SunTrust Banks in Atlanta has launched a new healthcare receivables tool that can streamline payment collection and processing as well as perform real-time patent eligibility verification.
The online solution speeds up the claim-to-payment progress, as well as claims data reconciliation, and is powered by Metavante’s own HealthGateway system. Integrating the claims process with the payment process, while also trying to marry electronic and paper methods, is a medical banking niche long stifled by incongruent networks and applications, pushing the demand for systems like that of SunTrust and Metavante that piece together the reconciliation efforts—not to mention the regulatory and privacy mandates of HIPAA.
"In today's economy there's an increased urgency to accelerate collections," says Nick Alex, svp 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.”
HealthGateway provides the connection to more than 1,200 payees, according to Metavante.