Medical Banking Solutions For Financial Institutions

• Has your organization explored electronic payment processing opportunities in the healthcare industry?
• Can your systems process healthcare electronic data interchange (EDI) transactions?
• Are you positioned to meet the financial needs of healthcare payers, institutions and providers?

Your financial institution has the opportunity to secure a share of the $1.9 trillion healthcare market by expanding services to include processing of electronic fund transfers and remittance advice.

Currently, many healthcare institutions and providers utilize "lockbox services" offered by financial institutions to deposit paper checks and forward paper As you are aware, traditional lock box payment processing involves a manual, paper intensive process consisting of receiving paper checks and explanation of benefits (EOB) statements from healthcare insurance companies on behalf of provider customers, depositing the checks in the provider's account, and mailing or electronically transferring EOB and financial summary reports to providers.

Thanks to the introduction of HIPAA, or the Health Insurance Accountability and Portability Act, there is a more efficient way to process healthcare payments utilizing EDI and EFT. HIPAA requires healthcare entities to transact using standardized EDI formats. Previously non-standard processes, such as eligibility verification checks, claims, and payment have all been made into standard EDI transactions. The payment and remittance advice EDI transaction, known as the 835, contains fields to facilitate electronic payments and advice.

Many healthcare insurance organizations are already creating the 835 payment transaction but are not yet utilizing the electronic payment functionality. By offering automated payment processing with EFT, your organization can reduce administrative costs for all parties involved in healthcare payment transactions, including health insurance companies, providers, and your financial institution.

Contact our healthcare sales team to learn more about the opportunities for electronic payment processing for the healthcare industry.