Company is Now Dedicated Solely to Healthcare
JACKSONVILLE, Fla., March 13 /PRNewswire/ -- Payformance(R) Corporation has completed the sale of its corporate division to SunGard. Headquartered in Wayne, PA, SunGard provides software and processing solutions for financial services, higher education and the public sector. The sale completes Payformance's transition to a healthcare only services company.
Recognized as one of the nation's leading providers of Electronic Funds Transfer (EFT) and Electronic Remittance Advice (ERA) solutions, Payformance will continue to provide EFT and ERA services, as well as related healthcare solutions.
"This is a great day for Payformance because we're now fully focused on the healthcare industry," said Dwayne L. McAfee, President and CEO of Payformance Corporation. "We believe this transaction is a sound business decision. We are excited to continue efforts to bring optimal claim settlement solutions to payers and providers, reducing costs significantly for both parties."
Payformance's vision is to improve all aspects of payer and provider communications within the claim settlement process. In line with this vision, Payformance is prepared to support the settlement requirements of Real Time Adjudication (RTA), helping the industry realize the benefits sought from RTA.
"Payformance is positioned to tackle the most complex settlement
challenges facing the healthcare industry, including those surrounding
RTA," said Lynn Carroll, Chief Operating Officer of Payformance
Corporation. "The PaySpan Health solution provides the capabilities
required to settle RTA claims between payers and providers."
-- Payformance provides settlement services to 11 healthcare payers
-- Over 24,000 providers have accepted invitations from payers and utilize
-- Over 175 million claims will be settled through the PaySpan Health
service in 2008
-- Nearly $30 billion of claims will be settled through PaySpan Health
About Payformance Health
Payformance is the industry's most innovative provider of Electronic Funds Transfer and Electronic Remittance Advice solutions. Its flagship product, PaySpan Health, builds on the company's more than 23 years of experience in developing payment solutions. By automating the last phase of the healthcare claims process -- payment and remittance -- PaySpan Health optimizes funds transfer and remittance delivery and brings the promise of HIPAA administrative simplification to reality. Learn more at http://www.payformancehealth.com.
|SOURCE Payformance Corporation|
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