Mellon Working Capital Solutions Introduces Comprehensive Solutions for the Healthcare Industry
Services target revenue cycle and payment process management
PITTSBURGH, Aug. 16 // -- Mellon Working Capital Solutions (WCS) is introducing an automated revenue cycle management solution for healthcare providers that is designed to improve efficiency and help address issues such as determining patient eligibility, collecting payments at the point of service, generating accurate claims, managing refunds and collections, posting cash to patient accounts and investing working capital.
"As healthcare providers strive to improve the management of their organization's revenue cycle, priorities can shift quickly. Whether the issue shifts from generating accurate patient claims to determining where to invest working capital, it is important for providers to select a partner that can assist them with all of the important matters that may materialize. Mellon Working Capital Solutions, with its enhanced suite of healthcare-related solutions, is that organization," said Greg Cicero, senior vice president and head of Mellon WCS.
Included in Mellon's latest offerings is an improved point of service collections process that provides access to a medical front office cashiering system that captures all patient and non-patient cash, check and debit/credit cards payments. It also allows for issuing receipts, posting payments, reconciling deposits and generating audit and management reports. This capability is supported by Mellon's relationship with CORE Business Technologies, a solutions integrator for revenue management.
Another new enhancement allows Mellon WCS to provide the conversion of paper explanation of benefits (EOBs) to 835 electronic data interchange files, reconcilement of EOBs/electronic remittance advice to payments, electronic secondary billing, automated denial management workflow process, and patient eligibility verification. These various services are offered with the support of HealthLogic Systems Corporation.
"With these healthcare solution enhancements, our customers will have more control and automation of cash collection, faster concentration of funds, more accurate posting, easier integration with multiple billing systems and improved patient relations - all from a single source," Cicero added.
Mellon's healthcare working capital management experts will present a series of free cyberconferences on the important industry issues and solutions Mellon is offering to help healthcare providers tackle their most pressing revenue cycle management challenges. The first, "Increasing Efficiency and Enhancing Internal Controls with Online Investing," is scheduled for Tuesday, August 22 from 2-3 p.m. ET. Registration can be done online at mellon.com/healthcare or by calling 1 800-424-3004.
Mellon Working Capital Solutions, a payments industry leader synonymous with quality performance and known for its innovation and expertise, designs comprehensive solutions through its line of core cash management and broader working capital solution services to meet the specialized needs of corporations, nonprofit organizations and financial institutions. Independently-administered customer satisfaction surveys consistently reveal that Mellon WCS continues to distinguish itself from its competition in the areas of operating quality, commitment to cash management and customer service. In addition, Mellon WCS was awarded A rankings for both products and bank perceptions in the 2006 Phoenix-Hecht® Quality Index(TM). Mellon WCS also is the only electronic payments services provider in the U.S. to successfully complete both a Level 3 Capability Maturity Model®(CMM®) assessment for its software engineering practices and attain ISO 9001:2000 Registration. More information on Mellon WCS is available at mellon.com/wcs.
Mellon Financial Corporation (NYSE:MEL) is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing, and payment solutions and investor services. Mellon has approximately $5.1 trillion in assets under management, administration or custody, including $870 billion under management. News and other information about Mellon is available at mellon.com.
Source: Mellon Financial Corporation
CONTACT:
Ron Gruendl
Mellon Financial Corporation
Tel: 412-234-7157
Email: gruendl.rr@mellon.com
Web site: http://mellon.com/
