Louisville, KY – March 25, 2011
ZirMed, a leading national provider of revenue cycle management solutions, today announced it was recognized as a fast growing Internet-based Merchant Service Provider (MSP) at Elavon’s 2010 MSP Awards. The accolade acknowledges the dramatic growth in patient payment volume ZirMed carries on behalf of hospitals, private healthcare practices, and other healthcare service providers in 2010.
Elavon (www.elavon.com) is a leading payment processor for merchants worldwide. Currently ranked fourth in U.S. processing volume, Elavon processes payments for more than one million merchants around the world; its services span all major credit and debit cards as well as a full range of e-commerce, electronic check, hosted gateway, gift and pre-paid card solutions.
ZirMed’s award recognized it as number one in the Independent Software Vendor (ISV) category in terms of percentage growth in First Day’s Deposit (FDD) volume — a key MSP growth marker — from 2009 to 2010. Overall, ZirMed ranked third in FDD volume among Elavon’s Independent Software Vendor nationally.
“ZirMed’s receipt of an Elavon 2010 MSP Award reflects the growing importance of convenient options for patient payments,” said Mike Nelligan, Director of Financial Services for ZirMed. As patients are increasingly asked to share a direct portion of the cost of healthcare, expectations for easy payment — whether by cash, check, credit or debit card, Web-based or even mobile — are rising. ZirMed’s ability to easily and reliably handle all these options has made us the leader in the industry.”
Ranked among Inc. Magazine’s 500 fastest growing companies and Healthcare Informatics magazine’s Top 100 companies for the past four years, ZirMed’s services cover the entire healthcare payment process from eligibility to online bill payment, check processing and even online bill pay options. The company’s Internet-based solutions bring efficiency to the entire revenue stream, and have been proven to improve cash flow, reduce error-based claim rejections, and shorten accounts receivable days.
ZirMed’s growth mirrors the changes taking place in the American healthcare system, as the percentage of total healthcare costs borne by individuals increased over the past five years. A 2010 study by America’s Health Insurance Plans, a trade group, showed that Health Savings Account/High Deductable Health Plan enrollment has increased from one million to ten million since 2005. Over the same period, patients moved to credit and debit cards (a combined 25% of all bill payments in 2005 to 39% in 2010) from paper checks (a drop from 48% in 2005 to 30% in 2010). In 2011, patient out-of-pocket expenditures are expected to reach $300 billion overall in the U.S.
ZirMed, together with Elavon, provide a way for healthcare providers to manage this shift in payments trends, in an easy monthly subscription basis.
To learn more, contact a ZirMed representative at (877) 494-7633 or visit www.ZirMed.com.
ZirMed is a nationally recognized leader in delivering revenue cycle management solutions to healthcare providers, serving more than 100,000 healthcare providers . ZirMed leverages the power of technology to cure administrative burdens and increase cash flow, enabling providers to not just survive but thrive. ZirMed solutions include eligibility verification, credit/debit card processing, check processing, claims management, coding compliance and reimbursement management, electronic remittance advice, patient statements, patient e-commerce solutions, and lock box services. ZirMed is ranked among Inc. magazine’s 500 fastest growing companies and Healthcare Informatics magazine’s Top 100 companies. For more information about ZirMed, visit www.ZirMed.com.