Healthcare Receivables Solution
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Healthcare payment processing can be a difficult business. Wrong claim denials may slow the reconciliation process. Manual administration of Explanations of Payments (EOPs) costs time and money. Reconcilement of remittance funds – in both electronic and paper formats - can be cumbersome, error-prone and expensive.
The Metavante Healthcare Receivables Solution is a hosted remittance processing system Banks can offer to their Healthcare provider clients. Metavante enables healthcare providers to increase the speed of their receivables posting process by reducing clerical involvement through automation. The automation of this labor intensive process shortens day’s receivable outstanding and improves provider’s cash flow.
The Metavante Healthcare Receivables Solution will automatically capture, via the latest Optical Character Recognition (OCR) technology, the Explanation of Payment (EOP). Electronic remittance advice is also captured via the ANSI 835 Healthcare Remittance format. Both the electronic and paper remittance data is merged and integrated seamlessly into the provider’s Practice Management System through the HIPAA-standard ANSI 835 Healthcare Remittance format. This reduces the manual and time-consuming task of a patient account manager manually updating claims with payment information.
The Metavante Healthcare Receivables Solution analyzes the service lines and corresponding adjustment and remark codes against the fee schedule terms of the agreement between Provider and Payer to ensure correct payments have been made.
Coupling a highly scalable data capture component with a powerful payment calculation engine ensures accuracy while reducing overhead and providing revenue opportunities...
Metavante’s Healthcare Receivables Solutions include:
- EOP Conversion
- Online Portal and Archive
- Denial Management
- Secondary Billing
- Contract Management