The healthcare revenue cycle is long and tedious – requiring multiple steps for healthcare providers. The complexity of this process builds a strong case for RemitStream® Healthcare Lockbox services from Fiserv, which simplify and expedite every step of the collection cycle.
The healthcare industry is under intense pressure to reduce costs while improving the quality of care. Overloaded with payments-related paperwork, providers are looking to increase automation and improve the performance of their revenue cycles. With RemitStream Healthcare Lockbox from Fiserv, your financial institution enables providers to post accounts receivable automatically and balance payments to the original claim more quickly than ever.
Our advanced solution handles both patient payments and complex explanation of benefits (EOB) payments and documents with efficiency. Healthcare providers can get paid more quickly, collect all the money that is owed, reduce errors and write-offs and reduce administrative costs. The time saved can be redirected to delivering quality patient care.
- Efficient electronic processing: Paper EOBs are imaged, patient data is automatically extracted and unreadable fields are repaired to create electronic documents (ERAs). Data in the ERAs is then reconciled with claims and payments from health plans and patients, which are typically sent to the financial institution's banking account as ACH transactions. Within 24 hours, a consolidated, HIPAA-compliant file is transmitted to the healthcare provider or its clearing house for posting
- Secure Web portal: Remittance Manager from Fiserv provides a central point where healthcare providers can gain single sign-on access to applications for lockbox viewing and reporting, electronic payment initiation, service requests and more. These customers also have the self-service ability to set up access for each of their employees. There's no need to maintain multiple user credentials or perform separate user setup for each application
- Customizable look: With the ability to customize the look of the application, healthcare staff see only the logo and brand name of their employer or your financial institution
- Online tools: When RemitStream Healthcare Lockbox is used with our online lockbox viewing and reporting tool, RemitStream Receivables Online, your staff and remittance customers have the ability to view all claim, EOB, remittance advice and payment information online. You can search to view images of checks, EOBs and claims; create reports; resolve exceptions; manage denials and create secondary bills
- Remote deposit: With RemitStream Remote Lockbox Capture, healthcare providers use a scanner to capture images of any checks and related documents received at their office and transmit them electronically to the lockbox processing site. The data and images are merged with lockbox transactions for posting, clearing, reporting and archiving
- Faster online bill pay processing: RemitStream Electronic Lockbox enables end-to-end electronic handling of online bill payments. The solution reduces processing time by several days, helping guarantee that lockbox customers receive timely credit for payments made online