BancTec's RemitCycle 360(TM) business process outsourcing (BPO) solution
forms core of end-to-end claims entry, processing and administration
DALLAS, June 3 /PRNewswire/ -- BancTec, a global provider of advanced, high volume document and payment processing services and solutions, has signed a five-year agreement with Enterprise Bank & Trust, through which Enterprise will market BancTec's RemitCycle 360 solution as an outsourced, revenue cycle management offering to healthcare providers in the Midwestern United States. Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services Corp, has facilities throughout the Kansas City and St. Louis metro areas.
BancTec's RemitCycle 360 solution is designed for financial institutions that offer treasury management services to healthcare providers. The solution reduces administrative costs and claim-to-payment cycle times when processing insurance paperwork.
"We are excited about marketing BancTec's RemitCycle 360 revenue management solution to our healthcare clients as a way to help them automate the capture, transmittal and access to claims information," said Mark Lawson, senior vice president, Treasury Management, for Enterprise Bank & Trust. "We will soon pilot the solution with one customer in Kansas City and one in St. Louis, and look forward to implementing it with many others over the next several years."
"Enterprise Bank & Trust is a growing presence in the Midwest and will help to deliver the RemitCycle 360 solution to healthcare providers in the region," said Jeff Brown, vice president of BancTec's Business Process Outsourcing (BPO) practice in the Americas. "Working with Enterprise Bank & Trust will enable us to demonstrate for other financial institutions how they can help their healthcare clients reduce costs and improve operations with this outsourced solution."
The RemitCycle 360 solution provides HIPAA-compliant revenue cycle management services by automating and unifying the administrative and financial events between healthcare providers, payers and banks. The comprehensive information exchange platform enables providers to greatly improve claims processing and posting, thus reducing administrative costs, shortening cycle times and increasing claim yields.
As a hosted, outsourced offering, the RemitCycle 360 solution streamlines the posting of payments by taking responsibility for claims entry, payment administration and exception processing. It incorporates BancTec's longtime, proven expertise in automating complex, high-volume and data-intensive business processes.
BancTec helps clients around the world simplify the process of managing their information. Founded in 1972, the company provides a wide range of solutions for automating complex, high-volume and data-intensive business processes for clients in the financial services, healthcare, manufacturing, government, services and utilities industries. BancTec's offerings include business solutions, business process outsourcing, and infrastructure services. With headquarters in Dallas, BancTec serves clients in 50 countries. For more information on how BancTec can help you optimize information management, visit http://www.banctec.com or call 1-800-BANCTEC.
All statements in this press release that do not directly and exclusively relate to historical facts are "forward-looking statements" describing BancTec's objectives, targets, plans, strategies, costs, anticipated capital expenditures and expected cost savings. These statements represent BancTec's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled "Risk Factors" in the Company's Registration Statement on Form S-1, as amended, initially filed with the Securities and Exchange Commission on August 8, 2007. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise except as required by law.
About Enterprise Bank
Enterprise Bank & Trust is the principal subsidiary of Enterprise Financial Services Corp. Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City and a loan production office in Phoenix, Arizona with the intent to establish a de novo Arizona state bank charter in 2008. The Company is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.
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