Major banks continue to see healthcare as a growing business opportunity.
In mid-August, Mellon Working Capital Solutions introduced its automated revenue cycle management solution for healthcare providers. And in mid-September Bank of America announced its acquisition of HealthLogic Systems Corp.
The Mellon WCS product is intended to improve efficiency by determining patient eligibility, collecting payments at the point of service, generating accurate claims, managing refunds and collections, posting cash to patient accounts and investing working capital.
Mellon WCS is priming itself to be a viable partner to healthcare providers to improve their revenue cycle management in a variety of scenarios, said Greg Cicero, senior vice president and head of Mellon WCS.
Mellon will offer an improved point-of-service collections process, as well as the conversion of paper explanation of benefits to ASC X12-standard 835 electronic data interchange files, reconcilement of EOBs/electronic remittance advice to payments, electronic secondary billing, automated denial management workflow process and patient eligibility verification.
Bank of America's announced acquisition of HealthLogic Systems is in line with the bank's goal of being the leading provider of financial services to the healthcare industry.
"The acquisition of HealthLogic Corporation further supports our leadership position in and our commitment to the healthcare industry," said Jim Basinger, business development executive for Bank of America's Global Treasury Services division.
Traditional banks and financial services firms have been entering the healthcare industry by providing services for the hot consumer-directed healthcare market. Many tout their financial expertise and infrastructure for administering standardized healthcare transactions.
HealthLogic Systems, which provides Web-based products and services such as revenue cycle and automated document processing for hospitals and other healthcare providers, will be absorbed by Bank of America's Global Treasury Services division.