U.S. Bank Improves Healthcare Providers' Ability to Get Paid in the Midst of Changing Healthcare Industry Landscape
Tuesday, March 08, 2022 10:01 AM

Related Stories



Payment Navigator(TM) and Payment Consolidator(TM) Automate Inefficient

Manual Payment Processes, Improve Collections and Reconciliation, and

Reduce Bad Debt

Mar. 8, 2011 (Business Wire) -- U.S. Bank’s healthcare payments division today introduced two enhanced offerings—Payment Navigator™ and Payment Consolidator™—that help healthcare providers improve revenue cycles and streamline complex payment processes, at a time when providers face unprecedented challenges getting paid for their services.

With consumer driven health plans on the rise and 30 million more people preparing to join the ranks of insured Americans in the wake of The Patient Protection and Affordable Care Act, consumers will continue to shoulder greater responsibility for healthcare costs. This is dramatically growing providers’ patient receivable volumes and increasing bad debt. It’s also exposing a largely paper-based billing system that is costly to manage: Of the $200 billion billed to Americans annually for healthcare expenses, it’s estimated only 20 percent is remitted via electronic payment, according to a 2010 report by the Mercator Advisory Group. This paper-based payment system creates confusion for patients who receive multiple explanations of benefit statements and invoices and are unsure about what to pay. In return, providers are faced with the financial strain of growing patient account receivables.

In response, U.S. Bank is offering healthcare providers ways to improve up-front collection of patient payments and automate tedious paper-based payment processes.

“Unlike most industries where payment is expected at the point of sale, the healthcare payment system was built around hospitals and providers working through complex, manual processes to get paid for their services by insurance companies,” said Ralph Bernstein, senior vice president of U.S. Bank Corporate Payment Systems’ Healthcare Payment Solutions division. “The system wasn’t designed for consumers to easily understand their financial obligations or for providers to easily collect payment from them. With consumers now bearing more direct and immediate financial responsibility, providers need solutions that help them answer patient billing questions and make payment collection processes easy for patients, leaving them more time to focus on what’s important—providing quality care.”

Payment Navigator, formerly Healthcare Payment Management (HPM), integrates out-of-pocket payment estimation, eligibility and collection of patient payments at the point of service, via credit card, debit card, healthcare spending card, electronic check or cash, as well as alternative payment options. All patient payments are recorded in a single interface to help patients immediately access and understand the cost of service, along with the payment structure.

The enhanced product offering also now includes a Patient Payment Portal with eStatements that enables patients to view and pay their statements online. The HFMA Peer Reviewed offering also allows providers to collect payment via any Web-enabled computer in their facility at the time of service, providing rapid funding and billing that accelerates cash flow and eases reconciliation. Through Payment Navigator, payment settlement occurs in 24 hours, so providers receive their payments faster than the industry average three-day card settlement timeframe.

“Like most health systems today, we are seeking optimal ways to streamline paper-based payment processes, effectively manage growing self-pay collections, and strengthen financial performance,” said Jerome Houizot, treasury manager, Allina Hospitals & Clinics. “With Payment Navigator, we’ve noticeably improved our patient payment processing workflow, decreased our bank fees and improved reconciliation. And we are able to offer patients better service with more payment options, including the ability to pay bills online. In fact, e-transactions now represent 12 percent of our overall billed patient payments.”

Payment Consolidator, formerly Healthcare Receivables Service (HRS), boosts accounts receivable efficiency, improves cash flow, and minimizes business operational costs. It works with a provider’s existing systems to seamlessly automate traditional manual payment processes between providers, and commercial and government payers. Payment Consolidator significantly increases the percentage of payments and remittance advices received and processed electronically.

It does so by providing electronic data interchange (EDI) connections to thousands of healthcare payers and communicating with U.S. Bank’s clearinghouse and trading partners. Payment Consolidator also automatically reconciles remittance advices to the original claim and payment, providing a searchable online archive for providers to research patients’ billing questions.

In just three years, U.S. Bank Payment Consolidator has been embraced by top providers. Thirteen additional hospitals and health systems are already slated to launch the solution in 2011, bringing new efficiencies to their accounts receivable process.

To learn more about U.S. Bank Payment Navigator and U.S. Bank Payment Consolidator, please go to: www.healthcare.usbank.com/products-and-solutions/provider-solutions.

About U.S. Bank Corporate Payment Systems, Healthcare Payment Solutions Division

Healthcare Payment Solutions helps patients pay and providers collect. An outgrowth of U.S. Bank's long-standing commitment to the healthcare community, the Healthcare Payment Solutions division delivers innovations that simplify the receipt and processing of payments, provides new and better ways for patients to meet their financial obligations, and supports the relationship among the participants in the healthcare continuum. For more information about Healthcare Payment Solutions, please visit www.healthcare.usbank.com.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB), with $308 billion in assets as of Dec. 31, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,069 banking offices in 25 states and 5,310 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

U.S. Bank Media Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com


(Source: Business Wire )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • Teams race to reconnect power to Japan nuke plant Mar 19, 2022 12:35 AM

    • FUKUSHIMA, Japan - Emergency workers racing to cool dangerously overheated uranium fuel scrambled Saturday to connect Japan's crippled reactors to a new power line, with electricians fighting tsunami-shattered equipment to restart the complex's cooling systems.
    • Though the power line reached the complex Friday, making the final link without setting off a spark and potentially an explosion means methodically working through badly damaged and deeply complex electrical systems at the Fukushima Dai-ichi plant on Japan's northeast coast.
    • "Most of the motors and switchboards were submerged by the tsunami and they cannot be used," said Hidehiko Nishiyama of Japan's Nuclear and Industrial Safety Agency.
      • 3 states seek to kick habit of raising cig taxes Mar 19, 2022 12:24 AM

        • CONCORD, N.H. - As some states look to tobacco tax increases to plug budget holes, a few are bucking the national trend and saying, "If you smoke 'em, we got 'em," looking at dropping the rate to boost cigarette sales.
        • In New Hampshire, supporters argue that reducing the tax by a dime would help the state compete with Maine, Vermont and Massachusetts, while opponents say it would still lose millions of dollars even if higher sales resulted.
        • New Hampshire's House voted Thursday to reduce the tax and sent the bill to the Senate, where its prospects are uncertain.
          • Judge blocks contentious Wisconsin union law Mar 19, 2022 12:24 AM

            • MADISON, Wis. - The monthlong saga over Gov. Scott Walker's plan to drastically curb collective bargaining rights for public workers in Wisconsin took a turn Friday that could force a dramatic rebooting of the entire legislative process.
            • A judge temporarily blocked the law from taking effect, raising the possibility that the Legislature may have to vote again to pass the bill that attracted protests as large as 85,000 people, motivated Senate Democrats to escape to Illinois for three weeks and made Wisconsin the focus of the national fight over union rights.
            • "We fully expect an appeals court will find that the Legislature followed the law perfectly and likely find that today's ruling was a significant overreach," Senate Majority Leader Scott Fitzgerald and his brother, Assembly Speaker Jeff Fitzgerald, said in a joint statement.
              • Obama's trip seeks to engage with Latin America Mar 19, 2022 12:21 AM

                • BRASILIA, Brazil - It lacks the urgency of a nuclear crisis in Japan, or fighting in Libya or the threat of a government shutdown at home.
                • But President Barack Obama embarks Friday on a trip to Latin America that many in the hemisphere consider long overdue and that the White House believes will help restore U.S. influence in the region.
                • Over the next five days, Obama is to visit Brazil, Chile and El Salvador in what his aides cast as a mission to build job-creating opportunities for the United States and to address regional security concerns.
                  • CBO: Obama understates deficits by $2.3 trillion Mar 19, 2022 12:18 AM

                    • WASHINGTON - A new assessment of President Barack Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.
                    • The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years - an average of almost $1 trillion a year.
                    • Obama's budget saw deficits totaling $7.2 trillion over the same period.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
AkiraXXXXX AAPL$5.29
richnone PANL($0.08)
XXXXXXXXXX PRWT($0.41)
XXXXXXXXXX JOYG$1.06
XXXXXXXXXX SLW$0.30
XXXXXXXXXX FCX$1.23
PhidoPhido's Personal Investments DANG$0.02
XXXXXXXXXX IDCC$0.79
XXXXXXXXXX HPQ$1.29
davidgmllc JTX$0.33