Zelis, a healthcare technology company modernizing the healthcare financial experience for all, announced a partnership with Rectangle Health, a financial technology company providing software solutions to healthcare organizations, to launch the first of its kind, straight-through processing of healthcare and dental digital payments for healthcare providers.
This revolutionary technology transforms providers’ workflow by streamlining several separate manual steps in digital payments, including receiving virtual payments, entering card transactions into merchant processing terminals, and managing patient payment, into a single automated process. The end-to-end solution, powered by Zelis’ Advanced Payments Platform (ZAPP) and Rectangle Health’s Practice Management Bridge®, automates both healthcare insurance payments and any out-of-pocket payments directly to providers’ existing revenue management system. Additionally, it enables digital payments from payers directly into providers accounts without any manual intervention or sharing of banking information.
This solution comes at a time when healthcare practices and organizations are grappling to solve staffing shortage – 63% of providers are struggling with RCM staffing issues – and profitability challenges. This solution far exceeds the benefits of a standard electronic healthcare transaction by reducing friction, times to receivables, costs and staffing requirements, eliminating manual reconciliation and providing automatic claims posting while adding a higher level of security. Through the Zelis & Rectangle Health straight-through processing platform, providers realize an increased savings in processing time from 60% to 90%, freeing them to care for healthcare consumers and their staff to focus on higher-value tasks.
Also Read: Integrated DNA Technologies Launches New Respiratory Virus Panel
“This ground-breaking digital innovation delivers insurance payments and claim detail directly to the provider’s practice management system,” said Yusuf Qasim, President of Payments Optimization at Zelis. “Straight-through processing, an automated process done by electronic transfers with no manual intervention involved, streamlines and simplifies the entire insurance claim process and stands to transform the financial and accounting landscape for every healthcare organization.”
In partnering with Rectangle Health, Zelis will push payer virtual payments through the patented technology platform – transferring payments directly, matching claims, and automating the process of settling healthcare consumers’ claims. The technology reduces overall processing time by two weeks and eliminates paper.
“This technology completes the revenue cycle by connecting insurance claims to the healthcare consumer record without intervention,” said Michael Peluso, Rectangle Health’s Chief Technology Officer. “Our partnership with Zelis brings a solution to the industry that no one else offers and is for the betterment of every healthcare practice, staff, and consumer by resolving lengthy administrative tasks and lack of connectivity while giving providers back time to deliver additional care to their patients.”
SOURCE: Businesswire