BancTec, a leading global provider of advanced high volume document and payment processing solutions, today announced the launch of RemitCycle 360, a HIPAA-compliant revenue management solution that automates and unifies the administrative and financial events between providers, payers and banks.
The comprehensive information exchange platform enables providers to greatly improve claims processing and posting efficiency, thus reducing administrative costs, shortening cycle times and minimizing write-offs.
RemitCycle 360 incorporates BancTec's longtime, proven expertise in automating complex, high-volume and data-intensive business processes. As an outsourced solution, RemitCycle 360 streamlines the posting of payments by taking responsibility for claims entry, payment administration and exception processing.
"The combination of advances in seamless claims entry, efficient processing of Explanation of Benefits and the administration of claim payments represents a paradigm shift in removing the inefficiencies and waste plaguing healthcare providers today. RemitCycle 360 addresses these issues with best of breed components and has the potential to relieve the friction so evident in current processing methods," said Jeff Brown, Vice President of BancTec's Business Process Outsourcing practice in the Americas. "The magic in RemitCycle 360 is the end-to-end seamless integration of claims entry, EOB processing, claims administration and exception processing. The combination of these functions improves collections, materially reduces administrative expenses and dramatically improves the bill-to-post lifecycle."
RemitCycle 360 delivers the following components:
- Electronic services - The electronic HCFA or UB92 claim can be entered either through a direct connection between the provider and participating payers, or to all other payers using a standard clearinghouse connection. The direct connectivity provides transaction visibility at each step in the process and allows the provider to know the claims status prior to and after payment is made.
- Conversion and processing - RemitCycle 360 utilizes complex and proven proprietary BancTec technology to accurately and efficiently capture data from scanned EOBs. This technology eliminates labor-intensive teemplate setup and produces ERAs in minutes, versus other techniques, which might take days. The processing delivers high recognition rates and sophisticated auto balancing and provides immediate form identification and profiling that precludes pre-sorting of EOB form types for mixed batch processing. It also provides customized approaches that help reduce provider exception processing. It converts multi-claim EOBs to individual ERA claim images; provides a consolidated view of remittance data for all payers; and offers archive retrieval in compliance with HIPAA requirements.
- Administrative Control - In addition to automating straight-through posting of paid claims, RemitCycle 360 manages the myriad of exceptions that require manual intervention by providers. This includes processing secondary bills, and assisting in managing claim denials more efficiently with access to contract management, correspondence and EOB images. It tracks and manages funds on an immediate basis; improves workload balancing; and provides a variety of concise reports, available on-line.
Strategically targeted for financial institutions that offer treasury management services to their healthcare provider customers, RemitCycle 360 is the natural choice of large, innovative and fast-growing banks like Commerce Bank of New Jersey.
"We believe that RemitCycle 360's ability to quickly and accurately capture, transmit and access such critical information without having to set up templates will be quite attractive to healthcare customers," said Tom Gregory, Senior Vice President, Commerce Bank. "BancTec has developed a solution that will save providers a tremendous amount of time and money as it enables receipt of both paper and electronic sources; automatically matches data to payments; eliminates write-offs and enhances in-process claim visibility. We are excited to partner with BancTec as one of the first resellers of the RemitCycle 360 solution and are confident that the significant efficiencies and savings it can generate will be well-received by our customers."