Healthcare Remittance Automation leverages a combination of technologies, including OCR, ICR, sophisticated rules engines, and real-time reformatting software, to achieve economies of scale.
Healthcare Remittance Automation enables providers to access payment and claim-related data through a web-based portal and have remittance and payment data seamlessly uploaded into their patient accounting system (PAS).
According to BancTec, tools are also provided to help healthcare providers with follow up and analysis. This includes denial management tools to help providers quickly identify and respond to denied claims or immediately update their PAS.
BancTec vice president for healthcare industry solutions Chuck Corbin said 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. It is a big reason why hospitals, physicians and other providers write off an estimated $92bn annually in billings.
"Healthcare Remittance Automation, developed in partnership with MediStreams, streamlines this process to accelerate cash flow while reducing back-office expenses," Corbin concluded.
