Wausau Financial Systems And RMS Partner To Provide Integrated Healthcare Payment Processing
WAUSAU Financial Systems, the industry leader in distributed payment and receivables processing solutions, and Revenue Management Solutions (RMS), a leading provider of revenue cycle management solutions for the healthcare industry, recently announced a new partnership that will 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 EOBs (explanation of benefits), checks and electronic payments received directly from the payer. 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," said Joe Delgadillo, President & 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 $2.1T spent on healthcare in the US each year is spent on administrative or non-medical activities, including cash collection.
"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," said 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,." said Tom Dean, CEO of Revenue Management Solutions. "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."
WAUSAU's receivables solution for healthcare payment processing offers the most comprehensive receivable solution that is flexible and scalable for our customers. WAUSAU's U.S. marketshare volume exceeds 40% with over three billion annual payments processed on the ImageRPS application in varying industries from corporate and financial services companies to financial institutions and third-party lockboxes.
About WAUSAU Financial Systems
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU's innovative solutions provide results for a wide range of organizations, including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com.
About RMS
Revenue Management Solutions, LLC (RMS) is headquartered in Oklahoma City, Oklahoma. Founded in 2006, with the majority of its investors based in Lafayette, Louisiana, RMS has developed and commercialized a proprietary streamlined, end-to-end approach to processing healthcare receivables, which aims to stem rising administrative costs in healthcare. For more information about RMS go to www.revmansolutions.com.
SOURCE: WAUSAU Financial Systems