Transax International Limited, a network solutions company for healthcare providers and health insurance companies, announced that the company will launch “real time” payment processing of healthcare claims for doctors, hospitals, clinics and medical laboratories that currently use its “Medlink” solution.
“While customers already benefit from Medlink’s simplicity and speed of processing, real time processing allows for even more rapid capture of medical claims, substantially reducing costs associated with traditional claims processing while increasing operating efficiencies throughout the claims process,” said Stephen Walters, Transax President and CEO.
Transax’s Medlink solutions process eligibility verification, claims submission and claims adjudication “on-line” and in “real time,” in a single pass environment, representing a breakthrough in health claims processing. The Company’s “real time” payment functionality further reduces medical, operational and administrative costs for both payers and providers.
Transax is currently negotiating with a number of financial institutions and Automated Clearing Houses (ACHs) to act as strategic partners in offering new functionality to payers and medical providers worldwide.
The Company recently announced its Medlink “real time” and “on-line” solution for the US market will be available in early 2006 and expects to offer auto-adjudication of healthcare claims in less than one second, as compared to traditional processes that can take more than 60 days to complete.