Jacksonville, FL (PRWEB) June 16, 2010
Payformance® Corporation, the nation’s leading provider of healthcare payment simplification solutions, is pleased to announce a strategic alliance with Health Market Science offering provider payment and verification solutions to their joint clients. Health Market Science actively tracks, integrates, and cleanses 2,500 disparate provider data sources to offer the most accurate provider data at the lowest latency available. Through this partnership, Payformance and Health Market Science will address enhanced self reported provider demographic information and pre-payment fraud and abuse.
Health Market Science also offers the most comprehensive view of all practitioner relationships with approximately 10,000 monthly changes tracked across the practitioner population. Teamed with Payformance, this will allow the over 160,000 payees currently receiving electronic payments from Payformance payers the flexibility to manage their ACH payments as dictated by the provider business practice policies.
“This partnership will bring unprecedented payment integrity and flexibility to the Payformance customers”, said Dan Chavez, Executive Vice President for Payformance. In addition Chavez states, “One payer sees a payee as a group practice of three physicians and another sees the same practice as three individual physicians. This three physician practice can be reimbursed in seven ways. The larger the practice, the more complex the problem becomes. At Payformance, we want to make it easy for the physician’s offices to manage claims remittance data and the corresponding payments at a more granular level.”
“Through our partnership with Payformance, not only will the payers reap the benefits of the potential combined provider verification offering, providers will have a way to update and validate their demographic information and affiliations” said Zach Henderson, Vice President of Corporate Strategy & Analytics for Health Market Science. Henderson continued “Health Market Science and Payformance will continue to look for ways to collectively bring accurate provider information to healthcare to ensure streamlined payment to practitioners”.
Payformance is the leading provider of payment solutions to meet healthcare payment settlement requirements. Far more than ERA and EFT, Payformance focuses purely on healthcare payments and provides every stakeholder in the healthcare industry with comprehensive solutions that reconcile, correlate, and explain their payment information. The Payformance Healthcare Payment Exchange lays the foundation for unprecedented healthcare payment interoperability.
About Health Market Science
Health Market Science is the leading source for healthcare provider data, software and advanced analytics in the United States. Health Market Science has developed unique technology and expertise to continuously acquire, analyze, and integrate over 2,500 distinct data sources to create and maintain the single most comprehensive and accurate source of healthcare provider information available today. Serving all segments of healthcare, including pharmaceutical manufacturers, biotech’s, device manufacturers, payers, providers, and pharmacy chains, Health Market Science is the only company that offers targeting, advanced analytics and the master data management data and solutions. This unique combination results in dramatically higher data accuracy and reliability, enabling our customers to increase revenues, drive operational efficiencies and achieve regulatory compliance.