BOSTON--(BUSINESS WIRE)--Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced that its Commercial Banking division is collaborating with Revenue Management Solutions (“RMS”), a healthcare remittance provider, to offer an end-to-end receivables lockbox product for its healthcare clients. The remittance and reconciliation process for healthcare providers is often a time-consuming, repetitive, manual task. The RMS streamlined solution allows healthcare providers to automate their revenue cycle, saving them time, reducing costs, and optimizing more resources to help support their mission and growth needs.
“The global pandemic emphasized the unique payment processing needs of the health care industry,” said Ken Deveaux, Head of Transaction Banking at Santander Bank. “Our relationship with RMS represents Santander’s ongoing commitment to bringing efficient and straightforward digital capabilities to clients so they can focus more time on growing their businesses.”
The combined Santander and RMS healthcare solution is designed to deliver for public or private entities that are in the business of providing healthcare services, including hospitals, community health centers, clinics, diagnostic centers, life sciences organizations and pharmaceutical companies. The offering provides myriad bottom-line benefits to companies using the platform, such as the elimination of paper-based explanation of benefits, elimination of manual data entry, reconciliation and posting of payments, elimination of manual reporting, improved analytics, increased efficiencies and employee productivity, and a reduction in overall operating costs.
“RMS is pleased to offer our signature product in association with Santander, which will help empower the Bank’s healthcare clients and prospects to strengthen their receivables process and condense their revenue cycles,” added Scott Thomas, Chief Executive Officer of RMS. “We look forward to supporting Santander’s growth in the healthcare banking segment.”
About Santander Bank, N.A.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital and grow their businesses domestically and internationally. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 149 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.
Founded in 2006, and based in Oklahoma City, Oklahoma, RMS (www.rmsweb.com) is the leading technology-based healthcare remittance automation platform tool available in the market. Currently used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers and facilities to optimize the remittance matching, reconciliation, and management processes. The Company, which processes over 16 million transactions each month, offers its technology-driven solutions both directly to customers and through established channel relationships with leading financial institutions throughout the United States.