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:
To keep your bottom line healthy, you need to maintain cash flow efficiencies, optimize patient care, and eliminate the risk of equipment obsolescence.
- 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
Streamlining patient pays
Enhancing profitability means collecting, processing, and depositing paper checks from patient pays more accurately and efficiently.
- Retail Lockbox – expedites the collection, deposit, and posting of check payments received from patients
- Electronic Lockbox – speeds the collection, deposit, and posting of check payments received from 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.
Activating the power of Point of Service
Improve efficiency by depositing check, cash or card co-pays right from your office. First Tennessee also makes it quick and easy to transmit cash deposits to us for same day credit.
- 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
Automating the claims 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.
- Wholesale Lockbox – expedites the collection and depositing of payments received from your payers
- Healthcare Remittance Manager – 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