HERAE Chooses PNC Bank as Initial Bank for Direct Deposit for Healthcare
100 percent electronic processing solution unveiled for healthcare providers.
San Diego, CA (PRWEB) October 14, 2005 -- HERAE, LLC, a provider of electronic payment processing and direct deposit for the healthcare industry, today announced that it has selected PNC Bank, N.A., a member of The PNC Financial Services Group, Inc., (NYSE: PNC) to provide the movement of money for HERAE’s Direct Deposit for Healthcare™ solutions. HERAE’s HIPAA-compliant, patent-pending process facilitates the movement of money from insurers (payers) to healthcare providers’ accounts electronically, typically reducing the time for providers to receive insurance payments by 5-10 business days. The electronic process also diminishes fraud and embezzlement risks.
For over a decade, PNC Bank has been helping healthcare providers re-engineer workflows and reduce costs associated with handling massive volumes of monthly transactions. PNC has developed a variety of services to help companies migrate from traditional paper-based processes to streamlined electronic processes that move money owed by insurers/payers for services rendered to patients. According to HERAE’s spokesperson, PNC Bank was a wise choice because of its solid financial backing and history in the healthcare industry.
“PNC knows the healthcare space. The company has a rock solid reputation and is a Top 20 bank by asset size in the U.S.,” said Jim Ribelin, executive vice president of HERAE. “PNC sees the value that electronic funds transfer brings to the healthcare industry, and offers us lockbox locations all over the U.S. and conversion of paper EOBs, where necessary, into HIPAA 835 files using intelligent optical character recognition. We are honored that they have joined us in this endeavor to bring healthcare administration into the 21st Century using the latest in technology.”
HERAE’s paperless process and clearinghouse capabilities create consistency of format for explanations of benefits (EOBs) no matter which payer is involved, consolidate payments while retaining individual data for identification and reconciliation, and solve the coordination problems between the arrival of payments and the corresponding EOBs, savings thousands of dollars and thousands of hours of staff time for providers. With the integration of the banking component for movement of funds, the resulting benefits include simpler and faster processing, the complete elimination of paper envelopes, checks and paper EOB forms, additional time savings, as well as decreased fraud and security issues. In addition, HERAE provides reporting capabilities that providers never had before.
HERAE and PNC together will offer a real remedy to providers in taking what has been a laborious multi-step and time-intensive process and simplify it by automating the movement of funds and data,” said Jeff Troutman, senior vice president, National Healthcare Group, PNC Bank. “Through HERAE, PNC will help meet the needs of the physician practices, a healthcare sector previously underserved by the banking industry. PNC will help to consolidate and to expedite the movement of healthcare payments and claim data through the use of banking technology, including image lockbox, EDI [electronic data interchange and electronic funds transfer.”
HERAE’s process provides tools that enhance the familiar workflow activities at providers’ offices. HERAE’s offerings are all thin client, ASP-based, requiring its clients to have nothing more than a Web browser. For cash posting activities, HERAE’s browser tiling software, ViewPoint, is installed on the local PC. When the transactions are completed, the data is conveniently stored in a relational database called the Electronic File Cabinet™. This database provides aggregation reports, as well as a search function that allows information to be as granular as the service level or individual claim.
About PNC Bank
The PNC Financial Services Group, Inc. is one of the nation’s largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. For more information, call 412-762-1535 or visit www.pnc.com.
About HERAE, LLC
A privately owned limited liability corporation based in San Diego, California, HERAE provides painless payment processing and direct deposit for the healthcare industry. Through its unique focus on healthcare provider billing challenges and electronic remittance advice, HERAE has developed a paperless process with standardized explanation of benefits (EOB) forms, detailed reporting and process workflow enhancement capabilities that improve collections, reduce costs by up to two-thirds, and complete the payment to deposit cycle in 24-48 hours. On the Net: www.herae.com or call 888-41- HERAE (888-414-3723).
Contact:
Bonnie Shaw
Clearpoint Agency
(858) 724-2500
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