First Citizens Bank in Raleigh, N.C., is adding a service for clients in the healthcare industry.
The $21 billion-asset unit of First Citizens BancShares (FCNCA) has formed a partnership with Revenue Management Solutions of Oklahoma City that automates payment and remittance processing for doctors' offices, health plans and other providers, the companies said Tuesday.
The service consolidates explanations of benefits, checks, electronic payments and other information into a digital format, regardless whether the information is remitted via paper or electronically, according to the companies.
The companies will transmit data via Electronic Data Interchange in a format that complies with the Health Insurance Portability and Accountability Act, and integrates fully with the software that providers use to manage their practices.
First Citizens will offer the service, which the companies say enables providers to cuts costs and operate more efficiently, through its business and treasury services department.
"A large number of clients still receive paper EOBs, which slows down their collection efforts," Richard Smith, manager of product development for treasury services at First Citizens, said in a news release. "We are partnering with RMS to provide an electronic solution that will help healthcare providers save time and money."
"We are very excited to work with First Citizens Bank in delivering a total remittance solution to their healthcare clients," Scott Thomas, chief executive of RMS, added in a news release. "We believe their customers will greatly appreciate the savings and efficiencies afforded to them as a result of this partnership."