Ohio-headquartered Fifth Third Bank is launching RevLink Collect, a patient payment receivables solution for hospitals and healthcare organisations (view press release). RevLink Collect is part of the bank’s RevLink Solutions platform and healthcare receivables services, which aim to enable healthcare executives to reduce the collection cycle for patient payments and provide more accurate estimates for patients at the point of care. RevLink Collect payment collection options include check, cash, credit and debit card, ACH and payment plans. In addition, an online patient portal feature allows patients to make payments after they leave the healthcare facility rather than waiting for posted statements. Healthcare organisations that use the solution will be able to manage their reconciliation process by posting payments directly into their practice management systems.
“As healthcare costs continue to rise and more patients are participating in high deductible healthcare plans, the length of the collection cycle for patient payments continues to grow,” said Stuart Hanson, VP and Healthcare Line of Business Manager for Fifth Third Bank. “This product has a fee estimating tool, which can help healthcare organizations access real-time eligibility and benefits information for patients to accelerate the payment collection process and enhance access to working capital.”