BancTec Teams with MediStreams to Offer Healthcare Remittance Automation
DALLAS February 10, 2011 – BancTec, the leader in transaction automation and outsourcing for the most demanding business processes, announced that it has partnered with MediStreams, a healthcare revenue cycle management company, to introduce Healthcare Remittance Automation, an outsourced service available to providers, aggregators and financial institutions of all sizes.
“The difficulties of matching and managing Explanation of Benefits (EOB) forms, payments and submitted claims are a chief cause of inefficiencies and lost revenues for providers in the current healthcare remittance process. It is a big reason why hospitals, physicians and other providers write off an estimated $92 billion annually in billings,” said Chuck Corbin, vice president, healthcare industry solutions for BancTec. “Healthcare Remittance Automation, developed in partnership with MediStreams, streamlines this process to accelerate cash flow while reducing back-office expenses.”
Healthcare payers have long benefitted from automated transaction processing and EDI initiatives to reduce their costs. With Healthcare Remittance Automation, providers reap the benefits of automation to achieve new efficiencies and drive revenues. The new service leverages a combination of technologies, including OCR, ICR, sophisticated rules engines, and real-time reformatting software, to achieve economies of scale that most providers and aggregators cannot achieve alone.
Healthcare Remittance Automation enables providers to access payment and claim-related data through a web-based portal and have remittance and payment data seamlessly uploaded into their patient accounting system (PAS). Tools are also provided to help healthcare providers with follow up and analysis. This includes denial management tools that help providers quickly identify and respond to denied claims or immediately update their PAS.
Aaron J. Grandison, president of MediStreams, said, “The combination of technologies from each company, together with BancTec’s large-scale BPO experience and deep understanding of process change, ushers into healthcare a remittance solution second to none.”
MediStreams is a healthcare revenue cycle management company with a focus on streamlining the remittance process. Our innovative approach to the implementation process allows us to onboard providers quickly; lowering the barrier to entry for these cost saving services. MediStreams works with most of the industry leading patient accounting and practice management systems to deliver payment posting files that meet the specific requirements of our customers. The MediStreams processing platform adapts to the constant evolution of the healthcare space. The architecture assures high availability while exceeding generally accepted levels of security and compliance standards with SAS 70 Type II and HIPAA audits and fully redundant ISO 9002 data centers. If you would like to learn more about how the MediStreams solution can work for you, please visit the MediStreams website at www.medistreams.com or call us toll free at (888) ANSI-835.
BancTec is a global leader in business process outsourcing (BPO), providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes. Headquartered in Dallas with clients in 50 countries, BancTec leverages its proprietary IP and deep expertise to provide flexible, focused solutions across the financial services, insurance, healthcare, utility, transportation and government sectors. The company operates 21 BPO centers in the United States and worldwide, utilizing a common technology platform to deliver reliability, security, and consistently high levels of performance. To learn more, visit www.banctec.com or call 1-800-BANCTEC.