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  • Banking Solutions for Medical Corporations

    As a hospital administrator, you understand how the growing complexity of HIPAA compliance standards and electronic remittance advice files can directly impact operational costs associated with staffing, continuous education, processing errors, and lost revenue opportunities. First Tennessee can help you address these important business issues in four ways:

     

    BUSINESS ISSUE 1:

    Automating the Claim Payment Process

    You want timely deposits, a consistent view of all insurance claims paid regardless of payment method or channel, claim reconciliation, automated posting, and a reporting database for monitoring payer performance and coding errors.

    OUR SOLUTIONS

    • Wholesale Lockbox – expedites the collection and depositing of payments received from your payers
    • Healthcare Lockbox – consolidates claims payment detail from the various payers and creates an industry standard balanced payment file for automated posting
    • Information Reporting Online – provides additional management tools for denial reporting, secondary billing, and monitoring miscellaneous correspondence

    BUSINESS ISSUE 2:

    Streamlining Patient Pays

    Enhancing profitability means collecting, processing, and depositing paper checks from patient pays more accurately and efficiently.

    OUR SOLUTIONS

    • Retail Lockbox – expedites the collection, deposit, and posting of check payments received from the patients
    • Electronic Lockbox – speeds the collection, deposit, and posting of check payments received from the patients
    • Electronic Bill Payment – enables more flexible payment options to improve collection rates. Patients can remit by web or phone via their bank account or credit card

    BUSINESS ISSUE 3:

    Activating the Power of Point of Service

    Improve efficiency by depositing check, cash or card co-pays right from your office. We also make it quick and easy to transmit cash deposits to us for same day credit.

    OUR SOLUTIONS

    • Remote Deposit Capture – allows you to deposit checks anytime, from anywhere, and get them processed more quickly and securely
    • Remote Cash Deposit – safeguards and automates the depositing of your cash receipts
    • Merchant Services – offer you a smart, streamlined credit card payment processing service

    BUSINESS ISSUE 4:

    Finding Lending Flexibility

    To keep your bottom line healthy, you need to maintain cash flow efficiencies, optimize patient care, and eliminate the risk of equipment obsolescence.

    OUR SOLUTIONS

    • Credit – cover regular business expenses and customize spending limits and controls to your practice's needs
    • Lending – choose from a suite of term loans and lines of credit that help you finance equipment, supplies, and inventory
    • Leasing – obtain quickly changing equipment with no down payment with a flexible repayment structure
    • Swaps – gain flexibility by exchanging your cash flow using this derivative instrument