Bank of America Launches New EOB Data Capture Image Lockbox Service for Healthcare Providers.
New service automates claims to payment matching for healthcare providers, allowing them to improve overall revenue cycle efficiency
LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , June 28 /PRNewswire/ -- HFMA HFMA Healthcare Financial Management Association
HFMA Hawaii Food Manufacturer's Association 2005 Annual National Institute -- As part of its focus on creating innovative solutions for the healthcare market, today at the Healthcare Financial Management Association's (HFMA) 2005 Annual National Institute, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. announces that it has entered into an agreement with HealthLogic Systems Corporation (HLSC HLSC High Level Service Circuit
HLSC Helicopter Logistics Support Center ) to deliver a new service for healthcare providers. The new service automates Explanation of Benefit (EOB EOB Explanation Of Benefits
EOB End Of Block
EOB Eye of the Beholder (game)
EOB Executive Office Building (next to White House)
EOB Electronic Order of Battle
EOB Electricity Oversight Board ) data capture and delivers it in a Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996.
According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when (HIPAA) -- compliant file to enable healthcare providers to post and process remittance payments quicker and to expedite cash application.
The service addresses current payment challenges that healthcare providers face such as EOB data extraction, claims matching and HIPAA compliance. To date, most traditional lockbox image platforms have not been able to provide an automated solution to client requirements for EOB data capture. With the new Bank of America service, hospitals, labs and larger doctor practices are able to leverage automated data capture capabilities to expedite cash applications, reduce error rates in data capture, reduce expenses associated with manual data entry and payment/claim matching, automate matching receivables cash applications, and permit single billing. In addition, the service offers an expedient image file, creating an efficient solution for the healthcare industry.
"Healthcare providers today face many challenges in trying to achieve workflow efficiencies while still maintaining HIPAA compliance," said Catherine Warren, healthcare industry strategist for Bank of America Global Treasury Services (GTS GTS
gas turbine ship ). "As a top lender in the healthcare market and the number one provider of lockbox services, Bank of America is in the unique position to understand the challenges these providers face and to create technology solutions that best address their needs. Our new service is a perfect example of our dedication to this market as it helps our clients improve availability, reduce error rates in data capture and operational costs and eliminate paper-based processing -- all while maintaining HIPAA compliance."
Bank of America offers three expanded data capture solutions: Patient- level capture, Patient Plus and Proprietary data capture.
How it works
At Bank of America Lockbox Operations, checks and associated detail are scanned and images are created. Correspondence items (items received without a payment) are also scanned and images are created. By using image technology to process this payment information, data entry operators no longer key data, reducing error rates and operational costs.
An image file of checks and documents is then transmitted to HLSC where a HIPAA-compliant file is created and sent back to the client.
Clients may view lockbox images and payment detail on a Web-based image archive for one year, and view 45 days worth of check and remittance images on Receipts Direct. Clients may also view information reporting via Receipts Online and Bank of America will create CD ROMs to be delivered to the client.
"We believe our new service will help us to meet the needs expressed by our healthcare industry clients," said Aileen Gleason, Bank of America executive for U.S. Receipts Products. "They are a critical component of our lockbox client base and we are committed to bringing solutions to the market that achieve their goals. In addition to the new functionality, we are able to offer premium availability through our lockbox network because we are the number one check clearing financial institution in the U.S."
The new service is currently being piloted with several customers with full rollout scheduled for July.
About Bank of America Global Treasury Services (GTS)
The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to clients that include multi-nationals, healthcare providers, correspondent banks, governments and global 1,000 businesses. GTS services include treasury management, trade finance, foreign exchange, short-term credit facilities, and short-term investing. Bank of America GTS is the number one treasury and trade services provider in the United States.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA SBA
Small Business Administration
Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. .
CONTACT: Cathleen Ingersoll of Bank of America, +1-617-434-9254, or firstname.lastname@example.org
Web site: http://www.bankofamerica.com/