BancTec Knows Healthcare
Providing proven business solutions for clients in 50 countries for more than 30 years. . . That’s what BancTec is all about.
Today’s healthcare industry is vast and complex, with more than eight billion claim transactions generated by healthcare providers annually, resulting in $2.7 trillion worth of payments processed through a network of costly and complicated channels. Alarmingly, a huge percentage of the processing of these transactions is still done on paper and manually – resulting in massive inefficiencies and high-dollar write-offs, estimated to exceed a staggering $92 billion each year. A healthcare provider’s back-office is typically buried in mountains of paperwork associated with handling and processing healthcare claims and payments. Often, fee schedules and payer contracts are difficult to interpret. Duplication of claims is rampant, and many transactions are handled by two to three intermediaries before they are processed by payers. And, payment to providers is almost always slow. In addition, the cost to providers is staggering. The average administrative cost per each submitted claim is between $10 to $12, with average cost per secondary bill between $8 to $10. For an appealed claim, that expense can climb as high as $60 and is often simply written off, resulting in as much as 30 percent reduction in overall revenues. What can healthcare providers do to offset or change this costly and complicated scenario? At BancTec, we can remove the burden of back-office payment processing completely – using our business process outsourcing solution. As process experts, we apply proven methods, technology and services that allow our clients to delegate a part of their business to us to more effectively manage. This translates into improved performances, delivery of statistically measurable results and a significant reduction in hassles and headaches. Utilizing technology tools designed specifically for the healthcare industry, BancTec can provide a comprehensive healthcare revenue cycle management solution that serves as a direct-connect portal between healthcare providers and payers and is designed to:
- improve efficiency and reduce costs
- improve collections and increase yields
- help eliminate write-offs
- enhance in-process claim visibility
- improve provider/patient relationships
- unify separate administrative and financial events between providers, payers and banks
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