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As providers move from a paper to an electronic processing environment,they are challenged by the task of integrating varying ERA data streams intotheir back office operations. By collecting and reconciling the AutomatedClearing House (ACH) transactions and HIPAA-compliant 835 data files, ERAIntegration is able to normalize the data. (HIPAA refers to the HealthcareInsurance Portability and Accountability Act of 1996.) This enables theprovider's patient accounting system to more readily accept the transactionsand reduce exceptions. "The healthcare industry is slowly moving to acomplete digitized processing environment," said Nav Ranajee, vice presidentof healthcare solutions for Fifth Third Bank. "Our ERA Integration solutionis designed to ease the transition and generate process efficiencies."
By managing multiple data connections to payers and clearinghouses, ERAIntegration provides healthcare clients with a single, manageable data filethat allows automated posting and that captures accurate information.
"Competitive pressures, a complex regulatory/reimbursement environment andthe increased cost of doing business have prompted healthcare providers tofind more effective ways to streamline patient claims and reduceadministrative costs," said Kevin Lavender, senior vice president and head ofnational healthcare for Fifth Third Bank. "The combination of Fifth ThirdBank's EOB Capture and ERA Integration solutions will help healthcareprofessionals to realize significant cost savings by streamlining theirrevenue cycle operations."
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial servicescompany headquartered in Cincinnati, Ohio. The Company had $111 billion inassets, operates 18 affiliates with 1,234 full-service Banking Centers,including 108 Bank Mart locations open seven days a week inside select grocerystores and 2,216 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operatesfive main businesses: Commercial Banking, Branch Banking, Consumer Lending,Investment Advisors and Fifth Third Processing Solutions. Fifth Third isamong the largest money managers in the Midwest and, as of December 31, 2007,has $223 billion in assets under care, of which it managed $33 billion forindividuals, corporations and not-for-profit organizations. Investorinformation and press releases can be viewed at www.53.com. Fifth Third'scommon stock is traded through the NASDAQ(R) National Global Select MarketSystem under the symbol "FITB." Member FDIC.
SOURCE Fifth Third Bank
