Rectangle Health, a recognized leader in healthcare technology solutions, announced a partnership with ECHO Health, a payments company focused on removing complexity, costs, and fraud risk from payment processing. This collaboration grants healthcare organizations unprecedented access to automated claims payment processing, Explanations of Payments (EOPs), and posting via the industry’s most comprehensive digital payment network.
Rectangle Health’s PayerSync solution fundamentally reinvents the payer reimbursement process by accelerating the revenue cycle for healthcare providers, delivering complete visibility into their payer payments, and reducing security and compliance risk through digitization, encryption, and automation. By integrating with ECHO, PayerSync users now gain expanded payments and remittance access to over 450 payers – ensuring significant reach and efficiency at the practice level.
“We’re excited to partner with Rectangle Health, an organization who shares our passion, history, and innovative philosophy of simplifying healthcare payments,” said Tom Davis, Chief Sales Officer at ECHO Health. “This collaboration represents a leap forward for the industry, fully digitalizing and automating the payment process at a critical juncture of the revenue cycle.”
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Current industry data, according to a Health Affairs Scholar study, indicates that healthcare providers typically endure a four- to six-week waiting period to receive and process payer reimbursements. PayerSync eliminates this bottleneck and speeds up the process by automating ECHO payments and EOPs into a single post directly within the healthcare organization’s Practice Management System (PMS) or Electronic Health Record (EHR). Customers report that payments are processed an average of 50% faster and payer cycles are reduced by an average of 12 days or more. Additionally, more efficient workflows save an average of 20 staff hours each month per location.
PayerSync automates ECHO payments through encrypted API connections, delivering secure, compliant deposits directly into the provider’s bank account — eliminating manual card entry and reducing errors. During this process, EOPs are standardized into a consolidated, consistent format, including remark codes. Finally, claims remittance can be easily reviewed and posted directly to patient accounts within the PMS or EHR.
“Through our partnership with ECHO, healthcare providers will activate PayerSync, an incomparable reimbursement experience that is completely automated,” said Michael Peluso, Chief Product and Strategy Officer at Rectangle Health. “This is the fastest way to receive payer payments, and it alleviates hours of tedious work that burden healthcare office staff and reduce the practice’s profits.”
SOURCE: PRNewswire