HFMA-ANI Conference Orlando, FL June 22, 2015– Orbograph, a premier supplier of recognition solutions for the U.S. check processing market, as well as electronic/paper automation solutions in healthcare revenue cycle management (RCM), announced today that the company has published a white paper titled, “Strategic Implications For Paper-based Healthcare Payments.”
The white paper, released at the HFMA-ANI 2015 Annual Conference, addresses the motivations and considerations of attaining straight-through processing levels of efficiency on explanation of benefits (EOBs) forms, checks, correspondence letters and patient payments. The paper leverages research information from the CAQH Index and Strategic Healthcare Payments Research Initiative from BoardTrust.
The white paper challenges the notion that healthcare providers are highly motivated to eliminate paper due to prioritization of regulatory and compliance requirements, challenges of obtaining and implementing originating EDI files for posting and prioritization of projects with greater ROI.
The paper concludes with strategy recommendations to transition immediately to a 100% paper-free environment by using paper conversion technologies. By implementing such a process, providers can eliminate existing paper processes, reduce unit costs by potentially $1.77 per claim and address top revenue cycle management priorities like aggregated denials analytics.
Barry Cohen, Co-President of Orbograph stated, “There is a paradox in the industry in that EDI payment penetration is only 60%, but satisfaction levels of hospital revenue cycle managers is 91%! I believe there is an educational opportunity to communicate that straight-through process and a paper-free environment can be attained within a 30-day window, with immediate ROI and minimal disruption.”
Click here to download your copy of Strategic Considerations For Paper-based Healthcare Payments.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier supplier of electronic/paper automation solutions in healthcare revenue cycle management (RCM) and recognition software for the U.S. check and lockbox processing markets. Orbograph technologies are in use in over 1,600 financial institutions, service bureaus, clearinghouses and billers processing billions of checks and claims annually. 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. Orbograph recognition technologies are “Enabling Transformation of the Check Experience” in 20 of the top 30 U.S. financial institutions with in-house check processing. Get more information at www.orbograph.com, or contact Joe Gregory, 978-667-6037 x5046, email@example.com.
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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 us online at www.orbograph.com.