Exante Electronic Payments and Statements helps payers easily adopt and benefit from electronic remittance and payment
AHIP INSTITUTE 2007, LAS VEGAS, June 20, 2007 — Ingenix, a leading health information technology company, and Exante Financial Services, the leading financial services organization dedicated to health care, today announced the commercial availability of Exante Electronic Payments and Statements to health insurance plans nationwide.
Exante Electronic Payments and Statements can save payers 20 percent to 50 percent in administrative expenses by migrating providers to electronic payments and statements. Savings are achieved in everything from paper and postage, to banking fees and follow-up calls related to voided, lost or stolen checks.
Ingenix research shows that the average cost of mailing a check and explanation of benefits ranges from 50 cents to $1.50 per item. Slow and inefficient paper-based transactions add billions of dollars in unnecessary overhead annually. Though faster and more efficient, electronic reimbursements and remittances comprise less than 10 percent of all health care payments today. This indicates a tremendous opportunity for Ingenix and Exante to reduce administrative expenses for plans and providers through electronic payments and remittances.
“By migrating to electronic payments, the health care industry and consumers will benefit greatly through savings in costs and time,” said Dave Ostler, executive vice president of Ingenix. “The banking industry has achieved tremendous gains in efficiency and customer convenience by moving from paper- and branch-based systems to global ATM networks, direct deposit plans and point-of-sale debit card terminals. Working with Exante, we want to bring similar convenience and efficiency to health care.”
Exante is the industry leader in electronic health care remittance and payments today directing payments to more than 42,000 provider tax identification numbers in all 50 states actively. Exante processes 8 to 10 million claims and electronically transfers more than $1.5 billion every month. That translates to immediate eligibility for electronic processing and savings.
"We founded Exante because we saw an opportunity to revolutionize health care finance and introduce a better way of doing business,” said John Prince, chief executive officer of Exante. “Working with Ingenix will help us deliver faster, easier, and more profitable payment systems to customers and help lower costs for millions of consumers."
Health plans can gain more information on the Exante Electronic Payments and Statements by contacting Ingenix at 1-800-765-6807 or impact@ingenix.com.
About Exante Financial Services
Exante Financial Services (Exante) is focused on enhancing and serving the health care financial needs of consumers, insurers, benefits administrators, and health care professionals. Exante currently manages over 1.3 million health care accounts, including HSAs, HRAs and FSAs. It also produces innovative card technology and a host of payment solutions for the health care industry. Exante Bank, member FDIC, is a Utah-state chartered industrial loan corporation located in Salt Lake City, chartered in January 2002 by UnitedHealth Group (NYSE: UNH). Exante provides consumer health financial services capabilities to 17 independent health administrators.
About Ingenix
Ingenix, a wholly-owned subsidiary of UnitedHealth Group (NYSE: UNH), transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. More information about Ingenix can be obtained at http://www.ingenix.com. | 
