Transax International Limited, a network solutions company for the healthcare sector, is set to introduce real time payment processing of healthcare claims to boost the operating efficiencies of clients currently using its Medlink solution.
Transax says its Medlink solutions process eligibility verification, claims submission and claims adjudication on-line and in real time, in a single pass environment. The company’s real time payment functionality aims to further reduce medical, operational and administrative costs for both payers and providers.
Transax’s Medlink real time and on-line solution for the US market will be available in early 2006 and expects to offer auto-adjudication of healthcare claims in less than one second, as compared to traditional processes that can take more than 60 days to complete.
Transax president and CEO Stephen Walters said, While customers already benefit from Medlink’s simplicity and speed of processing, real time processing allows for even more rapid capture of medical claims, substantially reducing costs associated with traditional claims processing while increasing operating efficiencies throughout the claims process.
The company says it is currently negotiating with a number of financial institutions and automated clearing houses to act as strategic partners in offering new functionality to payers and medical providers worldwide.