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OrboNation Connections Blog

OrboNation Connections is designed to open communications between Orbograph and our customers, partners and industry colleagues while delivering thought-provoking information to help organizations maximize payment and healthcare efficiencies.

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Saving Up to $10 Million a Year with Automated EOB Processing

Administrative costs are a major contributor to the healthcare industry’s runaway costs. The industry spends $100 million annually to manage claims processes alone – much of it tied to costly, inefficient and error-prone paper-based processes. A major culprit of all this operational inefficiency is the delivery of payments and explanation of benefits (EOB) information, which arrive as paper most of the time, according to the McKinsey report, “Overhauling the U.S. Healthcare Payment System”...

ICD-10 Delay Should Help Financial Institutions Sell Medical Lockbox Services

Have you heard the news? Again! ICD-10 is pushed back another year for implementation. Behind the controversy of the Affordable Care Act (ACA) was a tsunami brewing within the healthcare industry. Many were concerned about the overhead and conversion costs, so pressure was building as the deadline was lurking in October 2014. It might have been another “Y2K”, in that proper planning and execution would have mitigated the risks and made the transition more like a little storm rather than a tsunami… but we will never know for 2014...

RemoteDepositCapture.com Initiates Research on Mobile RDC Risk 

With all of the excitement of Mobile RDC, the industry has yet to experience significant losses… at least those which have leaked to the public. Orbograph commends RemoteDepositCapture.com for initiating a study in this area to help identify and quantify the risk in Mobile RDC; at least anecdotally... 

Payments Innovation Continues Outside of Banks 

A recent article in the ABA Banking Journal by Chris Nelson, founder and CEO of Zoot Enterprises, highlights two major players, outside the traditional banking payments industry, taking another run at the payments business. Amazon and PayPal have been plotting their strategies on how to continue to build brand awareness and penetrate a greater percentage of payments...

If you Missed Valentine’s Day, Don’t Bother with Flowers

I know this is a few days late, but CrossCheck’s recent post titled, “Valentine’s Day Payment Processing Equals Sweet Business“, has got to be the cutest blog post I’ve ever read. Perhaps men can reflect on how we treated our “sweeties” on Valentine’s Day and compare it to the industry numbers… kind of like comparing to benchmark studies! For example, “60.3% of men will buy flowers, but only 36.9% of women even want them!” Ouch! Good thing I didn’t buy flowers this year!...

A Good Read… NACHA Rules Book

I just received my notification email from NEACH (New England ACH) to download the 2014 NACHA Operating Rules & Guidelines. I have to say, this is good reading! As you may now, “the 2014 NACHA Operating Rules and Guidelines is the definitive source for information about the exchange and settlement of transactions through the ACH Network. The NACHA Operating Rules provide the legal framework for the ACH Network in simple, clear and consistent language. The NACHA Operating Guidelines contain complete discussions of each ACH Network participant type and its role and obligations, as well as detailed overviews of Standard Entry Class Codes...

Introducing the Healthcare Payments Educational Video Series

In the first Q&A interview, Gov. Thompson talks about the state of the healthcare industry, summarizing what’s right and what’s wrong. Relating to the changes required with the Affordable Care Act (ACA), many of the rules and regulations are assembled by administrators and bureaucrats of HHS...

Are Checks Now Safer than Debit/Credit Cards?

So if you haven’t heard by now, Target, the big red retailer, has a bit of a fraud problem. Somehow, their payment system was hacked and stole a mere 40M credit and debit account numbers with expiration dates and CSV codes…maybe even PIN numbers. Hmmm. How can this be? Per a Krebs article, “Little is known yet about how the data was compromised. “My best guess is [Target] got hit by hackers who got into their network, and were able to push malicious software out to the point of sale systems,” says Krebs, who spoke to American Banker in a recent exclusive interview. “We probably won’t know for certain for weeks or months.”...

Outsourcing Healthcare Payment Functions: Not Just for Banks Anymore, But Billers Too!

Healthcare providers are now outsourcing more of their revenue cycle functions. Large banks saw this medical banking potential several years ago and moved quickly to offer added-value services such as EOB conversion and treasury management capabilities specifically for this niche...

5 Trends that will Shape Healthcare IT in 2014

The casual observer can be excused for believing that a single government web site represents the extent of healthcare technology. But behind the scenes, the following major technology trends will have a significant impact on the healthcare industry in 2014 and on revenue cycle management (RCM)...

The Real Reason Branch Traffic is Declining… Speed

I recently interviewed our Senior Integration Support Engineer, Boaz Ron, related to how he felt about going into a branch. His thoughts were the following: if I can get a deposit done through my phone, computer or ATM in under 20 seconds, why does a teller take longer? An ATM can dispense cash faster than tellers and there is always some old slow guy holding up the line...

Key Benefits of Obamacare on Healthcare Payments

The Affordable Care Act (ACA), aka Obamacare, is unlikely to bring together Republicans and Democrats. But ACA is bringing innovation to healthcare payments arena. Standards within the law make it easier to reconcile electronic funds transfer (EFT) payments, most commonly Automated Clearing House (ACH) transactions, received by providers with the corresponding electronic remittance advice (ERAs), including EDI 835 or EOBs...

Retail Innovations Can Be a Little Creepy

There is a paradox in branch capacity planning right now. Retail wants more revenue, but branch transaction volumes have declined nearly 35%, according to a FMSI 2013 Teller Line Study, due to additional online products and RDC offerings; which mean less walk-in traffic. In response, technologists are trying to innovate the branch experience, while bringing a more personalized and sales-oriented encounter. In some respects, the branch is becoming less relevant, except when the customer “needs” to solve a problem and they want interaction...

Congratulations to FinTECH 100 Business Partners and Clients

FinTECH’s annual top 100 companies in financial technology is comprised of a dynamic list of both public and private companies generating tremendous revenues in the financial industry, both in the US and globally. The interesting distribution of these companies illustrates the revenue power of the top companies...

Top 10 Considerations for 2014 Budgeting in Check Processing

As we end another year of relatively stable check volumes in the financial industry, there are a number of cost-effective alternatives with excellent and proven return on investment which should be strong considerations for your 2014 budget. Although there is a decline in check volumes, it’s a stable decline, which implies predictability and less risk. Also, as product adoption curves of distributed capture points increase, a financial institution can better plan for significant improvements for each workflow...

Who’s Winning in this New Era of Healthcare Revenue Cycle Management? Consultants…

According to a new survey by Black Book, the consulting business is booming in healthcare revenue cycle management; and rightly so! Challenges that executives cited for updating RCM projects include: 77 percent have not begun a strategic plan for transforming RCM solutions for known deadlines because of lack of internal experts to do so and 80 percent of CIOs said they do not have the IT staff in-house to transform RCM end-to-end...

Tellers Who Become Sellers Must Be Stellar

A recent article in Banking Strategies, The Strategic Implications of Tellers Selling, dissects the concept of traditional tellers evolving into sales people at the branch for walk-in clients. When presented in an orderly manner, the concept brings a fresh feel to the irony of the bank branch; leverage branch resources to drive revenue and increase transaction processing efficiency while branch volume declines. Tellers selling financial services can provide a great opportunity, but there is the possibility of “heartburn” for customer experience...

Loss Prevention Concepts for Retailers

Check fraud losses in the US were last benchmarked and estimated at $893M for financial institutions from a 2011 ABA Deposit Account Fraud Survey Report. However, one of the main considerations in overall losses which was not incorporated were retailer losses. No one knows the exact number, but we have spoken to several consultants who estimate it at 10X the losses of banks. This event occurs when a fraudster purchases goods from a retail location with a fraudulent check and then departs with the product/goods. If the bank of first deposit, or paying bank, identify it as fraudulent, many times the retailer loses...

The Cloud is Loud for Financial/Healthcare Payments

A recent Gartner report highlighted “5 Cloud Trends in 2013 and Beyond”. Have you ever heard of how cloud computing aims to create “Webscale” systems, which are large configurations that have this ability to expand and contract as needed? They can be configured quickly, and yet go away quickly too. No longer are “large scale projects” a problem in a cloud hosted environment. A good example in healthcare payments would be a project to convert a large back-log of explanation of benefits forms. In this project, a large virtual cloud could be created with high capacity for a few days…then it goes away...

Don’t be afraid of HIPAA & HITECH!

Don’t be afraid of HIPAA & HITECH? Of course it’s easy to say that if you aren’t the person knee deep in interpreting the rules and regulations and building out the infrastructure of a solution. The recent Orbograph White Paper, “HIPAA/HITECH Compliance, Resiliency and Security” simplifies the concepts of following and complying with these rules. When you look at HIPAA and HITECH initially, it’s critical to start with a high level perspective. With that in mind, HIPAA is pretty much two primary rules!...

OrboNation Connections 2.0

Welcome to the next phase of the OrboNation Connections blog! If you have visited our blog at any point since its launch last summer, you may have noticed a couple of challenges in finding the information that you were looking for. With the redesign of our blog, we hope to address some of those challenges by providing expanded communication opportunities, better navigation and more educational resources for financial and healthcare professionals as well as an improved visual design...

Who Makes Sure Mobile RDC Really Works? It’s Orbotech!

As Orbotech, Orbograph’s parent company, announces its Q2 2013 earnings report, we thought it might be a good time to point out that pretty much all of the Smartphones on the market go through a quality assurance processing using Orbotech’s latest generation of automated optical inspection and array tester models within the fabrication of mobile devices and large screen televisions. This focus toward quality assurance, detection of defects and repairing the exceptions has many parallels in banking... [More]

8 Good Reasons Why Checks are Hanging On

An article today in PYMNTS.com called (From Paper Checks To Electronic Payments: Eight Questions To Ask) illustrates why converting to a new payment methodology is so challenging. Simply put, its “adoption process”. Any new product or idea in the market, particularly in today’s fast moving marketplace for businesses and consumers, must have a methodology for an onboarding process. [More]

What is the Relationship of Next Generation Check Recognition to the Top Five Retail Banking Trends for 2013?

According to an article in BAI Strategies by Applied Predictive Technologies, retail banks will focus on managing the multi-channel impact of mobile banking, downsizing branches and selective investing in branch technology. The changing market dynamics due to the variables of new technologies and adoption has complicated the modeling process for the retail sector. This is an opportunity for operations to support the goals of the retail side of the bank by executing on new technologies in check processing automation. [More]

Is it too early to worry about ICD-10?

A recent survey on ICD-10 indicates that one-third of the 500 physician practices interviewed have not started compliance work yet. October 2014 is the implementation deadline, but how much time is really needed? Key highlights of the survey include: Thirty-six percent of respondents who have not started ICD-10 preparations believe there is plenty of time to prepare, 26 percent don’t have the time, staff or training resources to start; and 22 percent don’t know where to start planning. [More]

What is the Next Generation in Check Recognition for Teller and RDC?

With the successful implementations in teller image capture and RDC, we’ve accomplished one of the most difficult phases of the product development cycle…strong penetration. The business case has been proven out, solutions have achieved stability and the purchases of these services have been offered a robust solution set of features. However, if we objectively evaluate the ultimate goal, straight-through-processing, we still have a major phase level in the process. [More]

 

 

 

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