Local revenue cycle manager nTelagent has joined marketing forces with Vantiv, a public payment processor based in Cincinnati. The two companies will take to market each other's services to their customers aiming to get a bigger slice of the growing number of consumers who are handling more of their medical bills directly.
The evolution of high deductible insurance plans and increasing patient payment responsibility is requiring healthcare providers to reevaluate and redesign their patient payment processes. Nearly 25 percent of patient service revenue is paid by the patient today, and this number is expected to double by 2017.
A month after telling investors that several of its senior executives had resigned or been fired over ethics allegations, iPayment this week brought on board Robert Purcell to be its vice president of finance and chief accounting officer. Purcell had been with the financial services division of Intuit.
Three executives at iPayment, the transaction processor that last year moved its headquarters to New York from Nashville, are out of a job as a result of alleged and still-unspecified ethical issues. COO Robert Torino, a senior exec since 2001, was fired last Thursday along with technology VP John Hong. Controller Bronson Quon resigned a day later and has agreed to cooperate with an investigation that also has pulled in former marketing exec Nasir Shakouri.
A Memphis-based company has agreed to withdraw its patent infringement claim against Comdata, the Brentwood-based payment technology firm said Wednesday. Money Network LLC, which had been assigned the patent for a method of transferring money, had in Delaware accused Comdata of infringing on its IP with its Comchek product.
West End-based CoCard Marketing Group has seen two of its executives leave to launch a new payment processing sales organization company based in Massachusetts. The duo behind Strategic Payment Systems has lured 12 of CoCard's offices — the local company has locations in more than 20 states — but CoCard President Malcolm Carnahan says his team will weather the storm.
Carnahan concedes “it’s going to be hard to replace an office the size of Jon’s,” but adds the volume will be made up in a reasonable period of time. Several offices that have been placing business elsewhere are returning to CoCard, he says, while volume generally has been rising. “We’ve had a spurt of new growth,” he says. CoCard claims more than $3 billion in annual volume from more than 25,000 merchants.
Brentwood-based payment processor Comdata has secured a contract to handle the transactions at more than 400 WilcoHess gas stations and convenience stores across the eastern part of the country. North Carolina-based WilcoHess says using Comdata's offerings will allow it to consolidate a number of other tech systems.
New York-based payment processor TransFirst has acquired Solveras Payment Solutions, which started life in Cool Springs but has been headquartered outside D.C. for a few years. The local office of Solveras will stay intact.
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