Latest Innovation Brings Together Transaction Processing and Workflow Automation to Eliminate Paper-based Payments in Healthcare
LOUISVILLE, Ky.--(BUSINESS WIRE)-- ZirMed, a preeminent provider of revenue cycle and information solutions for healthcare, today announced the launch of VeraFund Manager for healthcare providers. Available exclusively from ZirMed and utilizing advanced payment and remittance processing support from BNY Mellon, the service delivers an end-to-end automated patient/payer solution for healthcare providers.
ZirMed’s unique VeraFund Manager helps healthcare organizations eliminate the workflow, time, expense and inaccuracies associated with paper checks from both payers and patients. The VeraFund Manager goes well beyond a traditional lockbox service. This next generation solution not only digitizes and processes paper-based payments from patients and payers, but also creates electronic remittance transactions from paper-based remittance advices, automatically indexes all correspondence, matches payments to original claims, and prepares a posting file for easy import into an administrative system. VeraFund’s ability to automatically reconcile payments, claims and bank deposits offers immediate return on investment by addressing a major “pain point” for organizations dealing with multiple systems and deposits streams.
“VeraFund Manager represents a significant leap forward in technology-enabled services for the automation of healthcare payments,” said Jim Lacy, CFO of ZirMed. “As a finance executive, I am acutely aware of the financial and operational costs resulting from paper-based processes. Whether it’s the act of opening the mail, tallying up deposits, physically going to the bank, or investing hours upon hours to manually decipher paper-based remittance advices to post payments, the time spent and inaccuracies caused by processing paper based checks are significant.”
With this new solution, healthcare staffs no longer have to handle paper documents, whether they are checks or payer-issued remittance advices. The system stores digital views of correspondence, checks, and remittance advices in electronic 835 formats, giving providers online document management, and query and view capabilities for the paper they use to have to track and manage manually.
“Digitization — the conversion of paper-based payment and remittance documents to electronic files — is key to automation and straight through processing,” explained Vince Marzula, managing director and head of healthcare solutions at BNY Mellon Treasury Services. “Our strengths as an industry leader in those areas are a great complement to ZirMed's strategic focus on healthcare revenue cycle and information solutions. By seamlessly integrating our respective advanced information and payment processing technologies, VeraFund has the potential to deliver significant benefits to both payers and providers in the healthcare system.”
“We’ve already seen significant benefits in time savings and process controls,” said Carrie Moneymaker, Operations Manager, Medical Management Professionals, Inc., a ZirMed client and user of the VeraFund Manager. “VeraFund lets us focus on value-added work for our clients, and allows us to redeploy staff in a more leveraged manner.”
The VeraFund Manager is available to all ZirMed clients today and can be used to streamline paper-based payments from payers or patients. Implementation typically requires about 30-60 days, and clients can expect a payback period of less than three months post-go-live in most cases. For more information about VeraFund Manager or ZirMed, please visit www.zirmed.com.
About ZirMed
ZirMed is a leading provider of healthcare revenue cycle technology and information solutions. Serving 113,000 healthcare providers across all care settings who in turn provide services to more than 1 in every 10 Americans, ZirMed is a nationally recognized leader in understanding the flow of money and information in healthcare. ZirMed’s solutions provide connectivity to virtually all healthcare and auto and workers compensation insurance companies in the country. Addressing the entire revenue cycle, ZirMed’s offerings include eligibility verification, claims management, patient payment estimation, patient payment processing, online bill pay, online and offline statement delivery, innovative lockbox services, analytics, coding compliance, and more. Delivered via a SaaS model, ZirMed’s solutions are compatible with any industry standard Healthcare Information or Practice Management System, and can be used directly within the ZirMed domain or embedded within partner software applications. ZirMed received a “Best in KLAS” ranking for 2011, is ranked among Inc. magazine’s 500/5000 fastest growing companies and Healthcare Informatics magazine’s Top 100 companies. For more information about how ZirMed leverages the power of technology to help providers not just survive but thrive, visit www.zirmed.com.
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INDUSTRY KEYWORDS: Technology Data Management Software Other Technology Practice Management Health Hospitals Other Health General Health Managed Care
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