One of the biggest opportunities for taking cost out of the healthcare system lies in leaving behind the old paper methods of medical claims processing and moving to electronic methods. While industry groups such as HIMSS, EHNAC, NACHA and others are actively engaged in projects to ensure this transition, it is the banks themselves that ultimately provide that vital electronic link between payers and providers.
"The overall goal for us is to move the providers to an electronic solution," said Kimberle Kennedy, senior vice president of U.S Bank Healthcare Payment Solutions, which officially launched its electronic claims processing product about eight months ago. "So while we serve the payer with a solution that is cost-effective and streamlines the payment process, we do it in such a way that it motivates the provider to understand that it is better to take a payment electronically that integrates payment and data."
To help providers move down this path, Kennedy noted that her company provides tools that will help providers reconcile the claims payments they receive to their bank accounts, as well as tools that can reconcile the payment to the individual patient record and insurance claim.
"Core to our payer solution is the idea that we are going to support provider adoption," Kennedy said.
To help providers understand the benefits of moving to electronic payment systems, BNY Mellon often provides a detailed analysis of a provider's current payment system and the potential ROI of becoming more automated.
"We will take a look at how they are receiving payments today, and as part of that review, ask the pertinent questions. For example, are they using a lockbox or not, what are their labor costs and costs of overtime, how long it takes to post cash," said Rose Wojciechowski, vice president, healthcare market manager for BNY Mellon Treasury Services.
Often, when a provider is managing a lot of paper, Wojciechowski noted, it is easy to show significant ROI, with something as simple as using the bank's lockbox service potentially saving them a couple of days from the time payment is received to having it posted on the company's accounting system.
Banks are also becoming more involved on the front end of the healthcare money chain.
"This is becoming a critical piece of the puzzle," said Maureen Turo, managing director, healthcare strategy and innovation with BNY Mellon. "With patients being responsible for a larger portion of their medical bill, providers want to collect more money up-front. As part of our focus on complete revenue cycle solutions, we can provide point-of-service cashiering solutions and integrate all the payment information into their patient accounting or financial systems."