Products and Services
BancTec RemitCycle 360
Source:
BancTec, Inc.
The RemitCycle 360 solution unifies administrative and financial events between providers, payers and banks by delivering a comprehensive, full-circle transaction exchange cycle. RemitCycle 360 also features clear reporting visibility for each event and result, encompassing electronic and paper-based healthcare transactions.
Healthcare Today - The Issues
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.
More than six billion claim transactions are generated by healthcare providers annually, adjudicated by payers, resulting in $2.7 trillion in payments processed through the financial system.
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 is $10 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.
RemitCycle 360 - The Solution
The RemitCycle 360 solution is to unify administrative and financial events between providers, payers and banks by delivering a comprehensive, full-circle transaction exchange cycle. RemitCycle 360 also features clear reporting visibility for each event and result, encompassing electronic and paper-based healthcare transactions.
RemitCycle 360's extensive information exchange platform provides a HIPAA-compliant payment system that processes Electronic Remittances (835 transactions) and facilitates processing explanation of benefits (EOB's) and money transactions from health insurers to healthcare providers electronically. Implementing RemitCycle 360 improves collections, materially reduces administrative expense, and dramatically improves bill to post. RemitCycle 360 offers the following components:
Electronic Services
Electronic Claims Entry - The electronic HCFA or UB92 claim (837) is entered either as a direct connection between the provider and payer for existing payer partners or to all other payers using our standard clearinghouse connection.
Some features:
Transaction visibility at every step
Accelerates the payment process
Single solution set for any trading partner relationship and transaction type
Remit Control Center - The Remit Control Center provides immediate visibility of the claims status from 837 submission to payment
ERA Delivery from Payer - The Electronic Remittance Advice (ERA) is retrieved by RemitCycle 360 from the payer and inserted into Remit Control
837 Delivery, Non-Claim Entry - Claims not submitted through RemitCycle 360 are hosted for analysis and data elements required for auto posting
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.
More than six billion claim transactions are generated by healthcare providers annually, adjudicated by payers, resulting in $2.7 trillion in payments processed through the financial system.
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 is $10 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.
RemitCycle 360 - The Solution
The RemitCycle 360 solution is to unify administrative and financial events between providers, payers and banks by delivering a comprehensive, full-circle transaction exchange cycle. RemitCycle 360 also features clear reporting visibility for each event and result, encompassing electronic and paper-based healthcare transactions.
RemitCycle 360's extensive information exchange platform provides a HIPAA-compliant payment system that processes Electronic Remittances (835 transactions) and facilitates processing explanation of benefits (EOB's) and money transactions from health insurers to healthcare providers electronically. Implementing RemitCycle 360 improves collections, materially reduces administrative expense, and dramatically improves bill to post. RemitCycle 360 offers the following components:
Electronic Services
Electronic Claims Entry - The electronic HCFA or UB92 claim (837) is entered either as a direct connection between the provider and payer for existing payer partners or to all other payers using our standard clearinghouse connection.
Some features:
Transaction visibility at every step
Accelerates the payment process
Single solution set for any trading partner relationship and transaction type
Remit Control Center - The Remit Control Center provides immediate visibility of the claims status from 837 submission to payment
ERA Delivery from Payer - The Electronic Remittance Advice (ERA) is retrieved by RemitCycle 360 from the payer and inserted into Remit Control
837 Delivery, Non-Claim Entry - Claims not submitted through RemitCycle 360 are hosted for analysis and data elements required for auto posting
