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Healthcare providers have one of the most complex payment cycles. One would think that most would simply outsource the lockbox function to a service provider or financial institution (FI). Unfortunately, FI’s struggle in many ways to sell medical lockbox processing. But why? Many of the FI’s officers are not hunter sales people. They are account managers who farm a territory. Convincing a provider to outsource their entire operation, or switch from another is a major decision which involves a strong business case as well as long-term strategy. Account managers (AM) are used to visiting accounts, chatting about customer service and managing a relationship. They don’t have highly compensated sales programs which motivates the AM to have a strong, sometimes uncomfortable sales closing process.
Read MoreMobile banking has expanded “online banking” into the realm of immediate gratification; how perfect for today’s younger generation. But actually, it’s not only GenY-ers who want instantaneous information and accessibility. The list also includes business people, soccer moms, college students and just about everyone with a smart phone.
Read MoreToday was a record day on the system integration front. Today, we worked with an alliance partner and successfully helped them create a demonstration package, running our Accura XV check recognition software in less than one hour! Yes, you heard it, less than 1 HOUR! This amazing achievement was due to a new C# (that’s “C Sharp” for you non-technical folks) interface using state-of-the-art development tools, sample code and a simplified system development kit (SDK). With efficiency in mind for our business partners, the OrboCAR Bridge Interface (OBI) was born as a part of Accura XV.
Read MoreWorking with a financial institution for healthcare payment processing via a medical lockbox is an excellent method to eliminate inefficient in-house manual processes for healthcare providers. Providers can typically reduce overhead, improve collections in receivables, decrease bad debt/write-offs, reduce fraud and eliminate paper in the office. While the benefits can be impressive, selecting the right vendor can often be a confusing task.
Read MoreIt is no secret that banking has come a long way in the past decade. Technological changes have played a tremendous role in expanding services which banking customers now have access to. However, are we limited by the 80/20 rule?
Read MoreEveryone seems to want to pick on the check. Poor little guy… Obviously there are inefficiencies with checks, which translate into innovations and new products which generate margin in certain market segments. But let’s not forget…
Read MoreExceptional leadership and innovative solutions have improved patient care and risk management. Case management and interdepartmental IT integration have improved efficiency. Streamlining patient assessment and incorporating bedside admission technological are reducing patient stress levels. However, even with all of the positive adjustments in recent years, hospitals struggle to provide high-quality continuity of care without exhausting the operating budget.
Read MoreQuestion: As check processing operations transition from centralized to distributed capture, what are the implications to image quality assurance, image usability, and image integrity?
Read MoreMedical lockbox environments have been around for many years now, but addressing the needs of Healthcare Providers (HCPs) is not always an easy task given the current landscape of payments combined with the uncertainty of governmental healthcare programs.
Read MoreEvery business fears the potential losses associated with accepting counterfeit and forged checks. Although banks lose an estimated 893M per year in check fraud, the untold story of losses at the merchant/business location is more dramatic. Industry consultants have estimated these losses can be as high as $10B per year!
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