Expand Healthcare Payment Processing Services Without Adding Operational Burden
Healthcare is a valuable market for banks, but building medical banking operations in-house can require significant time, cost, and risk. ibml helps banks offer outsourced medical banking services without deploying new internal systems or taking on added processing burden.
Our medical banking service automates the receipt, recording, deposit, and reconciliation of paper-based and electronic healthcare payments from patients, insurance companies, and private payers. ibml converts healthcare transactions, including paper explanation of benefits documents, into postable 835 electronic format and delivers ready-to-post transactions to healthcare providers’ billing or patient management systems. ibml also provides ERA and EFT re-association, exception handling, and private-label service options that help banks expand healthcare payment processing services while creating a smoother experience for healthcare clients.
Transactions that are ready for posting are delivered within moments to the healthcare provider’s billing or patient management system. All of this is available with no support costs to your healthcare clients.
How Outsourced Medical Banking Improves Healthcare Payment Operations
Delivers an End-to-End Solution
Manage healthcare payment workflows across receipt, recording, deposit, reconciliation, digitization, archival, and data delivery.
Streamlines Exceptions Handling
Give providers electronic access to denials, secondary billing payments, remittance management, reconciliation, re-association, and appeals through an online portal.
Extends Your Legacy Lockbox Investments
Accept images from existing capture systems for EOB conversion, or use ibml as a fully outsourced remittance processing and EOB conversion service.
Enhances Visibility Reporting
Provide healthcare clients with access to image archival, reporting, data mining, and seven years of payment data storage.
Ensures Compliance and Control
Use HIPAA-compliant processes with audit trails and configurable controls for posting and tracking healthcare transactions.
Scalable Plug-and-Play Architecture
ibml’s extensible plug-and-play architecture is highly scalable, giving banks a flexible way to expand medical banking services without adding unnecessary complexity.
Medical Banking Services Available Through ibml
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Healthcare Lockbox Processing
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EOB Conversion Services
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ERA & EFT Reconciliation
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Payment Posting Support
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Document Capture & Image Management
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Exception Processing & Research
Medical Banking Service Brochure
Who Benefits From Outsourced Medical Banking Services?
Banks & Financial Institutions
Healthcare Providers
Revenue Cycle Management Organizations
Healthcare Payment Processors
How ibml Helped a Mid-Tier Bank Compete With Megabanks
Why Choose ibml for Outsourced Medical Banking
ibml has more than 30 years of experience helping organizations capture and move mission-critical document data into business systems. Our solutions are used across banking, financial services, healthcare, insurance, government, and BPO environments in more than 48 countries.
ibml takes a collaborative, customer-first approach, tailoring solutions around each client’s systems, workflows, and goals rather than forcing a rigid processing model. Banks expanding healthcare services get a partner with the experience and flexibility to support complex payment operations behind the scenes.
Request a Medical Banking Consultation
Talk to ibml about outsourced medical banking services that can help your bank expand healthcare payment processing, extend lockbox capabilities, and deliver postable healthcare payment data faster.
Talk to a Medical Banking Specialist
Outsourced Medical Banking FAQs
What are outsourced medical banking services?
Outsourced medical banking services can include healthcare lockbox processing, EOB conversion, ERA and EFT reconciliation, payment posting support, document capture, image management, and exception handling. These services help banks and financial institutions process healthcare payments without building the full operation in-house.
What types of healthcare payments can ibml support?
ibml can process paper-based and electronic healthcare payments from patients, insurance companies, and private payers. The service can also manage healthcare transactions that include paper explanation of benefits documents, electronic remittance advice, and electronic funds transfers.
Why would a bank outsource medical banking instead of building its own system?
A bank may outsource medical banking to enter or expand in the healthcare payment market without the cost, risk, or time required to deploy in-house systems. ibml gives banks a private-label option for offering medical banking services while ibml manages the operational processing.
Does outsourced medical banking replace a bank’s existing lockbox system?
Not necessarily. ibml’s medical banking service can extend the value of legacy lockbox processing solutions. The service can accept images from existing capture systems for EOB conversion or operate as a fully outsourced remittance processing and EOB conversion service.
How does ibml support compliance and control?
ibml’s medical banking service uses HIPAA-compliant processes and provides audit trails, configurable controls, reporting, and payment data storage for the posting and tracking of healthcare transactions.
Deliver an end-to-end solution
ibml’s medical banking service addresses the entire claims cycle: from originating and editing claims, communication and presentation, to the reconciliation, digitization and archival of claims data. In addition, the extensible “plug and play” architecture of our medical banking service is highly scalable.
Streamline exceptions handling
An online portal streamlines exceptions handling by making transactions such as denials, secondary billing payments and remittance management, reconciliation and re-association, appeals, and others available electronically to providers.
Extend your legacy lockbox investments
ibml’s medical banking service extends the value of legacy lockbox processing solutions. Our private-label service accepts images from any capture solution for EOB conversion. It also can be delivered as a completely outsourced remittance processing and EOB conversion service.
Enhance visibility and reporting
Benefit from image archival, robust reporting, data mining, and seven years of payment data storage.
Ensure compliance and control
ibml’s medical banking service is HIPAA-compliant and provides complete audit trails and configurable controls on the posting and tracking of healthcare transactions.