launch of the Medical Payment Exchange (MPX)
platform, a joint venture with healthcare payment provider ECHO
Health.
This venture establishes a new cloud-based digital payment
process to address an unmet need in healthcare payments: the
healthcare payers’ challenge of delivering efficient electronic
payments to providers whom they pay infrequently. According to the
2018 CAQH Index, these payments account for roughly 40 percent of
all medical claim payment transactions and 88 percent of dental
claim payments.
“The partnership between Deluxe and ECHO brings a new approach
to healthcare payments, solving key challenges faced by payers and
providers,” said Michael Reed, General Manager of Payments for
Deluxe. “The joint solution uses patented technology to overcome
today’s challenges of business process disruptions when migrating
digital payments and flexibly addressing the differing needs of
payers and providers.”
For providers, establishing and maintaining electronic
connections with payers from whom they receive infrequent payments
is complex. As a result, payers making these payments are hampered
by the high costs and inefficiencies of delivering paper checks.
The MPX solution powered by Deluxe leverages best-in-class payment
platforms from Deluxe and ECHO to solve this challenge by
digitizing the payers’ common paper checks and delivering them
electronically to healthcare providers in a format that is easy to
process.
The new joint venture solution enables healthcare payers to
migrate from paper checks to digital payments, generating
significant savings through speed and efficiency gains without
requiring large infrastructure investments or changing payment
processes. Payers upload check batch files and MPX digitizes the
remittance, sending an electronic payment and Explanation of
Payment (EOP) simultaneously through its rapidly growing electronic
network serving more than 160,000 service providers in 50,000
locations.
Healthcare providers receiving payments now have multiple
choices to pick from as to how they would like to receive the
disbursement. Providers are electronically notified of their
payment, and can choose between a digital check payment, a Visa
commercial card payment, or an ACH payment.
“High costs, inefficiency and lack of payment choice for
providers has been the norm in the healthcare payments space,” said
Bill Davis, Chairman and CEO, ECHO Health. “Partnering with Deluxe
allows us to jointly bring a solution to the market that delivers
immediate benefits to insurers and providers and helps drive costs
out of healthcare. For the payers using MPX, they receive the
benefits of electronic payments, while providers now have the speed
of electronic payments with the simplicity of a check.”
For more information about the Medical Payment Exchange, visit
www.mpx.com.
About Deluxe
Deluxe is a Trusted Business Technology™ company that champions
business so communities thrive. Our solutions help businesses pay
and get paid, accelerate growth, and operate more efficiently. For
more than 100 years, we’ve been helping businesses succeed at all
stages of their lifecycle, from start-up to maturity. Our
unparalleled global scale supporting approximately 4.5 million
small businesses, over 4,000 financial institutions and hundreds of
the world’s largest consumer brands uniquely positions Deluxe to be
our customers’ most trusted business partner. To learn how we can
help your business, visit us at www.deluxe.com,
www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or
www.twitter.com/deluxecorp.
About ECHO Health
ECHO Health, Inc. is the leading provider of electronic
healthcare payment solutions. ECHO processes 200 million claims and
pays more than $40 billion annually to providers and members from
industry-leading payers. Founded in 1997, ECHO is a privately held
company located in Westlake, Ohio. For more information, please
visit www.echohealthinc.com or call 440.835.3511, ext. 118.
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version on businesswire.com: https://www.businesswire.com/news/home/20200402005677/en/
Cameron Potts, VP of Corporate Communications 651-233-7735
cameron.potts@deluxe.com
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