Online Resources Corporation (Nasdaq:ORCC), a leading provider of online financial services, today announced that through a joint effort with First Data's STAR Network, the companies can now offer low-cost, low-risk ATM/debit card payments to healthcare clients, offering consumers choice and convenience wherever they pay.
Now web and phone-based ("online") ATM/debit card payments from healthcare organizations, such as hospitals, doctors, laboratories and other related healthcare billers, can be accepted on the STAR Network. The two companies are making this PINless bill payment method available to help healthcare billers reduce both expenses and losses.
The STAR Network is a domestic coast-to-coast ATM/debit network that, in addition to other services, provides an online bill payment option for low risk biller categories. Online Resources provides its financial institution and biller clients online bill payment and processing services through its network of over 6,000 electronic biller endpoints.
"At a time when healthcare information technology is a hot topic, we have a readily implementable solution to streamline the billing services for hospitals, physicians and associated providers while offering additional convenience for patients," said Robert Craig, executive vice president for eCommerce Services at Online Resources. "After 15 years of providing ATM/debits for financial institutions, Online Resources is pleased to extend this payment option to healthcare providers who are looking for a more efficient, real-time complement to credit card and other payment methods."
The U.S. healthcare payment system processes $1.9 trillion a year, according to McKinsey & Company. Payment processing costs consume an inordinate 15 percent or more of each dollar spent.