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Worldpay ISO Partner Advantage Podcast
Join Denise Tahali with Worldpay, Greg Myers with Leaders in Payments and the Worldpay ISO team as we dive into the world of ISOs in the payments industry. We will be talking with Worldpay experts, industry leaders, and real-world ISO partners to bring you valuable insights, success stories, and practical strategies for growth. We will also explore why we are relaunching our ISO program, exciting product launches, upcoming events and more!
Worldpay ISO Partner Advantage Podcast
We love our partners! Spotlight on Rectangle Health | Episode 5
Join Denise Tahali, Greg Myers and a very special guest Scott LoPresti, the Chief Business Officer at Rectangle Health. Rectangle Health is more than just an ISO partner, they enable patient payment and improve the billing process, making the enrollment process as simple as possible for healthcare practices.
We'll discuss how Rectangle Health has substantially grown with Worldpay and what it means to have a lasting partnership of 30 plus years.
If you are a currently partnered with us or shopping for a new partner, don’t miss out!
Welcome to the ISO partner advantage podcast. Get started.
SPEAKER_03:Hello, and welcome to the WorldPay ISO Partner Advantage podcast. I'm your co-host, Greg Myers, and here alongside me today, as usual, is our other co-host, Denise Tahali. Denise is the Senior Vice President of ISO and Agent Sales here at WorldPay, and today she will be helping lead the discussion with a very special guest, Scott Lepresti, the Chief Business Officer at Rectangle Health. Scott has over 25 years of management experience, ranging from project management in the telecommunications industry to owning and operating an independent Thank you, Greg. Pleasure to be here. Great. So with that, let's
SPEAKER_00:get
SPEAKER_03:started. So Denise, take it away.
SPEAKER_02:Well, thanks very much, Greg. You know, our WorldPay partnership is really the core of our ISO program. So it's exciting for us because we get to hear from one of our long-term and current partners at Rectangle Health. You know, our partnership is not only focused on Rectangle Health as an ISO partner, but we also have a wonderful referral program in place today. And that allows our merchant bank sales teams to discuss Rectangle Health solutions with their merchants. And that's going very well. And we're actually expanding that on a monthly basis. So exciting times over here for our partnership. So Scott, welcome to the show. I really appreciate you taking the time out. I know you have a full plate on a daily basis with all the exciting things going on at Rectangle Health. Can you give our listeners a little bit of a background? And they may not be familiar as much with all that Rectangle has to offer.
SPEAKER_00:Yes. Thank you, Denise. I appreciate the introduction. And yes, it's great being here. So Rectangle Health, we are a... We're an ISO, obviously. We operate through WorldPay, but we're more than an ISO. We've been in the payment space for over 30 years. And what we do primarily is we enable patient payment at a healthcare practice to help improve the patient billing process. So when you think about healthcare in general and how it operates, in the typical healthcare environment, a patient goes in, a patient receives treatment, and a patient leaves, And then a billing process happens after the fact. And that's very typical of how healthcare works in that they'll generate an invoice, they will send an invoice out, and it takes days to even acknowledge that the invoice was received, and typically weeks to months before the practice will actually receive payment. And so what we've developed in our solution is we have a software solution that integrates back to their practice management system. It's agnostic. It doesn't require a direct integration, although we do have certain direct integrations. But if we don't have one, we still can interface with their practice management system. And what that software does is it provides a variety of ways to accept patient payment from keeping card on file or web payments, being able to put a link on a website or QR codes or text to pay. And what it does is it gives the patient many different options to be able to pay both at the time of treatment and or at a future date, but at least in an electronic fashion so that it enables that payment. And as such, we're able to bring accounts receivable balances in a practice down to near zero or even zero if they implement all of our tools and allow them to collect on that patient revenue faster, which allows them not to have to spend so much time in a billing process and spend more time doing what they want to do, which is patient care. That's really kind of the heart of what we do at Rectangular.
SPEAKER_02:Wow. Well, I know things are ever-changing in the healthcare industry, and you guys are deemed industry experts, so I know your clients really rely on you for that. So that sounds wonderful. I know Greg gave a brief snapshot of your background in the opening, but can you share a little bit more about yourself and your role at Rectangle Health?
SPEAKER_00:Yeah. So I actually started, as what Greg mentioned, I had a financial practice that I owned and operated, it actually still operates independent of me today. And so what happened was Rectangle was my client because I was close friends and they were my individual clients, the original owners of the company. And I would interact with the company on a daily basis and I was able to see the growth of where it was going. And I first encountered the company back in 2007. We've been in business since 1993, so over 30 years. But back in 2007, I first encountered the company and really got to know Rectangle at its core of what it was back then. Much smaller entity, probably about eight employees at the time. And today we have over 300. So it's a much bigger entity today than it was. And even then I could see the growth potential. I could see what it would become. I don't think I ever imagined it becoming what it is today, but I could see that it was going to be much bigger than it was back then. And so I always said if I ever had the opportunity to join the company, I would want to. And in 2012, the opportunity presented itself in that the company was going to be adding a new function. It was when mobile solutions were first starting to come out and they needed somebody to help run that division. And so I threw my hat in that ring and asked, you know, Dominic Colabella, our CEO, now our current CEO at the time, he was chief operating officer. And I, you know, asked him if that was something that he'd be interested in me taking a look at and seeing if I can help. And we partnered up. I came on board and I've been with the company ever since. And this has become my, you know, my career ever since. That's really how I got started. And, you know, I've had a few different roles over the years. I've worked as chief operating officer. I'm chief business officer today because not only do I run the operations, but I also run our direct sales team as well as oversee HR and legal within the organization. Wow. So that's really kind of my role internally.
SPEAKER_02:That's a lot of people and a lot of responsibility, and you do a great job at it. So that's awesome. 300 employees. Wow, you really have grown over the years. And obviously, our partnership is years old, and I know our partnership has grown as well. So things have changed here at WorldPay, right? I mean, over the years, you've seen numerous changes, certainly in our ISO program. Can you share an example or something that wasn't working or maybe some of the challenges? that we were able to overcome or something that you've dealt with at Rectangle Health?
SPEAKER_00:Yeah, I mean, over the years, the relationship has been, we began with WorldPay back before it was, the original entity we began with was acquired by WorldPay way back when. And so we've seen the relationship change over times with every time that the company, WorldPay itself has changed. But what's always been pretty evident in the relationship is a care for what we do. And an attempt to understand our business and really help enhance that. And probably the best examples that I can give is always over the years, we've had multiple conversations around it. We want to make the process for enrollment as easy as possible for a healthcare practice. We don't want them to have to... Healthcare is very low risk. It's very... You don't see a lot of fraud. You don't see a lot of bad actors within healthcare. So... We want to make the enrollment process as simple as possible, and we've partnered up with WorldPay many times over the years to just look at our underwriting, look at our risk management, and see what can we do to simplify the application, to make it an easy process. I'm proud to say that we have well over 80%, it's roughly I think 87% last time I looked, of our applications that come through get auto-approved instantly. And that enables us to board them faster and get them processing as quickly as possible. And so that came from the partnership between my organization and WorldPay to really understand the business, understand what we were bringing on, and then just classify that as long as it hits certain parameters and it checks the right boxes, we can auto-approve those merchants.
SPEAKER_03:Okay, great. So Scott, let's talk about the partnership itself. So how was the partnership formed originally?
SPEAKER_00:So we actually began, like I said, back in 1993 as a processor at ISO. And we worked with, it was Retriever Payment Systems back then, which was a small processing business. And we were part of the Retriever processing model. Retriever was acquired by NPC. I don't remember the exact timeline on that, but Retriever was acquired by NPC. NPC was later acquired by Vantiv. Vantiv was acquired by WorldPay, and that's how we became part of the WorldPay organization. But we've been part of those legacy systems are still there. A lot of the legacy people are still there. Our relationship manager, Christy, has been with us for well before I came on board with the company. I know she's been here at least as long as I've been here. So we have a lot of longstanding relationships within the organization that started with the retriever model way back when or even NPC and Vantive over the years and have stayed with us as we've grown. So it really is a longstanding relationship that while on paper, if you look at how long we've been with WorldPay, it's only since WorldPay acquired Vantive. But in reality, because the people really have stayed, that relationship has been here for 30 years and it just continues on.
SPEAKER_03:Okay, great. So you mentioned the onboarding as something that WorldPay's helped with. Were there other key solutions that you all were looking for that WorldPay had or added and you were able to take advantage of?
SPEAKER_00:I would say not so much from a solution standpoint, but more from an overall business management standpoint, where I think WorldPay's been very instrumental in helping us grow, is over the years we've looked at you know, the economics within our book of business. And so as each year we do a review that actually WorldPay and my team get together and look at the book of business, look at how it's grown, look at opportunities for, are there areas where we can, you know, maybe we're priced under market and we can raise up prices to meet market and ultimately drives more revenue into our business. or even areas where we just are not necessarily getting the most out of the book of business as we can and with certain tweaks we can get more. So that's really where I think the partnership's been very key to me, at least, because we have our own software. We're very solution-based on our side. Our solutions are specific to the healthcare practice and what they need. But what WorldPay has been able to do for us really is a lot of the business management and the book management of looking at our book of business and helping us to understand the opportunities that are there and what we can do to leverage them.
SPEAKER_03:And do you feel like WorldPay has been... pretty instrumental in helping Rectangle Health grow from that eight employees to the 300 today?
SPEAKER_00:Yes, absolutely. So when I first started working with Rectangle Health way back when, I know we were roughly a billion dollars a year in processing. We are over 10 billion today. We have 36,000 providers across the country. You're not able to get to that level of growth unless you have a machine that actually runs really well and really efficiently. I think the partnership with WorldPay, the bulk of that volume goes through the WorldPay Rails. It goes through the relationship that we have with WorldPay. And again, I don't think you get to that level of growth without a strong partnership with the processing bank. And so that's where I think that relationship's really helped us to grow. And at the same time, Denise mentioned the partnership on the other side where we've seen opportunity where we can present our solution and our software to WorldPay clients directly through the WorldPay sales channel. So it's actually been a very symbiotic relationship where we're helping each other to grow both of our mutual businesses.
SPEAKER_03:Okay, so Denise, over to you for a question. So for the ISOs out there that are looking for a partner, what can they expect from WorldPay?
SPEAKER_02:Well, you know, I think Scott mentioned a few things, right? The tenure and the experience of the team here for WorldPay to support the clients is key. There's a lot of experience in there. Also, we look to see what the merchant or what the partner specializes in and how we can help them grow and expand that relationship. Using Scott's example is how they compare in the industry, where there's opportunities for revenue, are there products or solutions that we have available that aren't being sold today, and really trying to grow their business. If we help grow the partners' portfolios, then that's obviously a benefit for our merchants, it's a benefit for WorldPay, and most importantly, our partners. And we really strive to do that.
SPEAKER_03:Okay. And Scott, if you were standing before a room of ISOs, what advice would you give to other ISOs out there that are looking for a partnership?
SPEAKER_00:I think when you're looking for a partnership, you want to be with somebody who understands your needs and who really is willing to take a vested interest in your business and help you grow just as much as they're willing to, as they're looking to grow themselves. And that's really what we've always looked for in the relationships that we seek out are our businesses that seek to understand us, that seek to help enable our growth. And WorldPay has done that. WorldPay has multiple times come to us throughout the years and said, hey, have you thought about this opportunity? Are you looking at this particular thing? And sometimes they're ideas that don't land. They're ideas that we look at them and it doesn't make sense for the business. But a lot of times they are. They're ideas that really work and help us to grow. As I said, they've helped us to really analyze our own book of business and see the opportunities where we can bring pricing more in line with what the industry is doing or we're underpriced in certain areas and it's worth adding pricing to add revenue. That analysis is something that not every organization that I've worked with does. And WorldPay really, again, they look to partner with us on our business for mutual benefit. So that's where I think when an ISO is looking for a partner, you want somebody who's going to take a vested interest in you and try to help your growth. And that's what we've gotten out
SPEAKER_03:of this. Okay, okay. Well, Scott, last question. So if you could summarize this entire conversation and answer just one question, why WorldPay? How would you answer that?
SPEAKER_00:I would say why WorldPay is because they care. the people that we've worked with. And really, to me, that's what it's about is the people. An organization is only as good as those people that are representing it. And we have a 30 plus year history with this organization, mainly because the people that we've worked with over the years care. And they're a pleasure to work with and they partner with us and really try to be as helpful as they possibly can. And that's, again, at the heart of the relationship, A company is just a company, but the people that represent it really are the ones that are, you know, the ones at the forefront that really kind of drive, you know, the heart of the relationship. And, you know, I've had nothing but great experiences with all of the staff over at WorldPay, and I see no reason why that wouldn't continue over the years.
SPEAKER_03:Okay, Scott, just another question. Is there anything going on new or anything you want to mention that Rectangle Health is working on that you wanted the audience to be aware of?
SPEAKER_00:Yeah, Greg, actually, we just launched a new product that I think is going to be revolutionary for the healthcare world. The product is called PayerSync. And what PayerSync does is it takes the insurance claims that healthcare offices process. So when a healthcare office is working with an insurance company, they will submit a claim. And then there's this whole process for that claim to actually be paid out, where sometimes it's paid by paper check. More often in today's world, it's paid via ACH or within the processing world, they issue this virtual credit card. And for healthcare practices, that virtual credit card is very problematic because it's not as simple as just receiving the card. They actually receive a fax that tells them that the card is ready and available. They then have to go online and validate the against that fax to be able to pull down that credit card. And then they have to manually process that card. And a lot of times that card will represent not one claim for a patient, but a multitude of claims. It can be 10 patients, it could be 100 patients. So because of how complicated that process is, it's very time consuming for a practice to be able to do all of that work. So we've come up with this technology partnering with a lot of the payers to be able to capture that card as it's issued. So what happens now with PayerSync is that a healthcare office puts a claim in and immediately PayerSync grabs that claim and grabs the virtual card that gets issued off of that claim, instantly processes it, and then takes the explanation of payment that comes from the payer and automatically posts back to their practice management system with all of the separation of payments, how that bulk payment gets processed distributed among all the patients that are on that claim. So it takes something that could take a healthcare practice hours to even days to go through because some of these things can be very cumbersome and time consuming. And it processes it in minutes and instantly puts that money into the bank account. So it's going to be there next day. So it really, I think it's revolutionary and something that healthcare practices are really going to love.
SPEAKER_03:Okay, I think that's a great way to wrap up the show. So Scott, I know your time is very valuable. So I really appreciate you being on the show today. Thank you, Greg. I appreciate the time. And Denise, thank you again for co-hosting.
SPEAKER_02:Thank you very much. And Scott, thank you to you as well. Appreciate it.
SPEAKER_03:Thank you,
SPEAKER_00:Denise.
SPEAKER_03:And to all you existing and prospective ISO partners out there, we hope to make the WorldPay ISO Partner Advantage podcast your go-to source for everything ISO and payments. We look forward to seeing you in the next episode.
