|
|
|
|
|
 |
|
|
 |
|
|
| RemitStream Solutions |
|
Fiserv, Inc. |
| 350 North Orleans, 8th Fl. |
|
255 Fiserv Drive |
| Chicago, Illinois 60654 |
|
Brookfield, WI 53045 |
| CONTACT: |
Joseph J. Mikel |
|
Relationship Management & Business Development |
|
(312) 660-5185 |
|
joe.mikel@fiserv.com |
|
|
| CONTACT: |
Lori Stafford |
|
Assistant Vice President, External Comm. |
|
(262) 879-5230 |
|
Lori.Stafford@fiserv.com |
|
FISERV UNVEILS NEW REVENUE CYCLE MANAGEMENT SOLUTION FOR HEALTHCARE PROVIDERS - Healthcare Lockbox Solution decreases paper, automates posting and accelerates funds availabiliy
BROOKFIELD, Wis.--October 29, 2008-- Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that its Fiserv RemitStream Solutions has partnered with Revenue Management Solutions (RMS), a leading provider of revenue cycle management solutions for the healthcare industry, to provide an end-to-end revenue cycle management solution to healthcare providers. The solution, an all payer healthcare lockbox service, is designed to reduce administrative costs and free up time for patient care by automating Explanation of Benefits (EOB) posting, improving reconciliation and accelerating cash application. Healthcare providers can also expand the service into contract management and lockbox remote deposit capture if these solutions fit their needs.
The healthcare lockbox service works by extracting detailed patient information from paper EOBs captured as images during lockbox processing. Then the service merges the paper with electronic payment information to create a consolidated, balanced transmission in a format that is designed to be compliant with the current Health Insurance Portability and Accountability Act of 1996 (HIPAA). The solution transmits the file to providers for automatic posting into their accounts receivable system and deposits the payments at the bank of choice. An easy-to-use web-based application helps providers manage their receivables. Long-term image archive, denials management, exceptions management and secondary billing services can be accessed via this comprehensive web portal.
"This revenue cycle management suite is an automated alternative to the manual processes that many healthcare providers are currently using for collections," said Anna Quinlan, president, Fiserv RemitStream Solutions. "The potential cost savings of using a solution such as ours are large. Industry experts have estimated manual costs to process an EOB alone are as much as $33 per claim posted. Medical providers who fail to extract data from the EOB successfully may have lost up to 10 to 20 percent of the funds to which they are entitled."
"Healthcare providers are under intense pressure to offer quality healthcare in a cost-effective manner and process more patient accounts with fewer resources," said Tom Dean, chief executive officer, Revenue Management Solutions. "At RMS, we have found that many hospitals and other healthcare providers only get back 40 to 50 cents on the dollar of what they bill. We are committed to providing electronic solutions that streamline the receivables process and shorten the revenue cycle. By partnering with a company such as Fiserv, we can offer healthcare providers a full scale solution that works for all health plans."
About RMS, LLC
Revenue Management Solutions, LLC (RMS) is headquartered in Oklahoma City, Oklahoma. Founded in 2006 with the majority of its investors based in Lafayette, Louisiana, RMS has developed and commercialized a proprietary, end-to-end approach to processing healthcare receivables, with aims to stem administrative costs in healthcare. URL: www.revmansolutions.com
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
Back to Top
Back to News
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|