Sapiens, ECHO Work On Digital Healthcare Pay

Sapiens International Corporation, which works in global software solutions for the insurance industry, will be working with ECHO Health on a partnership to give carriers a new digital payment solution through a singular portal, a Wednesday (March 17) press release said.

ECHO works in the insurance industry to provide digital services for healthcare, workers’ compensation, and property and casualty, among other insurers.

The partnership, according to the release, will help carriers do away with cumbersome manual payments, which over half of surveyed businesses, both large and small, said is an issue.

According to the release, the partnership will result in clients being able to reconcile payment across multiple modalities, with fewer IT requirements and maximum security protections. The financial data from clients will be streamlined into a single access point, which will let companies work with better decision making.

“Sapiens shares our commitment to leading the industry with diverse digital solutions and dependable customer service,” said Tom Dean, president at ECHO. “Together, working as one team, we will unlock the full potential of integrated payment processing for our clients on the best path for success in the new digital business landscape.”

Roni Al-Dor, president and CEO of Sapiens, said the companies were “partnering to address the many payment challenges clients experience today.”

“By integrating the ECHO solution within Sapiens worker’s compensation and P&C [property and casualty] solutions, clients can easily implement digital payment processes, saving money and resource time, and gaining greater insight on payments,” Al-Dor said, according to the release.

Healthcare payments have faced barriers to modernization, PYMNTS writes, with medical and dental practitioners facing arguably higher regulatory obstacles than other types and being considered more “intricate and challenging” in general. A recent PYMNTS Tracker found that virtual cards could help with more visibility to see more payment statuses. These tools can offer more security and claims processors and insurance companies can utilize single-use payment details instead of requesting sensitive account details from a bank.