CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank (Nasdaq: FITB) has launched RevLink Collect, a new patient payment receivables solution, benefitting hospitals and healthcare organizations. This offering will help healthcare executives reduce the collection cycle for patient payments and provide more accurate and timely estimates for patients.
“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,” says Stuart Hanson, vice president and Healthcare Line of Business Manager for Fifth Third Bank. “This product has a reliable 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.”
RevLink Collect, which is part of Fifth Third Bank’s RevLink Solutions platform and healthcare receivables services, enables healthcare organizations to quickly generate and collect patient payments at the point of care. RevLink Collect provides a full suite of payment collection options, including check, cash, credit and debit card, Automated Clearing House (ACH), and payment plans. An online patient portal feature allows patients to make payments after they leave the healthcare facility rather than wait to receive statements in the mail. RevLink Collect also makes it easier for healthcare organizations to manage their reconciliation process by posting payments directly into their practice management systems. All of the RevLink Collect solution services are both compliant with the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry (PCI) Security Standards Council.
For more information about the Bank’s entire suite of receivables solutions tailored for the healthcare industry, visit www.53.com/healthcare.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,409 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2012, had $296 billion in assets under care, of which it managed $26 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 on the NASDAQ® National Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.