MediStreams Deploys Creditron Lockbox Processing Solution
Monday, August 26, 2013
Enables Fully Integrated Healthcare Payment Processing Service
Creditron, a leading provider of remittance processing solutions, today announced that MediStreams, an innovative healthcare revenue cycle management solutions provider, has deployed Creditron’s flagship ItemAge Express remittance processing platform.
MediStreams’ solutions posts healthcare payments remittances in an automated fashion, regardless of whether they were received electronically or by paper. MediStreams converts paper remittances into a standard format (ANSI 835 files), and manipulates that format to meet the specific business requirements of the healthcare provider and their practice management system for posting. Creditron and MediStreams also have formed a strategic partnership to promote a fully automated lockbox and remittance automation solution for healthcare related entities.
MediStreams uses ItemAge Express in its Georgia data center to process payments from insurance companies and patients on behalf of healthcare providers. The solution includes components for automated recognition, balancing, and Check 21 remote deposit. The solution employs an OPEX DS2200 scanner to scan mixed documents including explanation of benefit forms (EOBS’s). Once Creditron’s ItemAge Express processes payments, MediStreams extracts and processes additional data from the EOB images.
“The healthcare industry loses an estimated $30 billion a year in inefficient and redundant administrative processes related to billing and payments. By using the Creditron solution to enhance its own capabilities for converting EOB documents into electronically processed ANSI 835 remittance files, MediStreams can potentially save providers thousands of hours of labor for posting,” said Creditron Founder and Chief Executive Officer Wally Vogel. “We are pleased to count MediStreams among our users, and look forward to a long, successful strategic partnership.”
“Healthcare providers are under increasing pressure to reduce administrative inefficiency and improve operational effectiveness. The combination of Creditron’s lockbox processing capabilities and our advanced technology for converting paper and electronic remittances helps providers decrease costs, reduce Days Sales Outstanding, and eliminate manual posting,” said MediStreams Chief Executive Officer James T. Coyle, Jr. “Partnering with Creditron is another way that MediStreams is helping healthcare providers automate their remittance and posting processes.”
MediStreams and Creditron will co-present on the challenges and opportunities in healthcare payments automation at IOFM’s Payments Summit, September 27 at 11 a.m. at the Paris Hotel & Casino in Las Vegas. For more information on the session, visit www.iofmpaymentssummit.com.
MediStreams is a healthcare revenue cycle management company with a focus on streamlining the remittance process. The MediStreams processing platform adapts to the constant evolution of the healthcare space. The architecture assures high availability while exceeding generally accepted levels of security and compliance standards with SOC 2 Type II and HIPAA audits and fully redundant ISO 9002 data centers. If you would like to learn more about how the MediStreams solution can work for you, visit www.medistreams.com or call toll-free at (888) ANSI-835.