Using optical character recognition (OCR) and other state-of-the-art technology, the Healthcare eBOX system reads payment information directly from the paper explanation-of-benefits submitted by the insurance company and creates an electronic posting file for the healthcare provider’s patient accounting system. The posting file is created within 24 hours of the payments being credited to the lockbox account.
Healthcare eBOX can be set up to allow only funded transactions to post to patients’ accounts, which eliminates the need for clients to perform a manual reconciliation process. In addition, since denial management, secondary claims processing and billing exceptions can all be handled online, issues are resolved and payments posted sooner.
Healthcare eBOX has the ability to link to over 400 healthcare payers, enabling a greater number of payments and remittance advices to be electronically submitted and processed. Payment files can be formatted to each provider’s specifications for easy uploading to their accounting system.
“Healthcare eBOX gives all healthcare providers the opportunity to reap the financial and time-saving efficiencies of electronic receivables management, even if some or many of the insurance companies remit using paper checks and advices,” said Christopher Ward, senior vice president in Wachovia Treasury Services Payables and Receivables Group. “This service is in keeping with Wachovia’s goal to assist companies with their paper to electronic conversion, which can be especially tough in this hybrid environment.”
“This is exactly the solution our healthcare clients have been seeking to simplify their remittance processing. Until the elusive ‘paperless society’ finally arrives, there will be an increasing need for services like Healthcare eBOX,” said Jeff Wymard, director of the National Healthcare Finance Group at Wachovia.
Wachovia is partnering with HealthLogic Systems to provide the back-end processing for its Healthcare eBOX service. HealthLogic has a 15-year history of providing healthcare solutions that streamline and automate receivables posting for healthcare providers.
“We look forward to working with Wachovia to support its dynamic customer base in this rapidly changing industry. Wachovia’s expertise in Treasury Services and our expertise in automated healthcare solutions make this a very valuable and strong offering for those who want to stay on the leading edge of receivables processing,” said George Floyd, President and Chief Executive Officer, HealthLogic Systems Corporation.
As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 20 out of 26 of Wachovia's treasury services products were ranked "A" or "A+" by upper-middle and large corporate customers, and 16 out of 32 were ranked “A” or “A+” by middle market customers. Additionally, ten of the bank's key treasury product capabilities are ranked in the top four for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, Wachovia Connection was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service."
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $520.8 billion, market capitalization of $82.3 billion and stockholders’ equity of $47.6 billion at December 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve more than 13 million household and business relationships primarily through 3,131 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 719 offices in 49 states, Washington, D.C., and six Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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