Emdeon Inc. (NYSE: EM), a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, and Fifth Third Bank today announced that RevLink SolutionsSM will be powered by Emdeon’s Payment Automation platform.
Fifth Third’s RevLink product suite helps healthcare providers improve their working capital, streamline their revenue cycle and reduce back office expenses by automating the claim and payment posting process. Combining Fifth Third’s Healthcare Lockbox with Emdeon’s Payment Automation services, payer network and clearinghouse services will help providers eliminate paper checks, reduce costs and shorten the revenue cycle.
The Emdeon and Fifth Third Bank collaboration on the updated RevLink 4.0 will leverage advanced paper truncation workflow and help to eliminate unnecessary paper document processing. This reduction of paper documents also will help to reduce associated privacy protection and HIPAA-compliance risks for providers. The new solution will be available in third quarter 2011.
“Now more than ever, healthcare providers are looking to their banks and technology partners for cost saving solutions to help bend the cost curve,” said Tom Turi, senior vice president of financial services for Emdeon. “A significant achievement for both of our organizations, the introduction of RevLink 4.0 merges the proven capabilities of our respective platforms and mutual commitment to superior service into a single leading-edge solution designed to deliver bottom-line benefits to the healthcare industry.”
While the long-term impact of recent healthcare reform remains unclear, the American Recovery and Reinvestment Act (ARRA) and Patient Protection and Affordable Care Act (PPACA) is already affecting the way providers handle payments, including a greater emphasis on electronic processing.
“Administrative and financial transactions in the healthcare space are truly converging and we share a vision with Emdeon to help our collective clients achieve a competitive advantage through this process,” said Kevin Lavender, senior vice president and Managing Director, Specialized Lending for Fifth Third Bank. “The healthcare system is undergoing a fundamental shift and our clients’ needs are changing rapidly, including their need for more innovative and integrated business processing solutions. We decided to team with Emdeon on RevLink 4.0 because of their long-standing leadership position and experience in electronic transactions processing.”
For more information about Fifth Third Bank Healthcare Solutions, please visit www.53.com/healthcare.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $110 billion in assets and operates 15 affiliates with 1,316 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,447 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2011, had $274 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com . Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
Emdeon (NYSE: EM) is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon’s product and service offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of Emdeon’s comprehensive suite of products and services, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle and clinical information exchange processes. For more information, visit www.emdeon.com.