Online payment processing

Risk & Insurance, Nov, 2003

First Data Corp., a global provider of electronic commerce and payment services, and ProxyMed Inc., a provider of electronic health care transaction processing services, will begin marketing FirstProxy, a new suite of solutions that streamline and expedite health care claim, payment and settlement processes. The first offering, Firstproxy ERA/EFT, will transform the remittance advice and payment process from paper to electronic formats. ProxyMed and First Data will allow health care providers and insurance companies to convert existing paper-based checks and explanation of benefits into HIPAA-compliant electronic ERAs with electronic funds transfer. The processing and settlement of the financial transactions and payments will start and end within the First Data processing system. FirstProxy ERA/EFT will also ensure that insurers and providers are compliant with upcoming HIPAA regulation deadlines that require standards for health information security and privacy as well as the implementation of electronic data interchange for ERAs.

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