BUFFALO, N.Y., Sept. 7 /PRNewswire/ -- HealthTransaction Network Corporation today announced that it has received letters of intent from several health insurance and healthcare providers to develop a new, first time ever, nationwide healthcare transaction network, which will make the process of receiving all health care services easier, faster and more cost effective. HealthNow/BlueCross BlueShield of Western NY, Independent Health, Kaleida Health Systems, Catholic Health System, University Orthopedic Services, and Buffalo Medical Group have all committed to pursuing the creation of this industry leading Network.
“These world-class health insurance and healthcare providers understand the complexities of health transactions and have joined to develop a revolutionary distribution, transaction and payment network to make it simpler and more cost effective for everyone,” said Joseph Wolfson, President and CEO of HealthTransaction Network(SM). “We believe there are great similarities between the financial services industry in the early 1970s and the healthcare industry today. Our experience in developing national ATM and point-of-sale networks provides us with a unique perspective on how to improve the transaction systems in the healthcare industry.”
HealthTransaction Network(SM) plans to create a third party, neutral infrastructure that connects health care payers, providers and patients, nationwide, to facilitate and process transactions associated with the delivery of healthcare services. This new shared network will closely resemble the electronic banking/ATM networks that revolutionized the financial services industry 30 years ago.
A new high-tech plastic card, developed by the Company, will be issued by health insurers to their members and used to initiate transactions at healthcare provider locations, nationwide. These unique cards will incorporate leading biometric technologies for patient identification (fingerprint and signature recognition), debit card functionality for consumer co-pays and other out-of-pocket expenses, and state of the art data storage capabilities.
Wolfson, a successful, nationally recognized entrepreneur for over 30 years, pioneered the Metroteller network in the early 1970s, which was the first shared electronic banking network in the U.S. More recently, he created Cartel Network, a similar national ATM and point of sale transaction network in the 1990s, which was acquired by Fifth Third Bank (headquartered in Cincinnati, OH) in May 2000.
In the first phase of implementation, the Network and multi-function card will accommodate routine transactions such as automated insurance eligibility verification, automated provider referrals, automated provider forms completion, and consumer payments for co-pays, prescriptions and other health related items. The new Network will be fully HIPAA compliant and all available leading scientific and technology advancements will be utilized for consumer privacy and security as it relates to the Network, the transaction card and the sharing/processing of information.
“The cost and complexity of healthcare transactions and medical administration continues to spiral out of control,” said John M. Thomas, Dean of the University at Buffalo School of Management. “Organizations must work together to solve this crisis and HealthTransaction Network(SM) has a unique perspective on how to resolve these issues.” Mr. Wolfson indicated that, in the developmental process, the School of Management has played a very important role with respect to advice, research and market acceptance. In addition, the Company is working closely with the University at Buffalo to utilize leading scientific applications developed by the University relating to biometrics and laser photonics/optics.
The Company has indicated there are numerous opportunities for the Network in the government and public sectors. The Network may be applied to Medicare and Medicaid, which could help streamline the administration of benefits delivery for these programs and stem the recent tide of staggering cost increases. HealthTransaction Network(SM) executives have met with top federal government officials to discuss solutions to transactional cost concerns, fraud and waste. In addition, the Company is discussing applications relating to electronic medical records, which has recently become a major area of focus for the federal government as well as the healthcare industry.
HealthTransaction Network(SM) today also announced that Interlink Electronics has been selected as a strategic hardware/software provider. Interlink is a world leader in the design and manufacture of intuitive interface technologies and products. Creating industry standards for business communications, e-transactions and home entertainment markets, Interlink serves a world-class customer-base from its headquarters in Camarillo, CA, and offices in Tokyo, Hong Kong and China. Interlink will provide HealthTransaction Network(SM) with industry leading biometric devices for use at healthcare provider locations to verify the identity of individuals receiving services.
For more information on HealthTransaction Network(SM), go to: http://www.healthtransactionnet.com/
HealthTransaction Network Corporation
CONTACT: Joseph E. Wolfson, President and CEO of HealthTransactionNetwork(SM), +1-716-626-3450; or John O’Hara of Eric Mower and Associates,+1-315-466-1014 ext. 3279, for HealthTransaction Network Corporation
Web site: http://www.healthtransactionnet.com/
