Oct. 22, 2012
(NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today that it has entered into a co-marketing agreement with
, based in
, Tennessee. nTelagent provides pre-registration and point-of-service payment solutions for acute care providers across the United States. The company's point-of-service solution for managing accounts receivable enables healthcare providers to settle accounts on the front end of the revenue cycle via real-time, customized scripts.
With this agreement, nTelagent will market Vantiv payment processing services as a preferred provider option, and Vantiv will now offer nTelagent's point-of-service solutions as a choice to their healthcare clients and prospects. The agreement builds upon the companies' existing payment processing relationship and will further accelerate the growth of healthcare processing business by Vantiv.
"We are pleased to expand our reach within the healthcare industry through this agreement," said
, President of Merchant Services at Vantiv. "With healthcare providers under increased pressure to more quickly settle accounts, the market is in need of ways to better facilitate financial transactions between patients and providers. Together, Vantiv and nTelagent provide the solutions that make this happen."
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. More than 60 percent of patients indicate that they would pay with a credit card for healthcare transactions if they are informed more effectively at the point of service about their financial obligations and payment options.