Banking Revenue Management Solution is HIPAA-compliant.
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Press Release Summary:
Streamlining claims processing and posting, RemitCycle 360(TM) platform automates and unifies administrative and financial events between providers, payers, and banks. Electronic HCFA or UB92 claim can be entered through direct connection between provider and participating payers, or to all other payers using standard clearinghouse connection. Conversion and processing features capture data from scanned EOB and convert multi-claim EOBs to individual ERA claim images.
Original Press Release:
BancTec Launches Revolutionary Medical Banking Revenue Management Solution
RemitCycle 360(TM) Provides End-to-End Claims Entry, Processing and Administration, Decreasing Claim-to-Payment Cycle Times, Increasing Claim Yields and Reducing Administrative Costs for Providers
DALLAS, Feb. 26 / -- 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:
o 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.
o 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
template 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.
o 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."
About BancTec
BancTec helps clients around the world simplify the process of managing their information. Founded in 1972, the company provides a wide range of solutions for automating complex, high-volume and data-intensive business processes for clients in the financial services, healthcare, manufacturing, government, services and utilities industries. BancTec's offerings include business solutions, business process outsourcing, and infrastructure services. With headquarters in Dallas and London, BancTec is privately owned and serves clients in more than 50 countries. For more information on how BancTec can help you optimize information management, visit www.banctec.com or call 1-800- BANCTEC.
About Commerce Bank
Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with 400+ convenient stores in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, D.C., Virginia, Maryland and Florida. Headquartered in Cherry Hill, N.J., Commerce Bancorp (NYSE:CBH) has $45.3 billion in assets and in fiscal year 2006 achieved an 18% increase in core deposits, a 23% increase in net loans and total asset growth of 18%. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com, or call 888-751-9000.
Source: BancTec
CONTACT: Sue Barnhill for BancTec, +1-972-821-5705, sue.barnhill@banctec.com
Web site: www.banctec.com/
http://www.commerceonline.com/
