Healthcare Banking


Opportunities From Financial Efficiencies

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Healthcare Banking


Shorten Your Revenue Cycle

Learn how Carolinas HealthCare System
achieved 100% auto-posting >

Awards & Recognition

  • 92% of state governments served by Public Sector Banking team
    internal BofAML data, 2013
  • 76% of top 50 cities by population served by Public Sector Banking team
    U.S. Census 2010, 2013

Overview

Supporting the innovative and vital work of businesses across the healthcare industry requires forward looking ideas and focused expertise. We keep in step with your changing needs, working closely to understanding every nuance and leverage the industry leading knowledge and global platform of Bank of America Merrill Lynch to help you succeed.

Advantages

  • Leading expertise and experience serving the full range of healthcare businesses and sectors

  • Customized solutions and services backed by more than $50 billion in commitments to the healthcare industry*

  • Dedicated client manager and a team of specialists to address your complete financial and advisory needs

*As of September 2010

Revenue Cycle Management

Replace complex, paper-intensive processes with automated solutions that increase your flexibility, efficiency and enable access to better information when you need it.

  • Give your patients more convenient ways to pay via ACH, healthcare card or check and save time with increased automation.

  • Eliminate paper EOBs from your process with an electronic file that you can easily upload to your patient accounting system.

  • Move to electronic remittances advices (ERA) more quickly using our managed payer enrollment network.

  • Use web-based image access and reporting, and enhanced denial and contract management features, to more quickly and accurately appeal denial charges, forecast expected claims payments, and be alerted to discrepancies.

Disbursement Management

Simplify your payments processes and gain flexibility to select from a variety of payment types for each payee, including ACH, card, wire and check.

  • Use comprehensive payables to simplify payments to suppliers and vendors and for HIPAA-compliant claims.

  • Provide us with your vendor names and let us do the rest to help you maximize vendor adoption of AP card payments.

  • Gain benefits such as volume-based cash payout incentives, earn float and manage working capital more efficiently.

White Paper

Exploring Different Treatment Options for Reducing Paper

The Affordable Care Act mandated the creation of operating rules to make the processing of electronic claim payments more efficient and to encourage the migration away from paper. While payers and providers already leveraging electronic payments may see immediate benefits, reducing the amount of paper payments in the industry will be a slower process. This report describes the obstacles, outlines some principles to guide an effective transition to electronic payments, and suggests key components of a comprehensive, long-term solution.

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HealthLeaders

Roundtable: Cost-Cutting, Efficiencies, and the Revenue Cycle (video)

Healthcare margins tighten and cost-cutting takes center stage. Watch an excerpt of the latest HealthLeaders Media Roundtable as they discuss Cost-Cutting, Efficiencies, and the Revenue Cycle.

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HealthLeaders

Cost-Cutting, Efficiencies, and the Revenue Cycle: Roundtable Summary

As healthcare margins tighten and cost-cutting takes center stage, professionally run healthcare organizations seek efficiency gains in their financial operations.

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Article

Consumer-Centric Healthcare: Treasury Impacts on Payers and Providers

The U.S. healthcare industry is in the midst of a major transition, driven largely by changes brought about by healthcare reform. Moving from a traditionally passive role in the delivery of healthcare, consumers are now supplanting employers as key decision makers for their own healthcare and related insurance services. This paper describes the emerging consumer-centric healthcare market, and highlights many of the ways payers and providers — including their treasury functions — will need to respond to prosper in this new environment.

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White Paper

Integrated Healthcare: Considering the Payment Implications

Integrated healthcare is an emerging approach to care delivery designed to improve quality of care, reduce overall costs, and enable payers and providers to share in the corresponding savings. It encompasses a number of new care-delivery models, all featuring some form of payment tied to both cost and quality outcomes. One recent research report has suggested that the migration to these new models could lead to a trillion dollars in savings in the United States healthcare industry over the next decade.1 And while the industry is clearly moving in this irection, the administrative needs are daunting, as are the implications to processing healthcare payments. As healthcare organizations evolve into this new model, payers and providers alike will need to address the workflow and business process implications of the new transaction models.

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HealthLeaders

Executive Insight Report: Opportunities From Financial Efficiencies

The fourth Executive Insight Report explores the results of a new HealthLeaders Media Buzz Survey on making sure their healthcare organizations are working at peak efficiency. Healthcare leaders say the greatest financial efficiencies are to be found in the revenue cycle.

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HealthLeaders

Financial Efficiencies Buzz Survey

A three-question survey on financial efficiencies. Executives from hospitals, health systems, physician organizations, and other groups were asked about opportunities for financial efficiencies, exposure to potential loss, and sources for financial efficiencies guidance.

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HealthLeader

Top Skills for Top Executives: Roundtable Summary

Leaders must delegate risk management, case management, and medical informatics, among other priorities, while staying on course with strategic goals.

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HealthLeader

Roundtable: Top Skills for Top Executives (video)

The healthcare industry is experiencing a dramatic shift in key competencies. Watch an excerpt of the latest HealthLeaders Media Roundtable as they discuss Top Skills for Top Executives.

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HealthLeaders

Executive Insight Report: Top Skills for Top Executives

The third Executive Insight Report explores the results of a new HealthLeaders Media Buzz Survey on skills and resources. The data reveals that Communication is the most important skill for an executive in the healthcare industry.

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Article

Revenue Cycle Strategist: Three Key Emerging Revenue Cycle Trends

Three Key Emerging Revenue Cycle Trends — Revenue cycle professionals are gearing up to serve more patients, operationalize new payment models, and ramp up the pursuit of paperless payment.

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HealthLeaders

Skills and Resources Buzz Survey

Senior healthcare leaders were asked about the most important skills for an executive in the healthcare industry and key motivators for seeking external financial expertise.

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White Paper

Healthcare Gets Ready for Electronic Payment of Medical Claims

Momentum towards electronic payments in the healthcare industry continues to build, spurred by the Patient Protection and Affordable Care Act (PPACA). Payers and providers can reap the efficiency benefits of administrative simplification by working with their banks to position themselves for the important elements of the PPACA which take effect on January 1, 2014.

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HealthLeaders

Executive Insight Report: Capital Finance and Industry Consolidation

The second Executive Insight Report explores the results of a new HealthLeaders Media Buzz Survey on capital finance and industry consolidation. The data reveals that many healthcare organizations are following similar strategies when it comes to acquisitions and affiliations.

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HealthLeaders

Capital Finance and Industry Consolidation Buzz Survey

A survey on capital funding was sent to members of the HealthLeaders Media Council. Senior leaders from hospitals, health systems, physician organizations, and other groups were asked about their plans for M&A, partnership, or affiliation efforts.

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HealthLeaders

Capital Finance: Changing Structures Roundtable Summary

Read what industry leaders say about joining capital considerations with strategic planning to ready their organizations for the new era of healthcare.

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HealthLeaders

Capital Funding Buzz Survey

Senior healthcare leaders were asked about priorities for capital investment, the key drivers of capital investment, and the primary sources of capital investment over the next 2-3 years.

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Product Video

Managing Risk with Patient and Payment Information

A video discussion on the risks of paper use in patient payment processing offers ways Bank of America Merrill Lynch can help.

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Case Study

Carolinas HealthCare System Case Study: Shorten your Revenue Cycle (video)

Learn how Carolinas HealthCare System (CHS) increased their auto posting rate from 60%-100% across 250 practices with the help of HealthLogic.

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