Supplier News Breaks Archives
NetDeposit adds to pharmacy payment options
February 9th, 2010
SALT LAKE CITY – Payment technology provider NetDeposit has expanded the menu of options for its ProviderPay solution to give pharmacies more choices in the type of payment and reconciliation services best suited to their business.
A subsidiary of Zions Bancorp, NetDeposit said Monday it now offers three new pharmacy payments, claims and reconciliation services: ProviderPay Complete, ProviderPay ERA and ProviderPay Remit. The company said all three solutions are Web-based services that transform the way pharmacies manage their claim and payment data.
ProviderPay automates and expedites many of the tasks required to manage the financial side of a pharmacy, such as reconciling claims to remittances, connecting to and managing electronic payers, and compiling key information for pharmacies to use, according to NetDeposit.
The ProviderPay Complete solution is a full-featured pharmacy claims and reconciliation product that captures and reconciles all third-party payment data, including all remittance and payment types, such as paper explanation of benefits (EOBs) and checks, as well as electronic remittance advice files (ERAs) and electronic funds transfers (EFTs). ProviderPay Complete converts paper EOBs and checks into electronic files for easy access to this information through online portals and e-mail reports.
The ProviderPay ERA service, meanwhile, receives and reconciles only the electronic remittance and payment information a pharmacy receives. NetDeposit said it is an economical option for pharmacies where most of the payers can process electronic remittances and payments. ProviderPay ERA users receive full payment reconciliation services, including payment information, 24x7 online access and e-mail reports. The company noted that this solution is best for pharmacies that receive little or no paper-based claims information.
Finally, ProviderPay Remit is an online service that provides a consolidated receiving point for a pharmacy's ERAs and EFTs. According to NetDeposit, it takes the difficulty out of setting up, receiving, reconciling, storing and reporting on e-payments and remittance advices from third-party payers. NetDeposit said it works directly with more than 70 payers to receive electronic remittances on behalf of individual pharmacies. ProviderPay Remit is intended as a low-cost solution for pharmacies that want the ease of e-payment management but aren't interested in payment reconciliation services.
"Not all pharmacies have the same needs and requirements when it comes to electronic payment and reconciliation services. Because of this, we have created solutions suited to the individual needs any pharmacy, chain or independent, may have," stated Jeff Johnson, general manager of pharmacy services at NetDeposit.
"With any of NetDeposit's ProviderPay solutions, pharmacies are able to reduce the amount of time spent on banking and payment activities, payer collections and claims data management, enabling them to dedicate more time to serving their customers and building their business," Johnson explained.
NetDeposit said that, for more than 10 years, its ProviderPay service has provided automated third-party payment management and reconciliation services for pharmacies. It offers solutions for both chain drug retailers and independent pharmacies through its health care solutions practice.