According to Deloitte’s “2018 Global Health Care Outlook,” global annual health spending reached $7.077 trillion dollars in 2015 and is expected to grow to $8.734 trillion dollars by 2020. With so much money in the healthcare industry, why are healthcare payments trapped in a complicated and outdated system?
Innovators have tackled many aspects of the industry — from patient-provider communications to prescription delivery. Unsurprisingly, these endeavors have been profitable for both technology startups and healthcare organizations. However, even though there has been some innovation in patient-facing payments, receiving and making payments between payers and providers is still a slow, expensive, and fragmented process.
Where is the fast, frictionless, and reliable payment system that is so desperately needed by both healthcare providers and payers? This is the problem AmplaPay is here to solve.
Our Origin Story
There has been a lot of innovation in payments recently, both in the C2C and B2C communities.
After all, we can now pay friends and family or businesses through phone apps in a moment. We can even attach detailed notes to our payments, mentioning the exact reason for payment. If this kind of capability is readily available to private citizens, shouldn’t businesses be able to send and receive detailed, data-rich payments in real time too? The answer is yes, and nanopay took on this challenge.
Founded in 2012, nanopay is a financial technology company based in Toronto. Nanopay provides a payment platform that empowers institutions and businesses to make instantaneous settlements with many currencies. Supported by financial industry leaders like Goldman Sachs and the U.S. Federal Reserve, it secured Round 2 Series A financing in September 2018 and continues to grow, enabling fast and reliable payments for more and more organizations.
One of nanopay’s innovative products is its nanoConnect for Business, which enables businesses to securely send and receive payments with full invoice information attached to the payment. While nanoConnect for Business is highly useful for many companies, it is not tailored to the healthcare industry.
What Is AmplaPay
AmplaPay, in essence, is nanoConnect for Healthcare. Powered by nanopay, AmplaPay empowers healthcare organizations to securely send and receive payments (along with the claim information) between all parties in the claims ecosystem.
Our healthcare payment system includes:
- Near real-time payments
- Flexible pricing schedules
- UPS-like payment tracking
- A streamlined user interface
- Integrated approvals
- State-of-the-art cryptography
- Bank-grade security
Additionally, each payment includes full claims data. Your payment will arrive with detailed information—including line items, codes, and physician details—all located in a single place, removing the need for constant payment reconciliation, lost chances for claim resubmission, and wasted revenue cycle staff time.
With AmplaPay’s cutting edge healthcare payment platform, payers and providers can finally make and receive secure payments with the ease that the modern business demands. Ultimately, our platform will include healthcare stakeholders from government agencies to vendors and patients reducing costs for everyone and improving the efficiency of the revenue cycle.
Become A Pioneer Of The Newest In Healthcare Tech
Companies trying to decide whether or not to invest in a new type of technology face a difficult decision. Promising new technologies have been proven to revolutionize industries, and early adopters often see the greatest benefits, establishing a competitive advantage in the market.
However, new technology requires businesses to commit to training sessions, integration meetings, and, of course, the actual cost of the platform. New technologies can be a risk too—how do you know that the product will be a good fit for your company?
Whether you are a payer, provider, bank, or government organization, our system will provide a reliable system for giving and receiving payments. AmplaPay supports government to business, patient to business, and business to business transactions.
Due to its open API’s, the process of integrating AmplaPay into your existing technology is easily achieved. The AmplaPay development team will collaborate with your business owners and IT resources to customize our platform to fit your business’ specific needs.
Our pricing is flexible too; clients can choose whether they want to pay on a monthly or low-cost per-payment basis. Together we will establish a pricing model that is competitive and customized to your needs.
Contact us if you have any questions or are interested in becoming a pioneer of the newest innovation in healthcare payment platform.