SALT LAKE CITY, Feb. 8, 2010 (GLOBE NEWSWIRE) -- NetDeposit, a leading provider of payment technologies, today announced that it has expanded its ProviderPay offering to give pharmacies more choices in the type of payment and reconciliation services best suited to their business. NetDeposit now offers three new pharmacy payments, claims and reconciliation services: ProviderPay Complete, ProviderPay ERA and ProviderPay Remit.
All three solutions are Web-based services that transform the way pharmacies manage their claim and payment data. ProviderPay automates and accelerates 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.
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ProviderPay Complete is a full-feature pharmacy claims and reconciliation product that captures and reconciles all third-party payment information, 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 via online portals and email reports.
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ProviderPay ERA receives and reconciles only the electronic remittance and payment information a pharmacy receives. It is an economical alternative for pharmacies for which a majority of payers have the ability to process electronic remittances and payments. ProviderPay ERA customers receive full payment reconciliation services, including payment information, 24/7 online access and email reports. It is ideal for pharmacies that receive little or no paper-based claims information.
- ProviderPay Remit is an innovative online service that provides a consolidated receiving point for a pharmacy's ERAs and EFTs. It takes the difficulty out of setting up, receiving, reconciling, storing, and reporting on electronic payments and remittance advices from third-party payers. NetDeposit works directly with more than 70 payers to receive electronic remittances on behalf of individual pharmacies. ProviderPay Remit is the low-cost solution for pharmacies that want the ease of electronic payment management, but are not 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," said 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.
For more than 10 years, NetDeposit's ProviderPay service has served as a trusted source for automated third-party payment management and reconciliation services for independent and chain pharmacies.
About NetDeposit
NetDeposit enables businesses to streamline revenue collection and management with proven payment technologies. NetDeposit's ProviderPay™ service has been helping pharmacies take control of their payment data and utilize this information to its full advantage. NetDeposit, LLC, is a subsidiary of Zions Bancorporation (Nasdaq:ZION). For information call (801) 716-4800, email pressrelations@netdeposit.com or visit www.netdeposit.com.
NetDeposit and ProviderPay are trademarks of NetDeposit, LLC. All other trademarks and/or registered trademarks are property of their respective owners.
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