Regions Bank Launches Enhanced Treasury Management Services for Healthcare Clients
Regions Healthcare Receivables Services are the latest Treasury Management enhancements designed to help meet the needs of a growing healthcare industry.
Regions Bank on Monday announced the launch of enhanced Treasury Management services designed to help healthcare clients automate, streamline and effectively manage the entire payments process.
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Regions is launching enhanced Treasury Management services designed to help healthcare clients automate, streamline and effectively manage the entire payments process.
Regions Healthcare Receivables Services are now powered by MediStreams, a healthcare revenue cycle management company that works with Regions to automate remittance processes and help clients speed up transaction reviews and processing for faster payment reconciliation. As more business clients turn to technology to automate accounting processes, these services are compatible with accounting systems across the marketplace.
"Regions delivers cutting-edge Treasury Management solutions that make banking with Regions a differentiator for our clients," said Bryan Ford, head of Regions Treasury Management. "Through our continued investment in technology and innovation, coupled with guidance and insights from our bankers, clients have more support than ever to manage and grow their business. We are proud to work with MediStreams to provide these enhanced services to healthcare clients, and we look forward to continuing to grow our approach to serving this vital industry."
How does it work?
Regions Healthcare Receivables Services are specifically designed for major health systems, physician groups, clinics, labs, pharmacies and other healthcare organizations. Clients will continue to work with iTreasury, the bank's treasury management platform, for deposit support. With MediStreams, clients can now incorporate patient healthcare data for more automated financial management. Key features include:
- Paper Explanation of Benefits (EOB) Conversion. This option allows clients to convert paper-based EOB statements for easier processing through Regions Lockbox Services. Regions receives the paper EOB and sends a file to MediStreams to convert to a digital format. Payments can post faster, employee time spent on manual entry is reduced, and it improves accuracy and quicker identification of denial claims.
- Faster Patient Payment Processing. This feature allows business clients to process patient payments in their operating system at the time of service. Within 24 hours, the payment is automatically posted to the accounts receivable software with the correct file format and payment confirmation.
- Electronic Remittance Advice (ERA) Processing. Data and images from remittance information are automatically and securely imported into existing accounting software.
- Reconciliation. This benefit helps reduce costs and save time with automatic reconciling of bank funds for real-time cash flow overview.
- Correspondence. Clients can easily view, categorize and work correspondence in the MediStreams web portal. Additionally, they can assign and route requests to specific users for required follow-up tasks and keep track of updates in real time.
"Regions Bank has an impeccable reputation for delivering high-quality, responsive customer service," said Joe Maher, MediStreams President and CFO. "We're proud to support that mission by helping their healthcare clients automate the many manual processes, such as payment posting and reconciliation, often tied to complex payment workflows. Our successful integration efforts extend beyond the technology itself to include implementation, daily operations, and ongoing revenue optimization. Together with MediStreams and Regions, healthcare clients gain important financial guidance and proven automation that accelerates cash flow, reduces administrative burden, and delivers lasting value."
In addition to Regions Healthcare Receivables Services, the bank provides broader support to healthcare clients through its Healthcare Banking group. These skilled bankers bring deep industry knowledge, experience, insights and understanding to deliver a full range of capital solutions to meet client needs. Further, Highland Associates, Inc., a subsidiary of Regions Financial Corp., serves the investment allocation needs of not-for-profit healthcare entities and mission-based organizations and provides guidance and strategic support for portfolio management. Together, these resources are available to help healthcare clients effectively manage day-to-day needs and long-term business goals.
"Regions is a recognized leader in serving the healthcare industry, and our work continues to grow as we enhance the client experience so our clients can focus more on patient care," said Mark Hardison, head of Regions' Healthcare Banking group. "Our bankers help clients manage the challenges and opportunities in healthcare with personalized insights and resources tailored to their needs. We are proud to support the operational missions of our healthcare clients who are making an incredible impact in the lives of patients."
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $160 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 1,850 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Highland Associates
Highland Associates is registered with the United States Securities and Exchange Commission under the Investment Advisors Act of 1940. Highland Associates is a wholly owned subsidiary of Regions Bank, which in turn is a wholly owned subsidiary of Regions Financial Corporation. Non-Deposit Products including investments, securities, mutual funds, insurance products, crypto assets and annuities: Are Not FDIC-Insured | Are Not a Deposit | May Go Down in Value | Are Not Bank Guaranteed | Are Not Insured by Any Federal Government Agency | Are Not a Condition of Any Banking Activity.
About MediStreams
MediStreams provides healthcare payment and remittance automation solutions that streamline complex payment processes. With industry-leading accuracy, real-time visibility, and rapid configurability, the MediStreams Cascade™ product suite turns manual processes into automated workflows that empower organizations to post and reconcile payments faster, more efficiently, and in a scalable, cost-effective way. Follow us on LinkedIn and learn more at www.MediStreams.com.
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Media Contact:
Jennifer Elmore
Regions Bank
(334) 240-1220
Regions News Online: regions.doingmoretoday.com