Systemware Announces the Release of SaaS-based Healthcare Remittance Processing Solution for Banks
Addison, TX – January 14, 2009 -- Systemware, Inc., a leading enterprise content management company, is pleased to announce the release Systemware Medical Banking, an addition to Systemware’s innovative suite of targeted applications for the financial services industry.
With Systemware Medical Banking, banks can now turn their lockbox offering into a competitive advantage for their healthcare provider customers.
This software-as-a- service (SaaS) solution enhances the bank’s ability to deliver to their customers the following capabilities:
- Conversion of paper EOB’s into EDI 835 format
- Capture of EDI 835 files from payors
- Capture of EDI 837 files
- Automatic matching EDI 835 files to EDI 837 files
- Output of EDI 835 for upload into Practice Management System (PMS) at Provider
- Receive claims file from PMS & automatically generates secondary claims documents
- Provider Portal for online research, reporting and exception management
According to Jeanne Capachin, Vice President, Banking Practice at IDC Financial Insights, "Banks are looking to add incremental revenues through their lockbox services while at the same time providing value to the healthcare providers through process automation, enhanced visibility into transactions and reduction in time to cash on healthcare payments. Electronically managing remittance documents and transactions can realize these goals while ensuring regulatory compliance and improving customer centricity."
SystemwareMedical Banking receives, indexes, and stores billing information (EDI 837 file) from the provider’s clearinghouse. This information is concurrently sent to the healthcare payor for processing. Once processed, the payor sends remittance information to the bank lockbox in either an electronic (EDI 835 file) or in paper-based EOB. These paper-based EOB can be scanned and automatically converted to standardized EDI 835 file.
Regardless of original remittance format, Systemware matches open claims to returned remittances creating an EDI 835 file for providers to upload into their billing system. Claims, remittances, checks, and supporting documentation are immediately available through a Web-based provider’s portal to support payment posting activities and subsequent research at the Providers office via a secure browser based application.
"For several years, we have provided remittance processing capabilities to physician groups and third party processors. The knowledge gained in this arena along with our experience in delivering solutions to banks was instrumental in bringing this product to the market," said Gordon Sellers, Director of Medical Banking Solutions for Systemware. "Today more than ever, banks are looking at ways to rapidly grow revenue, deliver new capabilities and expand customer offerings without deploying and managing additional technology and personnel."
