Regions Bank has officially announced the launch of enhanced Treasury Management services that, on their part, are designed to help healthcare clients automate, streamline, and effectively manage the entire payments process.
Under the given expansion, Regions Healthcare Receivables Services will get to harness the prowess of MediStreams, a healthcare revenue cycle management company that works with Regions to automate remittance processes, as well as help clients speed up transaction reviews and processing for faster payment reconciliation.
Anyway, more on the same would reveal that Regions Healthcare Receivables Services are actually built up from the ground to serve the likes of major health systems, physician groups, clinics, labs, pharmacies and other healthcare organizations.
“Regions delivers cutting-edge Treasury Management solutions that make banking with Regions a differentiator for our clients,” said Bryan Ford, head of Regions Treasury Management. “Through our continued investment in technology and innovation, coupled with guidance and insights from our bankers, clients have more support than ever to manage and grow their business. We are proud to work with MediStreams to provide these enhanced services to healthcare clients, and we look forward to continuing to grow our approach to serving this vital industry.”
Talk about the now expanded service on a slightly deeper level, we begin from paper Explanation of Benefits (EOB) Conversion. This option makes it possible for clients to convert paper-based EOB statements, birthing easier processing through Regions Lockbox Services.
You see, Regions receives the paper EOB and sends a file to MediStreams to convert to a digital format. As for the incentive to do so, it can make payments significantly faster, and reduce employee time spent on manual entry, while simultaneously improving accuracy and accelerating identification of denial claims.
Staying with the prospect of faster payments, ir basically empowers businesses to process patient payments in their operating system at the time of service. As a result, the payment is automatically posted, in no more than, to the accounts receivable software with the correct file format and payment confirmation.
Another detail worth a mention is rooted in the Electronic Remittance Advice (ERA) Processing facility, meaning data and images from remittance information are automatically and securely imported into existing accounting software.
Hold on, we are done yet, considering we haven’t yet touched upon the reconciliation part, which treads up a long distance to help users reduce costs and save time with automatic reconciling of bank funds for real-time cash flow overview.
We also haven’t touched upon the correspondence feature. This one allows for clients to easily view, categorize, and work correspondence in the MediStreams web portal. On top of that, they can also assign and route requests to specific users for required follow-up tasks and keep track of updates in real time.
Founded in 1971, Regions Financial Corporation is currently understood to be one of the nation’s largest full-service providers when it comes to consumer and commercial banking, wealth management, along with mortgage products and services. The organization’s stature can be further contextualized once you consider it is currently operating more than 1,250 banking offices, all while enjoying $160 billion in assets.
“Regions is a recognized leader in serving the healthcare industry, and our work continues to grow as we enhance the client experience so our clients can focus more on patient care,” said Mark Hardison, head of Regions’ Healthcare Banking group. “Our bankers help clients manage the challenges and opportunities in healthcare with personalized insights and resources tailored to their needs. We are proud to support the operational missions of our healthcare clients who are making an incredible impact in the lives of patients.”
