“The key to success for iStream has been the ability to offer the solutions that customers seek in the payments space without the restrictions or requirements that many other processors subject them to,” said Fred Joachim, President|iStream
Brookfield, Wisconsin (PRWEB) October 16, 2014
iStream Financial Services today announced a strategic partnership with LifeMed ID that combines the strengths of automated patient identity, record matching and payment transaction processing into a hybrid “swipe and pay” solution for the health care industry. Through integral channel partners like iStream, LifeMed ID is unifying, strengthening and expanding its product suite to address significant inefficiencies in today’s health care market.
iStream is offering LifeMed ID as an add-on patient identity solution to ensure accurate payment processing through the elimination of inaccurate patient data during the registration process. LifeMed ID’s scalable solution validates patient demographic information against national databases, authenticates a patient through the issuance of a unique token (smart cards, magstripe, government ID, BOD and biometrics), permanently links patients to their correct medical record and validates co-pay, outstanding balance and insurance with a click of a button, enabling iStream to process accurate payments at all points of service.
“In essence, LifeMed ID delivers what the credit card industry has revolutionized by streamlining payment processing – swipe and pay,” said David Batchelor, CEO |LifeMed ID, “By validating a patient’s identity, matching records and verifying insurance, co-pay and deductible, a health care provider can collect payments at POS within 15 seconds. Additionally, health care providers receive protection against fraud, greatly reduce misidentification and eliminate the creation of duplicate records while diminishing claim resubmissions and denials.”
The 2012 American Hospital Association (AHA) annual survey with 5,000 hospitals found that uncompensated care rose to 11.7% to $45.9 billion. A key benefit of the iStream and LifeMed ID partnership is the alignment of accurate patient billing data and identification with real time payment processing, ultimately reducing bad debt from uncompensated care costs. With LifeMed ID’s interoperable identity solutions and iStream’s bank agnostic approach, the joint solution seamlessly integrates with legacy health Information Technology (EMR, HER/ADT, PMS etc.) and enables the utilization of the health care provider’s current banking relationships.
“The key to success for iStream has been the ability to offer the solutions that customers seek in the payments space without the restrictions or requirements that many other processors subject them to,” said Fred Joachim, President|iStream Financial Services. “iStream is committed to delivering innovative solutions. By offering LifeMed ID’s workflow and patient identification efficiencies, this will facilitate further expansion into the health care vertical.”
LifeMed ID provides a cost savings analysis on a consultative basis to health care organizations to validate and determine the added value of the joint solution. LifeMed ID has introduced a transaction pricing model that effectively positions its product suite as an operational expenditure (OPEX) to eliminate setup and hardware fees.
The iStream and LifeMed ID innovative partnership provides a cohesive solution that accurately identifies a patient and automates the workflow process by eliminating repetitive and manual registration procedures while significantly reducing A/R days for faster payment and increasing patient safety and satisfaction for health care providers nationwide.
About iStream Financial Services:
iStream Financial Services is a premier provider of bank agnostic financial transaction solutions specializing in facilitating payments, enabling integrations, managing data and reducing the overall complexity of processes. For the past 10 years, iStream has followed an approach based on vertical integration. Vertical integration is the internal development and ultimate control of the systems involved in the deployment, processing and service aspects of customer solutions. iStream core offerings include ACH, Merchant Processing, Remote Deposit Capture, Remittance Processing, Check Cashing Solutions and Tax Refund Processing.
About LifeMed ID:
LifeMed ID is the U.S. healthcare leader that automates patient validation, record matching, insurance and payment verification processes. Automating registration workflow and validating patient demographic data eliminates 92% of record mistakes including misidentification, fraud, transposition, keystrokes errors and duplicate record creation. LifeMed ID integrates the “bring your own device” concept of using multiple patient identity tokens for authentication; including government ID, insurance cards, branded smart or magstripe cards or state of the art biometrics. LifeMed ID holds multiple patents for smart card patient identity and data storage.