ZirMed Acquires Payment Processing and Patient Engagement Solutions from TransEngen Inc.
Louisville, KY – April 3, 2014
ZirMed®, a leading health information connectivity and management solutions company, today announced that it has acquired the payment processing, patient eligibility and patient estimation business solutions owned by TransEngen Inc., a company located in Shelton, CT.
The TransEngen solutions bring to ZirMed deep integration with practice management systems, expanded HIPAA- and PCI-compliant patient online bill pay capabilities, and a unique patient responsibility calculator. The acquired solutions also bring with them a large client base, including several enterprise clients.
“The acquisition of these solutions complements and expands upon our comprehensive revenue cycle management platform, beginning at pre-visit with mobile patient engagement, and ending with reconciliation of patient and payer payment,” said Tom Butts, Chairman and Chief Executive Officer, ZirMed. “Healthcare is changing rapidly, with increasing patient financial responsibility and changing payment models, driving the need for more flexible software solutions to manage revenue cycle performance. The acquisition of these TransEngen solutions immediately strengthens our ability to deliver a more robust solution to our clients, and will support our – and our clients’ – continued growth.”
ZirMed has extensive expertise in financial processing, patient engagement and revenue cycle management and optimization, and the addition of these solutions to the ZirMed technology platform will enhance functionality needed to help clients improve their financial performance. Plans are underway to integrate the TransEngen services into the ZirMed platform, including ZirMed Patient Estimation, Eligibility, and ZPay. The addition of TransEngen’s merchant processing and patient engagement client base will expand ZirMed’s market share and result in ZirMed processing over $2 billion patient payments annually.
TransEngen is a healthcare technology company focused on transforming patient access services by simplifying and accelerating the reimbursement process for specialty products. The company’s TIER4 solution serves as a communication platform to the patient and the provider as well as a robust reporting platform back to the manufacturer. TIER4 is secure, scalable and can be delivered as a provider facing portal or integrated into an existing HUB operation to transform call center workflows. A robust API is also available for deeper integration. TransEngen maintains contractual relationships with many of the world’s largest specialty pharmaceutical manufacturers. For more information, please visit www.TransEngen.com.
Founded in 1999, ZirMed is the nation’s premier health information connectivity and management solutions company, modernizing critical connections between providers, patients, and payers to improve the business and process of healthcare. ZirMed combines innovative software development with the industry’s most advanced transactional network and business analytics platform to give organizations a clearer view of their financial and operational performance. ZirMed’s industry-leading technology and client support have been recognized with awards from KLAS®, Healthcare Informatics, Best of SaaS Showplace (BoSS), and Black Book Rankings. Our nationwide network facilitates, manages, and analyzes billions of healthcare transactions, driving bottom-line performance with clinical communications, patient portal, analytics, eligibility, claims management, coding compliance, reimbursement management, and patient payment services—including credit card processing, online payments, statements, estimation, and payment plan management. For more information about ZirMed, visit www.ZirMed.com.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about its industry, its business, beliefs and assumptions. Words such as ‘anticipates,’ ‘believes,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘seeks,’ ‘estimates,’ ‘will,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in this statement. The Company cautions not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.