ATLANTA, GA--(Marketwired - Jun 12, 2013) - Today at AHIP Institute 2013, PaySpan®, Inc., the leading provider of healthcare payment and reimbursement automation, announces the availability of the Unified Benefits Card™ for health care payers that replaces traditional non-payment enabled member ID cards, paper checks for member reimbursement and standalone member wellness incentive cards. The solution unifies the multiple cards in patients' wallets with an enriched, single card health care and financial services experience. The announcement is part of the innovative PaySpan Patient-Centered Financial Home™ (PCFH) platform, also launched at AHIP Institute 2013.
Kevin Arner, CEO of PaySpan, commented, "The integrated Unified Benefits Card drives unparalleled value and quality for patients, payers and providers as they interact throughout the episode of care and manage the benefits and financial responsibility of care, wellness and tax advantages. The goal of the Unified Benefits Card is to empower the convergence of administrative, financial and clinical data into an easy to use and trusted instrument to facilitate better communication and commerce between healthcare stakeholders. The same service efficiency, value and cost savings that payers and providers have experienced through our payer and provider solutions, powered by MasterCard, can now be realized by patients, payers and providers in our consumer solution offering."
PaySpan's Unified Benefits Card includes multi-purse capabilities including prepaid funds issued through leading banks and financial institutions. PaySpan and MasterCard are addressing a critical need across the industry to bring financial solutions to market that foster collaboration and integration to simplify the management of complex reimbursement needs of patients. The Unified Benefits Card improves the consumer experience by automating the member's benefits "wallet" to increase care cost transparency, driving improved value across the care continuum. Prepaid card solutions for health and wellness incentive payments have been successful and continue to grow in popularity with commercial and government payers and beneficiary populations.
MasterCard (NYSE: MA) was selected by PaySpan as the strategic card network partner to power the Unified Benefits Card solution for its proven health care industry experience delivering global provider and merchant acceptance. MasterCard supports the PaySpan business case and card design variation that combines the dual-purpose needs of a full-functioning member health card ID and prepaid payment card.
"MasterCard brings its expertise in global payments and its knowledge of the health care industry to the PaySpan Unified Benefits Card. This innovative new product simplifies membership, payments and rewards, allowing consumers to be more active in and make better decisions about their health care and health care finances," said Michael Cyr, group executive, MasterCard.
For more information on this announcement, please visit AHIP booth # 445 for a demonstration.
With more than 25 years of payments expertise, PaySpan, Inc. is a trusted source of innovative healthcare reimbursement solutions for Empowering the Healthcare Economy™ for health plans, providers, members and banks. Our solutions enable stakeholders to interact across communities, conduct commerce, capture value, instill trust and strategically use reimbursement currency. PaySpan's customers comprise an elite array of industry leaders representing all benefit types, spanning both commercial and government sectors. For more information, visit www.payspan.com.