Orbograph P2Post™ Reduces EOB Processing Costs by up to 60%
BILLERICA, Mass., Jan. 26, 2012 /PRNewswire/ -- Orbograph, a supplier of end-to-end electronic solutions for healthcare revenue cycle management (RCM) and recognition solutions for the U.S. check processing market, announced today the successful implementation of the Orbograph P2Post™(paper-to-post) Healthcare Revenue Cycle Management (RCM) solution at a major US pharmacy provider.
The Orbograph P2Post solution is a new, cloud-based, paper-to-electronic Explanation of Benefit (EOB) conversion service for in-house healthcare providers, billers and medical lockbox service bureaus. Orbograph P2Post leverages the Company's core recognition expertise to automate the conversion of EOB's, thereby eliminating the need for manual processing of each prescription listed by insurance companies (payers) who do not submit claim information electronically. Once extracted from a scanned image of the EOB, a reconciled file including the remittance payment and claim data can now be uploaded to a practice management system. The solution utilizes a Software as a Service (SaaS) business model, which enables customers to realize short-term cost reductions while focusing internal staff on other high-value processes and customer related activities.
Orbograph P2Post can provide savings of 40-60% compared to the manual entry of EOB Service Line information, which can approach 40-50 cents per service line. The Orbograph P2Post solution was also benchmarked during the proof of concept process with near zero defects or errors on the EOB data originating from documents with single service lines to as many as 900. This accuracy level is up to 10 times superior to manual processes.
"Increased accuracy means that our customers spend less time on trivial corrections and more time serving their clients on higher net-worth transactions. P2Post can also be utilized as an on-demand service, absorbing incremental EOB volumes due to payers who switch billing systems and generate short-term bursts of extra paper," stated Michael Manna, Business Unit Manager of Orbograph.
Barry Cohen, Co-President of Orbograph, said, "Reducing costs are increasingly important in today's healthcare arena, but many people do not realize the positive customer impact that can also result from a solution that delivers improvements in the Revenue Cycle Management process. Medical lockbox and remittance processors can add real value to healthcare providers with the right combination of services and ease of installation."
Orbograph (http://www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition-centric services and software for check processing in the financial industry and end-to-end electronic solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,000 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post™ and Orbograph E2Post™ utilize innovative EOB conversion technologies to automate posting of receivables into practice management systems. Orbograph enables clients to envision more for their organization by reducing costs and managing risk while ensuring that achieving more is a reality.
NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.