Fifth Third Bank has rolled out a new patient payment receivables solution RevLink Collect, which the bank claims to be beneficial for hospitals and healthcare organizations.
RevLink Collect, a unit of Fifth Third Bank offers a comprehensive set of payment collection options, such as check, cash, credit and debit card, Automated Clearing House (ACH), and payment plans.
It is an e-portal, which enables patients to make payments after they leave the healthcare facility rather than wait to receive statements in the mail.
The latest offering will enable healthcare executives to reduce the collection cycle for patient payments and provide more accurate and timely estimates for patients, claims Fifth Third Bank.
Fifth Third Bank vice president and healthcare line of business manager Stuart Hanson said 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.
"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," Hanson added.