Billerica, MA, April 21, 2015– Orbograph, a premier supplier of electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions for the U.S. check processing market, announced today that the company has successfully implemented its eighth medical billing company via its Healthcare Payment Automation Center (HPAC).
Business partners including banks, clearinghouses, lockbox companies and outsourcers utilize HPAC to improve biller workflows by eliminating data entry and cash posting processes of paper-based remittance documents. These documents include explanation of benefits (EOB) forms, patient payments and correspondence letters which detail insurance payment denials.
According to AAPC, the medical billing function translates a health care service, i.e. patient visit, into a billing claim. The responsibility of the medical biller in a healthcare facility is to follow that claim to ensure the practice receives reimbursement for the work the providers perform. Many billers also offer a practice management system with patient medical records and history. Billers now proactively implement new technologies such as HPAC to expand their services mix as well as streamline operational costs. Benefits to the healthcare providers and billers from HPAC include:
Potential savings of up to 50% from cash posting processes
Modernization of paper remittance processes via creation of EDI 835 posting files
Elimination of manual payer correspondence data entry resulting in reduced receivables
Automated reconciliation processes via EFT/ACH Reassociation to ERA (electronic remittance advices)
“Medical billing companies are a very attractive market segment to Orbograph as they represent a significant aggregation point for paper-based remittances,” stated Barry Cohen, Co-President of Orbograph. “Many of the billers are focused on specific healthcare provider group practices including radiology or anesthesiology. With many of these healthcare providers still experiencing 30-50% of their payer remittances as paper EOBs, there is a significant value proposition which can be realized.”
“We are excited to be attending the HBMA (Healthcare Billers Management Association) with an impactful client base,” stated Joe Gregory, Vice President of Marketing for Orbograph. “This is the tip of the iceberg when it comes to potential number of medical billers we can support. It truly is an opportunity to enable transformation for these organizations.”
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier supplier of recognition software for the U.S. check and lockbox processing markets, as well as electronic/paper automation solutions in healthcare revenue cycle management (RCM). Orbograph recognition technologies are “Enabling Transformation of the Check Experience” in over 1,600 financial institutions, service bureaus, clearinghouses and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. 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.
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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 Orbograph online at www.orbograph.com.