Working with TransEngen, we can further expand healthcare providers' financial transaction capabilities to help providers consolidate and manage payments more efficiently, all from a single platform.
Norwalk, Conn (PRWEB) June 07, 2011
TransEngen, Inc., an innovator in transaction processing technology for healthcare, announced today that it has formed a strategic relationship with iStream Financial Services, Inc., a notable innovator within the Remote Deposit Capture (RDC) and payments industry. In addition to TransEngen certifying to iStream’s Remote Deposit Capture and ACH payments platform, their strategic relationship helps to equip their healthcare clients and other business associates with a combined, best-in-class patient payments management solution.
“We were drawn to iStream for its strong commitment to and understanding of the healthcare industry,” said Gregory Morris, President & CEO of TransEngen. “We are pleased to be working strategically with a prominent, industry leading solutions provider to further enhance our offerings.”
The TransEngen payments solution, called the Revenue Maximizer, integrates multiple offerings on one processing platform, including credit/debit card, electronic check conversion/ACH, Remote Deposit Capture, and online payments via a Patient Payment Portal. It also allows for real-time eligibility/benefit verification and produces an estimate of the patient balance owed to increase point of service collections. The card on file and recurring payment features provide patients with flexible and convenient ways to pay for their care as well as increase a healthcare organization’s efficiency, reducing the potential for patient bad debt and the need for post-service billing and collection.
“iStream recognizes the challenges healthcare providers face today operating in a paper-laden, complex payments environment,” said Fred Joachim, President of iStream. “Working with TransEngen, we can further expand healthcare providers’ financial transaction capabilities to address these challenges and help providers consolidate and manage payments more efficiently, all from a single platform.”
In addition to being PCI DSS level 1 compliant, the TransEngen payments platform is Health Insurance Portability and Accountability Act (HIPAA) compliant, providing the added level of data security required when operating in a healthcare environment.
Founded in 2006, TransEngen is focused on developing intelligent technology solutions that integrate health and financial transactions into a single process, delivering real-time information at the point of care in order to streamline the health care payment process and facilitate the collection of patient financial responsibilities. Healthcare organizations comprising over 10,000 providers of varying specialties and facility types across the U.S. are using TransEngen’s platform to drive efficiencies that reduce costs, improve cash flow, and reduce patient bad debt. The TransEngen payments platform is connected to multiple processors including WorldPay™, Profit Stars®, Heartland Payment Systems®, TSYS Merchant Solutions®, Chase Paymentech™, First Data™, and Fifth Third Bank (certification in process). For further information, visit http://www.transengen.com or call (203) 840-6824.
About iStream Financial Services, Inc.
iStream Financial Services is a vertically integrated technology company in the business of managing payments and moving funds. iStream solutions are designed to successfully solve the diverse financial demands of today's complex business markets. Financial services and transaction processing solutions include ACH and Check processing, Credit Cards, Electronic Fund Transfers and Remittance processing. Comprised of a skilled and experienced team with extensive knowledge and background in technology, software development, data and financial processing, iStream simply and effectively delivers payment and money movement expertise. Its SAS 70 Type II, FFIEC compliant technology infrastructure combined with connectivity to major clearing channels, make each of the various iStream payment solutions a unique offering perfectly suited for the financial service and transaction processing needs of businesses and organizations nationwide. For more information, visit http://www.istreamfs.com or call (888) 892-1212.