Wachovia introduces automated healthcare payments technology
30 January 2006 | 1814 views | 0
Wachovia today announced the launch of Healthcare eBOX, a new treasury solution designed to speed up revenue cycles and reduce processing costs for healthcare providers.
Healthcare eBOX enables healthcare companies to automate the posting of both electronic and paper payments and ensures only funded payments are posted to patients' accounts.
Using optical character recognition (OCR) and other state-of-the-art technology, the Healthcare eBOX system reads payment information directly from the paper explanation-of-benefits submitted by the insurance company and creates an electronic posting file for the healthcare provider's patient accounting system. The posting file is created within 24 hours of the payments being credited to the lockbox account.
Healthcare eBOX can be set up to allow only funded transactions to post to patients' accounts, which eliminates the need for clients to perform a manual reconciliation process. In addition, since denial management, secondary claims processing and billing exceptions can all be handled online, issues are resolved and payments posted sooner.
Healthcare eBOX has the ability to link to over 400 healthcare payers, enabling a greater number of payments and remittance advices to be electronically submitted and processed. Payment files can be formatted to each provider's specifications for easy uploading to their accounting system.
"Healthcare eBOX gives all healthcare providers the opportunity to reap the financial and time-saving efficiencies of electronic receivables management, even if some or many of the insurance companies remit using paper checks and advices," said Christopher Ward, senior vice president in Wachovia Treasury Services Payables and Receivables Group. "This service is in keeping with Wachovia's goal to assist companies with their paper to electronic conversion, which can be especially tough in this hybrid environment."
"This is exactly the solution our healthcare clients have been seeking to simplify their remittance processing. Until the elusive 'paperless society' finally arrives, there will be an increasing need for services like Healthcare eBOX," said Jeff Wymard, director of the National Healthcare Finance Group at Wachovia.
Wachovia is partnering with HealthLogic Systems to provide the back-end processing for its Healthcare eBOX service. HealthLogic has a 15-year history of providing healthcare solutions that streamline and automate receivables posting for healthcare providers.
"We look forward to working with Wachovia to support its dynamic customer base in this rapidly changing industry. Wachovia's expertise in Treasury Services and our expertise in automated healthcare solutions make this a very valuable and strong offering for those who want to stay on the leading edge of receivables processing," said George Floyd, President and Chief Executive Officer, HealthLogic Systems Corporation.