Products and Services
BancTec BPO RemitCycle 360™ Healthcare Payment Processing
•Product Sheet: BancTec BPO RemitCycle 360™ Healthcare Payment Processing
In today's healthcare environment, billions of transactions are exchanged each year through a network of complex and costly channels. This environment is fragmented and highly dependent on information exchange. Duplication is rampant and costly; many transactions are "touched" by two to three intermediaries before they are processed by payers and payment is received by providers. The cost is staggering and the operational dynamics are equally profound.
The Provider's back-office is buried in mountains of paper associated with handling and processing healthcare payments. Fee schedules and payer contracts are difficult, if not virtually impossible, to interpret. The average administrative cost per submitted claim ranges from $4 to $12. A secondary bill can easily exceed $10 and appeals may be cost prohibitive and simply written off—which can account for as much as 30 percent reductions in overall revenue yields. The administrative cost for an appealed claim can surpass $60, and is often times written off.
Consolidated view of remittance data
With RemitCycle 360, BancTec provides a fully managed outsourced service that allows healthcare providers to better manage the processing of payments they receive from various payers. RemitCycle 360 provides online access for healthcare providers to facilitate the reconciliation of Explanation of Benefits (EOBs) and the payments they've received versus the charges that were submitted. Implementing RemitCycle 360 allows healthcare providers to improve collections, reduce administrative expenses and dramatically improve the bill to post process.
•Product Sheet: BancTec BPO RemitCycle 360™ Healthcare Payment Processing
