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Press
Release 5 April 2007
FIFTH THIRD BANK,
RMS TO OFFER ELECTRONIC DATA OPTION TO HEALTHCARE
INDUSTRY
HIPAA-Compliant Data Conversion Solution
Streamlines Receivables Processes for Healthcare
Providers, Payers
Cincinnati – Fifth Third Bank’s Treasury
Management division today announced it has entered
into a strategic relationship with Revenue Management
Solutions (RMS), a medical payment and remittance
system provider. The relationship will bring industry-leading
paper electronification tools to the firm’s
clients and represents a major milestone in Fifth
Third Bank’s long history of commitment to
the healthcare industry.
With this new capability, paper Explanation of Benefits
(EOBs), currently captured as images within Fifth
Third’s nationwide lockbox network, can now
be converted into HIPAA-compliant data files using
RMS’ proprietary technology. (HIPAA refers
to the Healthcare Insurance Portability and Accountability
Act of 1996.) By converting paper documents into
electronic images, healthcare clients can streamline
their receivables process and shorten their revenue
cycle.
“Our commitment to the healthcare industry
is one of our top priorities, and our relationship
with RMS will allow us to continue bringing solutions
to the marketplace that meet the unique challenges
of payers and providers,” says Kevin Lavender,
senior vice president and national healthcare business
executive for Fifth Third Bank. “We look forward
to leveraging this relationship to help our clients
achieve their business goals.”
The automation of manual collection processes also
will result in faster, more cost effective data
conversion that allows assets to be redeployed while
maintaining critical HIPAA compliance.
“We are pleased to have been selected by Fifth
Third to be a part of their comprehensive service
offerings to the healthcare industry,” says
Tom Dean, chief executive officer for RMS. “Providing
innovative technology solutions to advance the electronification
of healthcare paper processing is the guiding principle
for our business, and we look forward to working
with
Fifth Third to deliver an integrated solution to
their clients.”
For information about Fifth Third Bank and its healthcare
solutions, please visit www.53.com. For information
about RMS, please visit www.revmansolutions.com.
About RMS, LLC
Revenue Management Solutions, LLC (RMS) is headquartered
in Oklahoma City, Oklahoma. Founded in 2006 with
the majority of its investors based in Lafayette,
Louisiana, RMS has developed and commercialized
a proprietary streamlined, end-to-end approach to
processing healthcare receivables, which aims to
stem rising administrative costs in healthcare.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services
company headquartered in Cincinnati, Ohio. The Company
has $100.7 billion in assets, operates 19 affiliates
with 1,161 full-service Banking Centers, including
109 Bank Mart locations open seven days a week inside
select grocery stores and 2,102 Jeanie? ATMs in
Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Pennsylvania and Missouri.
Fifth Third operates five main businesses: Commercial
Banking, Branch Banking, Consumer Lending, Investment
Advisors and Fifth Third Processing Solutions. Fifth
Third is among the largest money managers in
the Midwest and, as of December 31, 2006, has $220
billion in assets under care, of which it managed
$34 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 through the NASDAQ? National Global Select
Market System under the symbol "FITB."
Member FDIC.
Contact Information:
Amy Williams
Fifth Third Bank
Telephone: (513) 534-6791
Scott Thomas
RMS, LLC
Telephone: (337) 292-9299
www.revmansolutions.com
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