ibml Launches Outsourced Healthcare Revenue Cycle Management Service

By Rajani Baburajan
TMCnet Contributor

ibml, a provider of scanning and document capture solutions and services, has launched an outsourced healthcare revenue cycle management service.

Targeted at the financial institutions and healthcare providers, the outsourced service streamlines the receipt, recording, deposit and reconcilement of any healthcare payment, ensuring reporting for a healthcare provider's accounts receivable (AR) system.

ibml's service is designed to manage all electronic and paper-based payments from patients, insurance companies and private payers. The ibml service converts all elements of a healthcare transaction, including paper-based explanation of benefits (EOB) documents, into the postable 835 electronic format.

ibml will primarily market its healthcare service to bank lockbox providers. The service can be delivered as an extension of a bank's lockbox offering. ibml can accept images from any capture solution for EOB conversion. ibml can also provide the bank with remittance processing and EOB conversion.

“Our bank lockbox customers have received numerous requests from their healthcare clients for EOB conversion services,” said Benny Tate, director of healthcare services, ibml, in a statement.

ibml is offering its healthcare revenue cycle management service through Fi-Med Management, which offers billing, receivables management, collections, credentialing, RAC risk assessment and other financial management and reporting services to physicians, labs and medical centers nationwide.

The company selected Fi-Med based on its track record in delivering healthcare payments solutions and its ability to handle high healthcare claims volumes. ibml is integrating Fi-Med's receivables management functionality into ibml's lockbox operations.

“Fi-Med is excited to partner with ibml on its new healthcare revenue cycle management service,” said Christine Krause, co-founder of Fi-Med. “By expanding its offerings to include revenue cycle management, ibml can offer a valuable service to its clients in the banking and healthcare markets.”

Recently, ibml signed an agreement with Eastman Kodak (News - Alert) Company to expand its global reseller and worldwide service relationships. Eastman Kodak Company provides imaging technology products and services to the photographic and graphic communications markets across the globe. As per the new agreement, the reseller and service and support network will serve customers in Kodak’s Asia Pacific Region.