Mosinee, Wis. — WAUSAU Financial Systems Inc., Mosinee, Wis., and Revenue Management Solutions LLC (RMS), an Oklahoma City, Okla.-based provider of revenue cycle management solutions for the healthcare industry, announced a new partnership designed to extend healthcare payment processing capabilities to WAUSAU’s payment processing solutions.
By integrating RMS’ revenue management cycle service into its payment platforms, WAUSAU’s customers will be able to further enhance the capture of remittances sent as paper explanation of benefits, checks and electronic payments received directly from the payer, according to WAUSAU. WAUSAU will be able to deliver one unified payment source for healthcare clients to improve automation, collection, claims management and denials.
“Addressing paper intensive inefficiencies in healthcare payment processing and revenue cycle management is essential to healthcare providers in order to help control the spiraling cost of healthcare in the United States,” says Joe Delgadillo, president and CEO for WAUSAU Financial Systems. “By partnering with RMS, WAUSAU looks forward to equipping financial institutions, billing agencies and healthcare providers with the necessary tools to more efficiently and effectively process healthcare payments. The combined assets of our organizations will provide the industry with a unique solution to meet the needs of the healthcare industry all while allowing processors to generate new revenue.”
It is estimated that as much as 30% of the $2.1 trillion spent on healthcare in the United States each year is spent on administrative or non-medical activities, including cash collection, WAUSAU reports.
“The WAUSAU solution provides an opportunity for financial institutions and commercial lockboxes to expand existing relationships with healthcare providers by improving the management of paper and electronic remittance transactions by consolidating them into a single data stream, and will reduce days sales outstanding,” says Christine Smith, remittance product manager for WAUSAU Financial Systems. “WAUSAU and RMS have the opportunity to help financial institutions and lockbox providers automate and electronify payments and help control rising healthcare costs.”
“We are excited at the prospects of working with WAUSAU to integrate their industry leading payment and remittance processing technologies with our innovative ASP based revenue cycle management platform,” says Tom Dean, CEO of RMS. “This tight integration will allow our joint customers to enjoy the benefits of a true end-to-end solution. WAUSAU offers a wide range of payment platforms from systems that process thousands of payments per hour for hundreds of customers in a central location to desktop merchant capture solutions. By combining RMS Web-based services with WAUSAU’s payment platforms, virtually every healthcare provider has the opportunity to automate their revenue cycle processes. The combined technologies reduce revenue cycle days, increase average collections and significantly reduce back office costs.”
Source: WAUSAU Financial Systems
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