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Comerica Bank's New Product Helps Healthcare Industry Reduce Costs and Go Electronic

Posted on: Wednesday, 30 September 2009, 08:00 CDT

DALLAS, Sept. 30 /PRNewswire-FirstCall/ -- Comerica Bank today announced the launch of a web-based product aimed at reducing healthcare industry costs and facilitating the electronic delivery of payment information. The Comerica Healthcare Receivables Automation Solution is designed to expedite payment processing for healthcare providers, helping create a more efficient healthcare system.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)

"Nearly a third of every healthcare dollar is spent on paperwork and other labor intensive administrative costs," said Daniel J. McCarty, senior vice president and director of Treasury Management Services for Comerica. "Healthcare providers have told us they need to streamline their back-office operations in order to reduce costs. With our web-based platform for electronic remittances, our healthcare customers have a tool to help them achieve their cost-reduction goals."

Comerica's complete remittance solution for healthcare providers is robust. It converts paper explanations of benefits into electronic, HIPAA-compliant 835 remittance advices. It also provides electronic remittance advice consolidation with payment matching and connection to an online archive. HIPAA is the Healthcare Insurance Portability and Accountability Act, which, among other things, set medical payment document standards.

Comerica has selected Revenue Management Solutions, LLC of Oklahoma City, Oklahoma, a medical payment and remittance system provider, to perform administrative functions for this service.

"We believe Comerica Healthcare Receivables Automation Solution is a comprehensive, bottom-line solution that can improve cash flow for the healthcare industry by reducing the back-office operation costs of healthcare providers," McCarty said. "This is important given the national debate about healthcare reform, as reduced operational costs may provide a meaningful savings for American taxpayers."

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $63.6 billion at June 30, 2009. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.

SOURCE Comerica Bank

Source: PR Newswire

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