A subsidiary of a large banking firm is introducing a new tool to its medical claims processing service intended to facilitate claims payment posting.
JP Morgan Healthcare Solutions on Wednesday announced the enhancement to its Healthcare Link service, which it offers to physicians and hospitals. The service provider is a subsidiary of JPMorgan Chase & Co. of New York.
The enhancement is an electronic reconciliation manager tool that automatically matches payments and invoices through a browser.
The move by JPMorgan is another initiative by a large bank to provide medical banking services to healthcare organizations. Increasingly, banks are looking to provide services to healthcare organizations that make use of their data processing or electronic network capabilities.
Typically, the process of matching payments and remittance data is manually intensive and expensive, because payments and remittances are not always received at the same time or though the same medium. For example, payments may be received electronically while the corresponding remittances may be sent on paper.
JPMorgan officials said the reconcillation manager tool provides real-time matching of paper and electronic payments with corresponding remittance advices, creating a single source for reconciled EDI 835 files, eliminating the need to track and match information manually.
The reconciliation manager module acts as a filter for remittance advices to support dynamic decision-making, and it offers workflow tools that enable users to manage exceptions and view the status of items.
JPMorgan's Healthcare Link also provides a suite of consumer and commercial payment, remittance capture, data mapping, reconciliation and content management services, intended to improve revenue cycle matters for insurers and healthcare providers.