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Robert Powell, III// December 18, 2013//
Tommy G. Thompson, a former U.S. secretary of health and human services and governor of Wisconsin, has been named chairman of the board of Richmond-based HealthcarePays.
HealthcarePays is an industry-owned payment network designed to cut health-care costs by reducing waste and fraud.
HCP uses an industry owned network for health-care payment authorization and processing, which the company says is proprietary, standardized and compliant with the Affordable Care Act and other state and federal laws.
“There is little doubt that the future financial well-being of both the federal and state governments depends in, large part, on controlling healthcare payment inefficiencies,” Thompson said in a statement. “It makes little sense that the U.S. has no overarching health-care industry payment network to check for fraud and authorize payments by examining all the payments in the system, similar to what is in place in our financial services sector.”
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