SAN ANTONIO, June 04, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), a tech-enabled payment solutions provider, announced today that software partner, PracticeSuite, a Newark, California-based SaaS physician practice management platform and services company serving over 57,000 medical professionals, has completed an integration to Payment Data’s ‘PayFac-in-a-Box’ technology and as a result, will launch its ePayments offering to existing and future prospective clients across its Revenue Cycle Management, Practice Management and prior authorization automation solutions this month. The PracticeSuite launch represents Payment Data Systems’ continued penetration and traction inside of the targeted healthcare sector.
Vaden Landers, EVP and Chief Revenue Officer at Payment Data Systems, said, “We are excited and pleased that PracticeSuite has chosen to integrate our best-in-class payments technology into their robust practice management and patient billing software. Our PayFac integration layer affords PracticeSuite the unmatched ability to quickly and seamlessly contract and onboard, in mass, their existing customer base to our PayFac-in-a-Box platform, allowing for the anticipated broad adoption and traction due to the enhanced value proposition afforded PracticeSuite customers by way of the integration. This technology collaboration will enable physicians to more efficiently and effectively conduct financial transactions inside the PracticeSuite platform prior to, at, or after time of care, effectively eliminating the need and dependency on traditional and manual invoicing and collection processes.”
Trey Wilson, SVP of Corporate Development at PracticeSuite noted, “Integrating to the Payment Data Systems payment facilitation technology enhances the overall value proposition PracticeSuite offers its customers through our practice management and enhanced Revenue Cycle Management (RCM) solution. Through this integration, we expect the patient experience to significantly improve due to our ability to now seamlessly and cost-effectively remit payments and reconcile outstanding balances within our software platform. Moving forward, this will be the sole way for PracticeSuite physician clients to collect payments inside our software, as this will be our exclusive payment integration. This level of functionality is something that we have been working toward for some time and we are elated that we now have payment technology fully resident within our software in order to bring more value to the table for users while more broadly monetizing financial transactions by leveraging the Payment Data Systems technology.”
Founded in the heart of Silicon Valley, Practice Suite has grown to a user base of over 57,000 medical professionals, processing over $2.2 billion in claims annually. Our mission is to help healthcare professionals practice profitably by providing an affordable cloud-based practice management platform and services, specializing in medical billing, practice management, and prior authorization automation. Our experience in medical billing, and our unique set of revenue cycle diagnostic tools provide deep insight into fine tuning your bottom line for maximum profitability.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (Nasdaq: PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.
Forward-Looking Statements Disclaimer
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2018. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.