With Consumer Driven Healthcare causing a shift of healthcare costs to consumers, healthcare providers are becoming increasingly focused on revenue cycle management. As such, many providers are being forced to address inefficient collections processes to speed the posting of payments and remittance documents and reduce payment-handling costs. Timely processing of remittance information has a direct impact on patient billing and collection cycles – which is particularly important as volumes of patient-to-provider obligations continue to rise.
Rather than processing payments internally, many providers opt to outsource remittance processing to a trusted provider. With Remittance Manager in place, health insurer and patient payments are routed through the lockbox, which then images/processes checks and remittance documents, and deposits the items into the provider’s bank account. The deposit and payment detail information are then transmitted back to the provider through Metavante’s HealthGateway – ensuring providers are easily able to re-associate claims to payments.
FIS offers lockbox services using an advanced image platform which processes millions of payments each month. The stability and flexibility of the Remittance Manager platform allows FIS to offer customized solutions using the latest reconciliation methods that incorporate scanning, imaging and data entry technology.
FIS’ lockbox facilities operate 24 hours a day, seven days a week and are staffed with knowledgeable and experienced remittance processing professionals that deliver the highest quality of customer service. FIS provides Internet access to lockbox images and numerous daily postal pick-ups.
With Remittance Manager, access to money happens faster than it would through internal processing of mail – and at a lower cost. Healthcare providers also enjoy an added level of security and control by removing the responsibility of handling of cash and checks by their employees. The bottom line – with Remittance Manager, healthcare providers can more effectively manage their revenue cycle, giving them increased control, lower costs, faster collections, and added convenience.