What should providers and payers look for when evaluating potential vendors to manage their electronic payment services?
That is a great question. There are a number of key considerations providers and payers should analyze in selecting a partner for electronic payment services. From the payers’ perspective, provider reach (the number of providers connected to the network) is absolutely critical. Without provider reach, payers will continue to struggle to displace existing paper-based payment processes. From the providers’ perspective, payer coverage (in terms of established connectivity) is important. And, as mentioned earlier, providers should look for a complete solution that includes postable 835s, online tools to view the 835 data in a standard format, consistent workflow tools to facilitate payment posting and reconciliation, and a standardized registration process. Finally, it is important to find a partner with considerable experience and staying power in the healthcare industry. There are a lot of new entrants in this emerging market and it is important to assess each vendor’s experience in the
