New technology accelerates processing time by 50%, eliminates manual claim payment steps
into single automated process among payers, providers and healthcare consumers
Boston, M.A. — July 19, 2023 – Zelis, a healthcare technology company modernizing the healthcare financial experience for all, today announced a partnership with Rectangle Health, a financial technology company providing software solutions to healthcare organizations, to launch the first of its kind, straight-through processing of healthcare and dental digital payments for healthcare providers.
This revolutionary technology transforms providers’ workflow by streamlining several separate manual steps in digital payments, including receiving virtual payments, entering card transactions into merchant processing terminals, and managing patient payment, into a single automated process. The end-to-end solution, powered by Zelis’ Advanced Payments Platform (ZAPP) and Rectangle Health’s Practice Management Bridge®, automates both healthcare insurance payments and any out-of-pocket payments directly to providers’ existing revenue management system. Additionally, it enables digital payments from payers directly into providers accounts without any manual intervention or sharing of banking information.
This solution comes at a time when healthcare practices and organizations are grappling to solve staffing shortage – 63% of providers are struggling with RCM staffing issues – and profitability challenges. This solution far exceeds the benefits of a standard electronic healthcare transaction by reducing friction, times to receivables, costs and staffing requirements, eliminating manual reconciliation and providing automatic claims posting while adding a higher level of security. Through the Zelis & Rectangle Health straight-through processing platform, providers realize an increased savings in processing time from 60% to 90%, freeing them to care for healthcare consumers and their staff to focus on higher-value tasks,
“This ground-breaking digital innovation delivers insurance payments and claim detail directly to the provider’s practice management system,” said Yusuf Qasim, President of Payments Optimization at Zelis, “Straight-through processing, an automated process done by electronic transfers with no manual intervention involved, streamlines and simplifies the entire insurance claim process and stands to transform the financial and accounting landscape for every healthcare organization.”
In partnering with Rectangle Health, Zelis will push payer virtual payments through the patented technology platform – transferring payments directly, matching claims, and automating the process of settling healthcare consumers’ claims. The technology reduces overall processing time by two weeks and eliminates paper.
“This technology completes the revenue cycle by connecting insurance claims to the healthcare consumer record without intervention,” said Michael Peluso, Rectangle Health’s Chief Technology Officer. “Our partnership with Zelis brings a solution to the industry that no one else offers and is for the betterment of every healthcare practice, staff, and consumer by resolving lengthy administrative tasks and lack of connectivity while giving providers back time to deliver additional care to their patients.”
Together, Zelis and Rectangle Health deliver the most cutting-edge solution in healthcare today. This advancement focuses on the value of automation and digitization, helping clients and partners future-proof their organizations with leading technology that delivers massive efficiency and increased cash-flow.
# # #
Zelis is modernizing the healthcare financial experience by providing a connected platform that bridges the gaps and aligns interests across payers, providers, and healthcare consumers. This platform serves more than 700 payers, including the top-5 national health plans, BCBS insurers, regional health plans, TPAs and self-insured employers, and millions of healthcare providers and consumers. Zelis sees across the system to identify, optimize, and solve problems holistically with technology built by healthcare experts – driving real, measurable results for clients. Learn more at Zelis.com and follow us on LinkedIn to get the latest news.
About Rectangle Health
Rectangle Health equips healthcare practices with the technology and tools to attract and retain patients from digital registration to post-care billing. The company’s end-to-end customizable platform enhances the patient experience, reduces administrative burden, boosts financial stability, and simplifies healthcare and payment compliance. Since 1993, Rectangle Health has streamlined practice management workflows for tens of thousands of practices in the United States.