Fifth Third Bank, RMS to Offer Electronic Data Option to Healthcare Industry

Fifth Third Bank’s Treasury Management division today announced it has entered into a strategic relationship with Revenue Management Solutions (RMS), a medical payment and remittance system provider. The relationship will bring industry-leading paper electronification tools to the firm’s clients and represents a major milestone in Fifth Third Bank’s long history of commitment to the healthcare industry.

With this new capability, paper Explanation of Benefits (EOBs), currently captured as images within Fifth Third’s nationwide lockbox network, can now be converted into HIPAA-compliant data files using RMS’ proprietary technology. (HIPAA refers to the Healthcare Insurance Portability and Accountability Act of 1996.) By converting paper documents into electronic images, healthcare clients can streamline their receivables process and shorten their revenue cycle.