JACKSONVILLE, FL--(Marketwire - Dec 11, 2012) - PaySpan®, Inc., a leading provider of healthcare payment and reimbursement automation, today announced that it has been awarded Frost & Sullivan's 2012 North American Growth Leadership Award in Healthcare Payment Solutions.
According to McKinsey & Company, automating healthcare payments represents a $6 billion annual savings opportunity for healthcare payers and providers. PaySpan's solutions, which provide the infrastructure for the new healthcare economy, earned Frost & Sullivan's top spot for superior leadership, bringing efficiency and continued innovation to the complex process of healthcare payments. PaySpan's solutions automate healthcare payments, empower providers to prepare for new models of reimbursement, and create an efficient and secure financial exchange across all healthcare constituents. Key performance drivers include PaySpan's unique, open platform, which simplifies reimbursement in a payer-led and provider-centric service model, bringing payers and providers together in the new era of value-based reimbursement strategies.
"PaySpan is setting the pace in offering innovative and comprehensive solutions that simplify and accelerate claims adjudication and reimbursement for health services, enabling providers and insurers to reap significant time, administrative and financial efficiencies," said Nancy Fabozzi, principal analyst for Connect Health at Frost & Sullivan. "PaySpan has increased transaction volume, revenue and client connectivity by over 40 percent during the past few years by providing the industry's only open, multi-payer platform for payments, superior customer service, and next-generation technology and services."
The Frost & Sullivan award recognizes PaySpan's performance in healthcare payer payments technology. PaySpan is the market leader in healthcare payment and reimbursement automation, delivering more than $3 billion in payments monthly to hospitals and physicians. PaySpan represents more than 380,000 providers, 120 insurers with 62 million covered lives, and 4,000 financial institutions. Frost & Sullivan's independent analysis credited that growth and success to PaySpan's open platform, customer service designed to meet both payer and provider needs, and market-leading innovations.
Kevin Arner, president and CEO of PaySpan, stated, "We are pleased to be acknowledged by such a respected authority for our commitment to innovative solutions that deliver genuine value to payers and providers. Our reimbursement technology creates administrative efficiencies and cost-savings that are vital to supporting the transition to value-based healthcare and strengthening relationships among payers and providers."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, it has developed growth strategies for the global 1000, emerging businesses, the public sector and the investment community. For more information, visit http://www.frost.com.
About PaySpan, Inc.
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.