CINCINNATI, April 3, 2008 /PRNewswire-FirstCall/ -- Fifth Third Bank today announced a strategic alliance with GHN-Online and Revenue Management Solutions (RMS), leading providers of revenue cycle management services to the healthcare industry, that will deliver a comprehensive claims processing and remittance solution for healthcare providers. The alliance will enable Fifth Third Bank to capture the entire data stream -- from claims to payments -- and integrate the data into a single, Web-based view of healthcare providers' accounts receivables.
Healthcare providers often lack a complete understanding of their accounts receivables due to insufficient data, which leads to claims denials, write-offs and lost revenue. Fifth Third Bank's alliance with GHN-Online and RMS aims to address this issue by providing all stakeholders -- including healthcare customers -- with information transparency and enhanced visibility into claims reimbursement intelligence.
"Until now, the banking industry has focused on offering lockbox services to manage payments for their healthcare customers," says Nav Ranajee, vice president and director of Healthcare Solutions at Fifth Third Bank. "We see the healthcare lockbox as just one piece of the healthcare claims reimbursement puzzle, and we are moving up the value chain to offer a service that enables our healthcare customers to unlock the value of their account receivables."
The predictive analytics offered through this platform will help optimize claims reimbursement and help healthcare providers take corrective action on gaps in the remittance management process. With a comprehensive view of accounts receivables, healthcare providers can be in a stronger position to obtain preferred bank financing to fund their operations.
"Healthcare providers have a simple goal -- to get paid and get paid quickly," says Kevin Lavender, senior vice president and head of national healthcare for Fifth Third Bank. "We are in an ideal position to leverage our financial experience and combine it with GHN-Online's claims reimbursement technology and RMS' remittance solutions to help expedite the cash flow for healthcare providers."
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, and operates 18 affiliates with 1,231 full-service Banking Centers, including 107 Bank Mart locations open seven days a week inside select grocery stores and 2,214 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third's common stock is traded through the NASDAQ(R) National Global Select Market System under the symbol "FITB." Member FDIC.
About GHN-Online, Inc.
GHN-Online, Inc., healthcare's leading provider of real-time claims management and end-to-end transaction processing solutions, delivered the industry's first Internet-based preadjudicated claims management tools. HIPAA-compliant and enterprise-class, GHN offers the simplest and fastest claims-to-cash solution, anywhere(TM). With an open architecture that easily integrates all stakeholders in the healthcare reimbursement model, GHN solutions drive a 100% claims acceptance rate. GHN's intuitive and format-agnostic capabilities enable instantaneous, complete and accurate electronic claims transactions for thousands of healthcare payers and providers throughout North America. Founded in 1999, GHN-Online is headquartered in Dallas, Texas. For further information, contact firstname.lastname@example.org or call 214.696.5717. URL: http://www.ghnonline.com.
About RMS, LLC
Revenue Management Solutions, LLC (RMS) is headquartered in Oklahoma City, Oklahoma. Founded in 2006 with the majority of its investors based in Lafayette, Louisiana, RMS has developed and commercialized a proprietary streamlined, end-to-end approach to processing healthcare receivables, which aims to stem rising administrative costs in healthcare. URL: http://www.revmansolutions.com.
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|SOURCE Fifth Third Bancorp|
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