BancTec is partnering with MediStreams to introduce Healthcare Remittance Automation, an outsourced service available to providers, aggregators and financial institutions of all sizes.
"The difficulties of matching and managing Explanation of Benefits (EOB) forms, payments and submitted claims are a chief cause of inefficiencies and lost revenues for providers in the current healthcare remittance process," said Chuck Corbin, vice president of healthcare industry solutions for BancTec, a Dallas-based developer of transaction automation technology. "It is a big reason why hospitals, physicians and other providers write off an estimated $92 billion annually in billings. Healthcare Remittance Automation, developed in partnership with MediStreams, streamlines this process to accelerate cash flow while reducing back-office expenses."
Healthcare payers have long benefitted from automated transaction processing and EDI initiatives to reduce their costs. Healthcare Remittance Automation is designed to leverage a combination of technologies, including OCR, ICR, rules engines and real-time reformatting software, to achieve economies of scale that most providers and aggregators can't achieve alone.
Healthcare Remittance Automation enables providers to access payment and claim-related data through a Web-based portal and have remittance and payment data uploaded into a patient accounting system. Tools are provided to help healthcare providers with follow- up and analysis. – including denial management tools that help providers identify and respond to denied claims or immediately update their PAS.
"The combination of technologies from each company, together with BancTec’s large-scale BPO experience and deep understanding of process change, ushers into healthcare a remittance solution second to none,” said Aaron J. Grandison, president of MediStreams, a healthcare revenue cycle management firm.