Revenue Cycle Solutions
PATIENT ELIGIBILITY AND REGISTRATION
Diagnosis
Identifying insurance coverage, co-pays, charity care, eligibility, high-deductible consumer plans, and Health Savings Account (HSA) balances can be a cumbersome process.
The Bank of New York Mellon Rx
Online, real-time eligibility system which confirms patient identity, precertification and referrals, and insurance eligibility using the latest CAQH Core standards for the 270/271 transaction set.
Additionally, our innovative solution can provide complete claims processing, three levels of editing and validation capabilities, as well as provide access to error trending and tracking reports, all via a Web browser.
Prognosis
- Identifies correct payment method up front
- Reduces claim denials due to invalid patient information
- Reduces manual collection of claims
- Ensures submission of clean claims so that as much as 95 percent of claims are paid upon first submission
POINT-OF-SERVICE (POS) AND WEB COLLECTION
Diagnosis
You want to collect more higher-dollar payments from patients at the POS and you need to offer your patients convenient Web payments.
The Bank of New York Mellon Rx
Working with an industry specialist, we provide access to a Front Medical Office Cashiering system to capture all patient and non-patient cash, check and debit/credit card payments, as well as post the payments, issue receipts, reconcile deposits and generate audit and management reports. And, to accelerate your cash position, we can clear your POS checks via image exchange when deposited into a Bank of New York Mellon checking account.
Our Remote Check Deposit Service may also be used at the POS to electronically send checks received at your remote offices to The Bank of New York Mellon for deposit.
The Bank of New York Mellon's ClearTran solution allows you to accept payments via Web, phone, in call centers and at kiosks, while offering patients the choice of making immediate and/or future payments.
Prognosis
- More control and automation of cash collection
- Faster concentration of funds
- More accurate posting
- Better patient relations
- Easy integration with multiple billing systems
- Improved funds availability
- Fewer trips to the bank
- Fewer delinquencies because you offer flexible payment alternatives
CLAIM PAYMENTS AND DENIAL MANAGEMENT
Diagnosis
Billing, data collection, managing denials, and posting payments are several of the functions that increase the average cost to collect.
The Bank of New York Mellon Rx
The Bank of New York Mellon Treasury Services' nationwide Lockbox service lets you collect payments near payer locations to strive to reduce processing costs. Our technology supports conversion of paper EOBs to ERAs, payment to EOB/ERA reassociation, assistance with converting your payers to electronic remittances and payments, and automation of secondary billing and denial management.
Prognosis
- Increase efficiency by receiving EOB and associated payment detail electronically in any format
- Access patient data, claims information, and images online
- Streamline internal and customer payment research
- Achieve a virtually paperless environment
- Accelerate cash application and patient account posting
PATIENT ACCOUNT CREDIT BALANCES
Diagnosis
It is vital for you to manage the timely and accurate disbursement of patient or payer refund checks and escheat unclaimed funds to the patient/payee's state of residence.
The Bank of New York Mellon Rx
The Bank of New York Mellon Treasury Services' Refund Check Processing Solution can help you oversee refund check distribution by issuing patient/payer refund checks, which includes the printing and mailing of checks; handling returned checks, account management and reconcilement; providing customer support and completing the escheatment process, when needed.
Prognosis
- Reduces administrative burden
- Aims to reduce processing costs
- Eliminates an exception process in the AP department
- Provides simple online tracking, documentation
- Supports your efforts to comply with state escheatment requirements
- Assists you as you strive to maintain positive rapport with your patients and commercial payers