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Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

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Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

Product Videos

See how each product/service module of OrboAnywhere and OrboAccess delivers value from our check and healthcare payment platforms

Corporate Video & Podcast

See and hear how OrboGraph incorporates AI, deep learning and self learning technologies into its product suite

Healthcare Payments

OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

Access Patient Payments

Automates patient payments for posting

Access Denial Intelligence

Spotlights trends in denials to reduce receivables via prevention

Healthcare Payments Automation Center

Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Modernizing RCM with AI

An informative resource to assist RCM companies in understanding how to solve today's problems with the help of AI.

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

Anywhere Validate

Validate payment negotiability of paper originated items

Anywhere Payee

Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

Traditional Products

Based on the Accura XV platform

Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

COVID-19 has forced many hospitals and health systems to stop the elective procedures that make up the lion’s share of their revenue. This of course, has led to wide-spread short-term cash flow issues.

As their leadership seeks new ways to navigate cash flow challenges brought on by the pandemic, innovative organizations have stepped forward to offer new takes on traditional financial solutions. Collateral Velocity is a pioneering example, launching new, low-cost alternatives that give cash-strapped providers low-cost options in accelerating revenues.

Healthcare Finance

A good starting point for understanding how these solutions fit into the existing landscape of healthcare finance opportunities, it’s helpful to look at the differences between traditional options of business A/R financing, and an alternative, healthcare factoring.

Defining Business A/R Financing

Similar to a traditional bank loan, this documentation-heavy option can be secured against different kinds of collateral, including invoices, real estate, and equipment to borrow cash as needed. It’s available through banks, brokers and lending institutions, though a preferred option might be a government guaranteed loan like an SBA 7a and is often easier to secure than alternatives.

healthcare documents

A good example of this is Jack Henry Associates, a leading Fintech firm that has recently launched their BusinessManager® solution which integrates into its core SilverLake System® platform, streamlining A/R financing. The integration enables financial institutions to provide faster, more efficient, and more accurate financing to their bank customers across a variety of industries.

Defining Healthcare Factoring

Healthcare factoring, or third-party medical receivables factoring, is a non-bank financing option that involves the outright sale of invoices at a discounted rate to an invoice factoring company (or “factor”) in return for cash, less a “factoring fee”. The factor then bundles those claims as short-term, fixed income securities and sells them to investors.

bill

The hospital or health system receives an advance, passing the responsibility for A/R on to the factor. The provider is usually permitted to pick and choose which invoices to sell, essentially turning the factor into their business credit manager and A/R department for the selected invoices.

Both options involve the analysis of existing A/R and transition to the bank or factor after choosing which invoices they will accept as collateral. Either option can be used depending on the needs, circumstances, and risk aspects of the financial institution and healthcare organization. To determine which is optimal, it is important to understand the differences regarding a few factors.

In healthcare factoring, the factor buys invoices and at the same time, assumes responsibility for collection of debt, saving the provider money and resources in paying employees to manage A/R.

With a loan, the bank does not perform A/R and a hospital or health system must still invest internal resources for the collection of debt.

Benefits

Overall, factoring offers:

  • Flexibility
  • Easier qualification
  • A simple fee structure to track total costs on a per-invoice basis

A/R financing offers:

  • More affordable fee structures (though this is changing)
  • Easier transition after bankability
  • Less effort in identifying a company specialized in the skills needed to take on A/R management
A doctor is going over the patients records and charts with him.

Extracting critical data from claim and remittance data helps feed these downstream systems. This critical component requires a high degree of accuracy so these financial calculations can be done properly. That’s where companies like OrboGraph come into play, to enable the factoring process.


Sources:

https://www.merituscapital.com/the-difference-between-accounts-receivable-factoring-and-accounts-receivable-bank-financing

https://www.allbusiness.com/the-difference-between-factoring-and-accounts-receivable-financing-14847411-1.html

https://factor-this.com/financing-medical-offices-nursing-homes-and-other-healthcare-businesses/

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