Does your hospital, clinic, or practice spend too much time and money working to collect payments from patients and insurance companies? Wells Fargo can help you automate your payment collection process and improve total payment collection, so you can have more time to focus on patient care.
Claims Payment Solution
Our Claims Payment Solution is a comprehensive, paperless accounting system that lets you manage all your third-party claims payments and remittances. Benefits include:
- Improved data quality. No matter how payers generate Explanations of Benefits (EOB), our system aggregates and standardizes all your remittances. You can import the HIPAA-formatted, ANSI 835-compliant data file, which includes line-item data, directly into your accounting system.
- Accelerated revenue recognition. The system works in conjunction with your medical lockbox to reduce mail float for checks, lengthen your deposit window, get funds into your account faster, and create an electronic file of necessary claim payment information.
- Consolidated electronic remittance files. Handling multiple electronic files from dozens of payers can put unnecessary strain on staff, systems, and working capital. Electronic Remittance Advice (ERA) functionality simplifies your processes by seamlessly aggregating all your electronic remittances—including service line data—into a single file.
- Fewer exceptions. All payments with reason adjustment codes are verified in the system. You can even elect to translate payer codes on paper EOBs so that they conform to your institution’s coding structure.
- Improved reconciliation. Sometimes there will be payments and remittances that the system’s reconciliation standards are unable to match. Your staff can review and assign these items in one batch, without disrupting critical patient accounting cycles.
- Enhanced customer service. To help you do research and answer customer questions quickly, you can review indexed digital images of checks and original EOBs.
Patient Payment Solution
Wells Fargo’s Patient Payment Solution is a Web-based tool that streamlines payment collection and reporting. Features include:
- Front and back office payments. Process credit card, debit card, check, or ACH payments made by phone or by mail. Allow patients to pay online using their credit cards or checking accounts. And offer patients the convenience of payment plans to help them better manage their medical expenses.
- Eligibility verification. Avoid denied insurance claims. Find out at the point of care if your patients are covered, and the terms of their coverage, by using batch or real-time requests.
- Payment estimation. Let patients know their estimated payment responsibilities (again, when/where does this happen), based on their insurance benefits and the healthcare services you are providing.
- Real-time reporting. Get real-time payment reports by patient, location, payment date, and more.
- Simplified payment posting. Patient payments automatically post to your patient accounting system.
- Simple implementation. This HIPAA- and PCI-compliant tool is easy to deploy and requires minimal IT resources.
Healthcare Equipment Financing
Get financing for tenant improvements, complex expansion projects, medical equipment acquisitions, and new technology, including EHR and MRI systems, ultrasound and mammography equipment, and linear accelerators. Learn more about how we can help you with healthcare equipment financing.
For more information, contact your Wells Fargo treasury management representative or contact us.
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