New SunTrust eClaim Revenue Gateway Alleviates Insurance Claim Processing and Payment Challenges for Healthcare Providers
ATLANTA, Dec. 2 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE: STI) today announced a new healthcare receivables solution for medical and dental practices of all sizes, as well as hospitals. SunTrust eClaim Revenue Gateway helps providers accelerate insurance claim submissions as well as payment collection and processing so that they can focus more time and resources attending to patient healthcare needs. eClaim Revenue Gateway is a secure, full-service online solution that in a single platform offers providers the ability to streamline and expedite the claim-to-payment process - from eligibility verification and claims submission to payment receipt and reconciliation of claims data.
"We hear from our healthcare clients that they continue to be challenged with managing electronic and paper claim submissions and then reconciling the associated payment and remittance data - all while dealing with multiple health plans, disconnected systems, and regulatory and privacy mandates such as HIPAA," explained David Fuller, executive vice president and division head, Treasury & Payment Solutions, SunTrust. "With eClaim Revenue Gateway, clients are better able to integrate the claim process with the payment services traditionally delivered by a financial institution, thus providing opportunities for increased operational efficiency and faster access to cash receivables."
One of the greatest benefits of eClaim Revenue Gateway is its ability to perform real-time eligibility requests on behalf of the healthcare provider. The service also provides online access to view claim status and to manage the claim denial process. Through a comprehensive program which includes the real-time eligibility verification, a rigorous upfront claim submission vetting process, and online access to claim status, the rate of rejected claims with eClaim Revenue Gateway is substantially reduced.
"In today's economy there's an increased urgency to accelerate collections," added Nick Alex, senior vice president and director of product management for SunTrust Treasury & Payment Solutions. "Currently, though, the average medical or dental provider has between 60-120 days of outstanding claims on their books. eClaim Revenue Gateway brings a much-needed improvement to this process."
Providers can use their existing claims processes and systems, or SunTrust eClaim Revenue Gateway software, to upload their electronic claim file, and SunTrust will securely transmit the claims to the full range of participating third party payers. eClaim Revenue Gateway then reconciles payment advices received both electronically and by paper copy. Paper advices received at a SunTrust lockbox are imaged and optical character recognition (OCR) technology converts the required data for electronic processing. All payment advice information is combined and compared to the provider's submitted claims. A fully reconciled electronic file is then created, which providers can easily integrate into their existing practice management or hospital information system for posting - helping keep financial records more current.
Additional benefits of eClaim Revenue Gateway include:
For more information about how healthcare providers can optimize processing efficiencies visit www.suntrust.com.
About SunTrust Treasury & Payment Solutions
SunTrust's Treasury & Payment Solutions division provides a complete range of integrated treasury solutions to help clients effectively manage their payables, receivables, and cash position. These solutions enable companies of all sizes to better navigate today's complex payments environment, overcome time and staffing constraints, and implement appropriate financial and operational controls. Reflecting SunTrust's strong commitment to quality, the bank's treasury solutions recently received A or A+ ratings in 17 out of 18 product categories, as well as high marks for client services and knowledgeable specialists, according to a Phoenix-Hecht middle market survey. It is also a 2008 winner of the Greenwich Excellence Award in middle market banking for Treasury Management Accuracy of Operations. The bank's Fraud Inspector(SM) service recently won the Most Innovative Feature in the Barlow Research Associates Monarch Innovation Awards. SunTrust is also a top 10 commercial card issuer and cash management provider in the United States.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2008, SunTrust had total assets of $174.8 billion and total deposits of $115.9 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.
|SOURCE SunTrust Banks, Inc.|
Copyright©2008 PR Newswire.
All rights reserved