CINCINNATI, Feb. 21 /PRNewswire-FirstCall/ -- Fifth Third Bank today
announced the release of a new value added service for the healthcare
industry, Electronic Remittance Advice (ERA) Integration. The service joins
the Bank's Explanation of Benefits (EOB) Capture, Denial Management and
Secondary Billing to further streamline and shorten the revenue cycle.
As providers move from a paper to an electronic processing environment,
they are challenged by the task of integrating varying ERA data streams
into their back office operations. By collecting and reconciling the
Automated Clearing House (ACH) transactions and HIPAA-compliant 835 data
files, ERA Integration is able to normalize the data. (HIPAA refers to the
Healthcare Insurance Portability and Accountability Act of 1996.) This
enables the provider's patient accounting system to more readily accept the
transactions and reduce exceptions. "The healthcare industry is slowly
moving to a complete digitized processing environment," said Nav Ranajee,
vice president of healthcare solutions for Fifth Third Bank. "Our ERA
Integration solution is designed to ease the transition and generate
process efficiencies."
By managing multiple data connections to payers and clearinghouses, ERA
Integration provides healthcare clients with a single, manageable data file
that allows automated posting and that captures accurate information.
"Competitive pressures, a complex regulatory/reimbursement environment
and the increased cost of doing business have prompted healthcare providers
to find more effective ways to streamline patient claims and reduce
administrative costs," said Kevin Lavender, senior vice president and head
of national healthcare for Fifth Third Bank. "The combination of Fifth
Third Bank's EOB Capture and ERA Integration solutions will help healthcare
professionals to realize significant cost savings by streamlining their
revenue cycle operations."
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services
company headquartered in Cincinnati, Ohio. The Company had $111 billion in
assets, operates 18 affiliates with 1,234 full-service Banking Centers,
including 108 Bank Mart locations open seven days a week inside select
grocery stores and 2,216 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.
Fifth Third operates five main businesses: Commercial Banking, Branch
Banking, Consumer Lending, Investment Advisors and Fifth Third Processing
Solutions. Fifth Third is among the largest money managers in the Midwest
and, as of December 31, 2007, has $223 billion in assets under care, of
which it managed $33 billion for individuals, corporations and
not-for-profit organizations. Investor information and press releases can
be viewed at http://www.53.com. Fifth Third's common stock is traded through the
NASDAQ(R) National Global Select Market System under the symbol "FITB."
Member FDIC.
SOURCE Fifth Third Bank
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Related links:
http://www.53.com
CONTACT:
Amy Williams of Fifth Third Bank,
+1-513-534-6791
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