As the revenue cycle becomes increasingly complex, a greater number of healthcare providers are turning to third-party billing management services to administer their claims, payment processing, billing and collections. The Healthcare Business Management Association (HBMA) estimates that billing companies process over 17 million claims per month on behalf of their provider clients.1
Zelis Healthcare’s Payments business unit has developed electronic payment solutions designed to address the specific needs of third-party vendors to increase and retain electronic payment adoption. These new solutions will be available in Q4.
“Billing management companies are often challenged by conventional electronic payment processing methods,” said Eileen Lee, Vice President of Product Management at the Zelis Payments business unit. “Because these vendors manage many providers at once, time is at a premium and accuracy is paramount. In speaking with these vendors, we learned that they were struggling with two barriers to efficiency: the repetitive task of manually entering virtual card numbers and the constant need to log in and out of the same portal to access client accounts. We feel our new products overcome those barriers and solve concerns for our payer clients.”
Select Consolidated Virtual Payment Card
Virtual payment cards present a problem for busy billing services. They must be manually processed, which requires 25-35 keystrokes per card payment and leaves significant room for error. For example, a billing specialist must enter over 200 keystrokes for a provider who receives cards from eight payers each day.
Additionally, most virtual cards allow for “under-swiping”, which occurs when a billing specialist accidentally keys a payment amount that is less than the actual payment. In these instances, the payment processes and the payer and provider are left with an unbalanced payment for which they must reconcile the difference.
Zelis’ Select Consolidated cards allow for payments from multiple payers to be aggregated onto a single virtual card per single provider. To prevent the problem of under-swiping, our Select Consolidated cards have been designed to only process to the exact amount for which they are issued. Our solution reduces the manual processing time and increases accuracy for billing company agents. It also benefits payers by reducing reconciliation problems caused by under-swiping.
Single Sign-On Portal
Billing companies struggle with portals that require them to log in and out to access each provider’s account as they have a large number of providers to manage concurrently. Accessing portals is tedious and time consuming for billing specialists considering the large number of providers they manage. The additional work and inefficiency of multiple logins creates delays in their workflow.
Zelis’ Single Sign-On portal was developed to allow billing companies the ability to navigate between all clients via a simple drop down menu and dashboard. Logging out is not required, and all activity is completed through a single account.
What Does This Mean for Payers?
Zelis’ Select Consolidated card and Single Sign-On portal both simplify the ePayment process and offer increased efficiency for billing companies, making it highly probable that they will use an ePayment solution. And payers will ultimately benefit from the increase in ePayment usage from billing companies.
“Zelis is focused on innovation, and we are always looking for solutions that will streamline the claim payment process and provide value to our clients,” said Jay Ver Hulst, President of our Payments business unit. “We listen to our clients so that we may provide them with exceptional services that simplify their workflow, eliminate manual tasks and are backed by award-winning client service and innovative technology.”