Solution automates EOB processing for small and mid-sized physician practices without requiring a physical lockbox
Creditron, a leading provider of payments processing solutions, and MediStreams, a healthcare revenue management solutions provider, today unveiled a solution to simplify patient payment processing for small and mid-sized healthcare practices.
The solution enables practices with small claims volumes to automate their explanation of benefits (EOB) processing without outsourcing to a third-party lockbox provider. The solution is available directly to healthcare practices and through banks as a complement to their traditional lockbox services.
The solution combines Creditron’s virtual lockbox platform with MediStreams’ healthcare payment processing solution. Healthcare providers can use the solution in their practices to scan paper EOBs and automatically convert them to the standard ANSI 835 format for posting. Electronic Remittance Advices (ERAs) are stored online with a standardized, human readable format. Information can be stored online for up to 10 years. An online portal provides tools for providers to research patient payment information, payments trends, and receivables information. The solution also enables practices to process paper checks and deposit them electronically via Check 21.
The combined Creditron and MediStreams solution is HIPAA compliant and meets the SOC II Type 2 audit standard and other regulatory compliance mandates.
Healthcare providers of all sizes struggle with the processing of remittances received as paper EOB documents. Manually keying information from paper EOBs results in higher operational costs, delays in posting and managing exceptions and denials, and costly paper EOB storage. For these reasons, manual EOB processing is a major contributor to the healthcare industry’s long Days Sales Outstanding (DSO) and high percentage of uncollected receivables when compared to other industries.
Until the introduction of the Creditron and MediStreams solution, small providers, especially those with fewer than 10 physicians were often limited to manual processing because in-house solutions were too costly. These practices simply didn’t meet the volume requirements of most lockbox providers.
“MediStreams now offers an in-house remittance automation solution for small and mid-sized practices with lower claims volumes. Before now, healthcare remittance automation solutions were most often available to providers with larger claims volumes or to those that used a lockbox,” said MediStreams President Aaron Grandison. “This solution will enable providers of all sizes to reduce operational costs, expedite posting to their billing system, and accelerate exceptions and denials management.”
“Combining Creditron’s virtual lockbox platform with MediStreams’ revenue cycle management solution provides a unique EOB processing solution for small and mid-sized physician practices,” said Creditron Founder and CEO Wally Vogel. “The solution offers banks another way to deliver value to their healthcare clients, without requiring practices to redirect their physical payments.”