News
> 2007 News
10/21/2007
RevenueExpress™ Turns Paper into Profits for Healthcare Providers
ImageScan Inc., the leading provider of Revenue Acceleration solutions, is pleased to announce the release and general availability of RevenueExpress™ for Healthcare Providers, following a successful initial pilot. RevenueExpress™ is a new software product that extracts meaningful information from payment documents, and then balances that information against both payments and original claims. This healthcare solution is built on the proven and industry-leading, image-based, lockbox technology that is installed in many of the largest US banks. It is the first in a series of turn-key Revenue Acceleration solutions geared to the needs of a specific industry.
The healthcare provider is uniquely confronting rising costs and lower reimbursement levels. Despite the efforts of the Government through HIPAA mandates and the influence of the Center for Medicare and Medicaid Studies (CMS), $450 billion is spent annually on administrative costs and patient responsibility payments out of a total healthcare cost of some $2 trillion or 16% of GNP. Societal and political pressure to drive inefficiency out of healthcare administration is at an all time high. Yet, healthcare revenue cycle management is still extremely paper driven, leading to high cost, slow collections, and reduced revenue. Providers need to find ways to capture more dollars from the Denial Management process, while reducing the debilitating high labor costs and Denial Data integration errors.
RevenueExpress ™ is aimed directly at this inefficiency by automating the extraction of payment information from the paper contained in the business side of healthcare, and is tackling the last major pocket of inefficiency on the non-clinical side of healthcare.
To collect the maximum amount of revenue at the least cost, hospitals and doctors’ business offices need to accurately extract and verify all the data contained in a mountain of payment remittance related paper that arrives daily at many locations in a health system. Patient payments are made by check or credit card when services are performed, accompanied by other paper documents containing important information. Payers frequently send paper Explanation of Benefit forms (EOB) instead of an electronic remittance advice (estimates run as high as 25% of all remittances) because either their systems are unable to generate the more desirable EDI 835 or the provider is unable to interpret the electronic file. RevenueExpress ™ will read the information from the payments, allow the accurate and efficient extraction of validated data from paper documents like EOBs, and accelerate cash and other payments to the provider’s bank account.
Existing manual processes are costly and error prone and lead to processing delays, under-recovery of amounts due, and high costs of error correction. The potential for turning paper into profits for hospitals and doctors offices is enormous. Industry experts believe that improving the paper handling process in the business office could lead to cost savings of 50%, or more than 1% of total revenue. The same experts believe that collecting what is properly due from all the appropriate parties, whether the primary payer, the secondary payer, the patient or guarantor could lead to a gain of up to 3% to 5% of additional revenue for that provider.
“Our bank partners have told us they see immediate demand from their healthcare provider customers to enhance their revenue cycle management services, to drive costs lower, and achieve faster collection of revenue. These same banks and other BPO’s also see an opportunity to bring best-practice-driven turnkey solutions to these hospitals and physician practices. ImageScan can immediately provide the necessary enabling technology to make these demanded services a reality”, said Andrew Lindseth, Chief Executive Officer of Imagescan Inc.
This additional 3-5% of cost savings and revenue enhancement generates by RevenueExpress ™ drops straight to the bottom line. This will allow providers to divert much needed dollars from administration towards better patient care.
For more information contact Nigel Gardner at Imagescan at ngardner@goimagescan.com or at 301-306-0700.
>2006 News
1/4/2006
Bank of New York Processes Healthcare Premiums with RemitTrac. NEW YORK--Jan. 4, 2006--The Bank of New York, a global leader in treasury management services, today announced that Humana Inc. (NYSE: HUM) selected it to provide optical character recognition (OCR) lockbox services to process and image some of their customer premiums for the new Medicare prescription drug plan. The Bank of New York's OCR lockbox services use cutting-edge imaging and high-speed item processing technologies to accelerate collection, posting, and reporting of consumer ...... Read More