Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a technology integration with Virtual Benefits Administrator (VBA), a leading-edge software design company revolutionizing the insurance industry through employee benefit administration solutions.
The two-way integration between the platforms will enable insurance companies to pay healthcare providers, including licensed healthcare facilities, programs, agencies, and doctors, for services rendered directly from the VBA system. Furthermore, REPAY’s innovative healthcare payment platform enables benefits administrators to collect premiums or other out-of-pocket expenses incurred by members and automatically updates the VBA system. The seamless integration adds transparency and efficiency to the insurance claim process, increasing the ease and speed at which payments are made and removing long delays often associated with the insurance claim process.
REPAY’s integrated payment platform gives Third Party Administrators (TPAs) total visibility into claims payments from initiation to settlement. Regardless of payment type, users have access to complete reconciliation and tracking from a single portal, eliminating the need to juggle multiple vendors and manage different systems. Payment information, Explanation of Benefits (EOBs), and Explanation of Payment (EOPs) are all integrated with the VBA claims administration system.
“Several technologies and innovations have come to market, helping to streamline payment processes across the banking and financial industry. Healthcare is in a unique position and primed to follow suit,” said Darin Horrocks, Senior Vice President, B2B, at REPAY. “Administrators, providers, and insurers continue to seek new ways to facilitate electronic funding, integrate solutions, and create a transparent, secure, and seamless experience for all parties involved. We look forward to helping VBA identify new use cases within the healthcare ecosystem to eliminate friction in the disbursement and paperwork process and enhance the overall experience.”
“REPAY’s payment technology is an important enhancement for VBASoftware that will provide more visibility into the payment and disbursement process between payers and providers,” said Jessica Lockhart, Vice President, Enterprise Solutions, VBA. “Clients with this enhancement will enjoy increased efficiency thanks to the elimination of lengthy multi-step legacy processes and improved payer-provider relationships.”
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
Virtual Benefits Administrator (VBA) is a proactive, leading edge software design company providing custom solutions to the insurance industry for nearly 20 years. Uniquely delivered on a secure, cloud-based architecture, VBA provides one-common architecture for all Employee Benefit Administration. Our software development process focuses on continuous improvement to address the requirements of the ever-changing healthcare industry. This empowers our clients to focus on business strategy and growth while streamlining their operations.