Fifth Third Bank, RMS to Offer Electronic Data Option to Healthcare Industry
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CINCINNATI, April 10 -- Fifth Third Bank's Treasury Management division today announced it has entered into a strategic relationship with Revenue Management Solutions (RMS), a medical payment and remittance system provider. The relationship will bring industry-leading paper electronification tools to the firm's clients and represents a major milestone in Fifth Third Bank's long history of commitment to the healthcare industry.
With this new capability, paper Explanation of Benefits (EOBs), currently captured as images within Fifth Third's nationwide lockbox network, can now be converted into HIPAA-compliant data files using RMS' proprietary technology. (HIPAA refers to the Healthcare Insurance Portability and Accountability Act of 1996.) By converting paper documents into electronic images, healthcare clients can streamline their receivables process and shorten their revenue cycle.
"Our commitment to the healthcare industry is one of our top priorities, and our relationship with RMS will allow us to continue bringing solutions to the marketplace that meet the unique challenges of payers and providers," says Kevin Lavender, senior vice president and national healthcare business executive for Fifth Third Bank. "We look forward to leveraging this relationship to help our clients achieve their business goals."
The automation of manual collection processes also will result in faster, more cost effective data conversion that allows assets to be redeployed while maintaining critical HIPAA compliance.
"We are pleased to have been selected by Fifth Third to be a part of their comprehensive service offerings to the healthcare industry," says Tom Dean, chief executive officer for RMS. "Providing innovative technology solutions to advance the electronification of healthcare paper processing is the guiding principle for our business, and we look forward to working with Fifth Third to deliver an integrated solution to their clients."
For information about Fifth Third Bank and its healthcare solutions, please visit www.53.com/
For information about RMS, please visit http://www.revmansolutions.com/
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 streamlined, end-to-end approach to processing healthcare receivables, which aims to stem rising administrative costs in healthcare.
About Fifth Third Bank
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $100.7 billion in assets, operates 19 affiliates with 1,161 full-service Banking Centers, including 109 Bank Mart locations open seven days a week inside select grocery stores and 2,102 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2006, has $220 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com/ . Fifth Third's common stock is traded through the NASDAQ® National Global Select Market System under the symbol "FITB." Member FDIC.
Source: Fifth Third Bank; Revenue Management Solutions, LLC
CONTACT:
Amy Williams,
Fifth Third Bank,
+1-513-534-6791
Scott Thomas,
Revenue Management Solutions, LLC,
+1-337-292-9299
Web site:
http://www.revmansolutions.com/
http://www.53.com/
