Santander collaborates with Revenue Management Solutions to launch end to end healthcare receivables solutions

Covid-19 pandemic has pushed many commercial payment companies to look into the shortcomings of the healthcare industry and provide products and services to improve and update payment services.

This week, Santander Bank, the multinational bank and financial services company has announced that its Commercial banking division is collaborating with Revenue Management Solutions (RMS) which is a healthcare remittance provider to launch an end-to-end receivables lockbox product for its healthcare clients.

In the press note, the company notes that the remittance and reconciliation process for healthcare providers is “a time-consuming, repetitive, manual task” and to tackle this, RMS streamlines a solution that allows healthcare providers to automate their revenue cycle, saving them time and reducing costs.

“The global pandemic emphasized the unique payment processing needs of the healthcare industry,” said Ken Deveaux, Head of Transaction Banking at Santander Bank.

This year, Repay and VBA partnered for B2B healthcare payment offerings to streamline payment solutions while in 2020, Boost Payments and GHX team teamed up to push the acceptance of commercial payments in the healthcare industry.

Inworks and U.S. Bank collaborated to improve the healthcare system in the US in terms of processing payments to suppliers, physicians, insurance companies and patients.

According to the press release, the partnership between Sandander and RMS would provide healthcare solutions for public and private entities operating in healthcare industry with services such as ‘elimination of paper-based explanation of benefits, elimination of manual data entry, reconciliation and posting of payments, elimination of manual reporting, improved analytics, increased efficiencies and employee productivity, and a reduction in overall operating costs’.

RMS is an Oklahoma based technology company providing healthcare remittance automation platform tools and it currently processes over 16 million transactions each month.