Next-Gen Medical Lockbox Solution Gives Banks Competitive Edge
TMR, Orbograph Partnership Delivers Advanced Payment Processing with Healthcare Revenue Cycle Automation
Altamonte Springs, FL / Billerica, MA, June 8, 2015. The alliance of two industry leaders in remittance processing solutions gives banks a powerful tool to expand and secure business banking relationships with the highly desirable markets of physician groups and hospitals. Technology Management Resources, Inc. (TMR), developers of advanced lockbox processing solutions, and Orbograph, a premier supplier of electronic/paper automation solutions for healthcare revenue cycle management (RCM), have combined TMR's web-based CITATION™ i-Remit lockbox with Orbograph's Healthcare Payment Automation Center (HPAC) to allow banks to deliver a high-value payments management solution for healthcare providers.
Norman Picard, TMR's COO, said, "The combination of i-Remit and HPAC resolves many of the problems faced by medical administrators in managing payments for healthcare services, including the desire to streamline paper, reconcile payments,slash outstanding receivables and shrink back-office costs to ultimately improve cash flow."
Paper-based Explanation of Benefits (EOBs) forms and their electronic equivalents, Electronic Remittance Advices (ERAs), vary by insurance company, forcing healthcare providers to change posting rules for different insurance payers. After scanning with TMR's CITATION™ i-Remit, HPAC converts all EOBs and ERAs into single or multiple reconciled EDI 835 file(s) and automates posting of receivables into patient accounting systems and hospital information systems for straight-through processing levels of efficiency. HPAC includes EFT/ACH Reassociation to ERA, denials management reports and uses HIPPA-compliant archives of payment information.
"Already operating successfully in the field, this solution will help banks of any size gain a clear competitive advantage when pitching business services to healthcare professionals." Picard said. Additionally, TMR's unique Business Builder™ service with complimentary sales and marketing support helps banks build its client base faster and facilitates a powerful ROI.
“The partnership of TMR and Orbograph creates a powerful combination for treasury management services,” stated Barry Cohen, Co-President of Orbograph. “TMR's strength in remittance and bank processing complements Orbograph’s comprehensive healthcare revenue cycle (RCM) suite. We look forward to working with TMR to support their new and existing bank clients who wish to play a larger role in healthcare payments.”
For over 25 years, TMR's CITATION™ solutions have helped community and independent banks across the country deliver profitable lockbox, NSF and RCK management services in demand by business accounts. The company's business banking solutions provide three processing options: a complete in-house operation at the bank, fully outsourced to TMR, or utilizing TMR's Hybrid option with the bank scanning documents and transmitting to TMR for processing. For more information see www.TMRsolutions.com, or contact Norman Picard at 800-867-2249 x231, firstname.lastname@example.org.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier supplier of electronic/paper automation solutions in healthcare revenue cycle management (RCM) and recognition software for the U.S. check and lockbox processing markets. Orbograph technologies are in use in over 1,600 financial institutions, service bureaus, clearinghouses and billers processing billions of checks and claims annually. The cloud-based Healthcare Payments Automation Center (HPAC) is “Enabling Transformation of Healthcare Payments” by converting paper-based EOBs, correspondence and patient payments, normalizing ANSI X12 EDI 835 remittance advices and reconciling EFT/ACH payments to ERAs via reassociation. HPAC automates posting of receivables into patient accounting systems and hospital information systems, achieving straight-through processing levels of efficiency. Orbograph recognition technologies are “Enabling Transformation of the Check Experience” in 20 of the top 30 U.S. financial institutions with in-house check processing. Get more information at www.orbograph.com, or contact Joe Gregory, 978-667-6037 x5046, email@example.com.
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NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.