Healthcare Revenue Cycle Management
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.
At BancTec, we can remove the burden of back-office payment processing completely using our business process outsourcing solution. BancTec provides 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
Healthcare Resources
