BancTec, a Dallas-based company specializing in business solutions, business process outsourcing and infrastructure services, is showcasing its Healthcare Remittance Automation product during the HIMSS11 conference taking place this week in Orlando.
[See also: BancTec, MediStreams partner to offer remittance automation; medical automation market expected to grow to $23.2 billion by 2014]
BancTec's Healthcare Remittance Automation product automates and optimizes healthcare payment workflow for providers, aggregators and financial institutions. It uses a variety of technologies, including optical character recognition, intelligent character recognition, rules engines and real-time reformatting software, to create standard electronic posting files from paper and electronic explanation of benefits documents.
“BancTec’s Healthcare Remittance Automation service was designed based on discussions with hospitals, physician networks and banks nationwide,” said the company’s vice president of healthcare industry solutions, Chuck Corbin, in a press release.
Providers use a Web-based portal to access payment and claim-related data and to upload balanced remittance and payment data into their patient accounting systems. Other tools of the service allow providers to analyze data and streamline follow up.