ATLANTA, GA--(Marketwired - Jun 6, 2013) - PaySpan, Inc., the leading provider of healthcare payment and reimbursement automation, today launched its groundbreaking Patient-Centered Financial Home (PCFH) initiative to help payers engage consumers in managing the financial responsibility of their healthcare benefits, creating an environment of improved patient value and engaged consumer financial responsibility.
With the largest network for reimbursement automation in the healthcare industry -- representing providers and health plans that provide care and benefits to more than 64 million covered lives -- PaySpan is uniquely positioned to help payers engage consumers and remain strongly positioned as facilitators of improved health and wellness for their members. PCFH™ is a cornerstone of PaySpan's new consumer engagement platform, bringing consumer financial information, patient responsibility and payer loyalty programs to the forefront of consumer driven healthcare.
Building on the knowledge gained in prior concepts of Patient Centered Medical Home (PCMH), in which payers and providers collaborated to improve quality and value in care delivery, PCFH provides a single point of financial management through the care and reimbursement continuum. "PCFH is positioned to deliver on the triple aim of healthcare reform to facilitate better care, better health and lower costs," said Kevin Arner, president and CEO of PaySpan. "In the same way that PCMH engages the provider, patient, and payer in effective care delivery, PCFH will enable the payer to engage members to effectively utilize health benefits to increase value, enhance quality and improve the customer experience as member behavior and healthcare access continue to change."
With patients' increased freedom to change health insurance plans, access Healthcare Insurance Exchanges and utilize Accountable Care Organizations, the need to build brand loyalty through customer experience will become even more important. "What better way to build member loyalty than through financial tools to enhance the consumer's ability to manage costs and improve care?" said Bill Nordmark, SVP of Payer Economics for PaySpan.
Aligning member financial engagement with financial services and transparency will drive better behavior and more member involvement in care. Payers will be able to offer a variety of PCFH web based and mobile technology to their members to interact as they choose, beginning from the point of service to the use of HSA/FSA tax advantaged payment methods.
"The combination of PCMH and our PCFH approach creates great promise for value based healthcare for consumers and the financial sustainability for payers in the new consumer healthcare economy," Arner continued. "We are excited to apply our expertise in reimbursement automation to support successful participation in these new patient engagement initiatives."