Resources

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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News and trends for 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)

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

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

Report: Dreaded ICD-10 Conversion Had Modest Impact

In March of 2014 we were warned that the ballooning of ICD-10 diagnostic codes from 13,000 to 68,000 was going to disrupt the finances and data systems of healthcare providers.

As it turns out – it was manageable.

12-12-12: The End of the Check is Upon Us

Premature warnings of disaster?

A new report from public accounting, consulting and technology firm Crowe Horwath reveals four key findings (as originally cited by Becker’s Hospital CFO):

1. On average, there was minimal impact on cash collections, initial denial rates and days in accounts receivable due to the ICD-10 conversion; however, there were delays in inpatient billing and coding, Crowe said. This resulted in a 10.1 percent increase in inpatient discharge and not final billed days from October through December 2015, compared to the same period in 2014.

2. Crowe observed a temporary increase in denial claim adjustment reason code 11, indicating the diagnosis is inconsistent with the procedure, for a small number of hospitals. As a percentage of total gross patient services revenue, this denial reason code spiked from October through December 2015.

3. Crowe specialists observed that most calculated hospital denials realization gaps, which determines overall cash leakage from denials with respect to initial denial rates, range from 3.1 percent to 7.7 percent of gross patient services revenue, including some greater than 11 percent.

4. In most cases, Crowe said, its calculated denials realization gap indicates more cash leakage is occurring than the final denial write-offs indicate. According to the report, this typically occurs due to using contractual and administrative adjustment codes that are used instead of the correct final denial write-off codes in cases where collections departments are unable to successfully resolve denied accounts.

The lesson? Prepare for the worst (as many healthcare providers did), but don’t rule out the possibility of success!

There are conflicting numbers on denials in the industry though. Some claim denial rates are 1%, while we’ve heard hospitals state its as high as 30%!  Moving forward, there is still great interest to use analytics as a means to identify negative trends in denials. This will lead to proactively implementing changes which reduce denials overall. What’s the new target? We’ll see what the industry says in the next six months!

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