BMO Launches System to Accelerate ARM and Claims for Healthcare Providers

BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (NYSE: BMO), has partnered with HealthLogic Systems Corporation, a pioneer in healthcare technology innovations, to launch DirectLine – Healthcare Remittance. This Web-based platform, designed for BMO’s healthcare clients, simplifies accounts receivable by transforming how healthcare providers process insurance payments and claims. Traditionally paper-intensive documents such as paper checks, explanations of benefits (EOBs) and electronic payments now can be collected in a single system for faster reporting and reconciliation.

"Our healthcare clients are looking to reduce costs and make their processes more efficient. We have met these needs by providing a solution that both decreases capital float exposure and reduces payment cycle time," said Jim Love, Managing Director and Head, Healthcare Group, BMO Capital Markets.

"Leveraging our deep understanding of the challenges facing the healthcare industry today, and through our partnership with HealthLogic Systems, we are offering the best of breed solution designed to increase cash availability for our healthcare clients," added Marnie Kinsley, Executive Managing Director and Head, Global Cash Management Services.

BMO Capital Markets introduced the new offering during the Healthcare Financial Management Association’s (HFMA) annual conference in San Diego today.

DirectLine – Healthcare Remittance makes the cash application cycle more efficient by reducing the number of days to post manual entries, decreasing exception processing and simplifying reimbursement functions such as check reconciliation and claims follow up.

Other benefits of DirectLine – Healthcare Remittance include: – Consolidated remittance reporting – Denial management – Secondary billing – HIPAA compliant online archive retrieval – Reduced dependency on mail and decreased storage cost.