BancTec, a provider of advanced, high volume document and payment processing services and solutions, has signed a five-year agreement with Enterprise Bank and Trust, a subsidiary of Enterprise Financial Services Corp., to market BancTec's RemitCycle 360 solution as an outsourced revenue cycle management offering in the Midwestern United States.
According to officials, RemitCycle 360's comprehensive information exchange platform enables providers to greatly improve claims processing and posting, thus reducing administrative costs, shortening cycle times and increasing claim yields. The solution provides HIPAA-compliant revenue cycle management services by automating and unifying the administrative and financial events between healthcare providers, payers and banks.
"We are excited about marketing BancTec's RemitCycle 360 revenue management solution to our healthcare clients as a way to help them automate the capture, transmittal and access to claims information," said Mark Lawson, senior vice president of treasury management for Enterprise Bank and Trust. "We will soon pilot the solution with one customer in Kansas City and one in St. Louis, and look forward to implementing it with many others over the next several years."
As a hosted, outsourced offering, RemitCycle 360 is designed to streamline the posting of payments by taking responsibility for claims entry, payment administration and exception processing. It incorporates BancTec's longtime, proven expertise in automating complex, high-volume and data-intensive business processes, according to reports.
"Enterprise Bank and Trust is a growing presence in the Midwest and will help to deliver the RemitCycle 360 solution to healthcare providers in the region," said Jeff Brown, vice president of BancTec's Business Process Outsourcing (BPO) practice in the Americas. "Working with Enterprise Bank & Trust will enable us to demonstrate for other financial institutions how they can help their healthcare clients reduce costs and improve operations with this outsourced solution."