JPMorgan Chase Announces Launch Of Healthcare Link Medical Claims Processing Service
JPMorgan Solution Improves Efficiencies and Reduces
Claims Processing Costs for Medical Insurers and Providers
NEW YORK – July 25, 2006 – JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today announced the launch of Healthcare LinkSM, a comprehensive solution for healthcare claims processing that enables providers to automate claims reimbursement and reduce administrative costs.
JPMorgan Chase’s Healthcare Link allows providers to systematically capture, format and post paper and electronic claims. This innovative solution significantly reduces days in accounts receivable, improves efficiency and automates downstream processes such as denial management, secondary billing and contract management.
“Healthcare organizations still spend an inordinate amount of time on manually-intensive handling of explanation of benefits (EOBs) and processing of claims, even though the Healthcare Insurance Portability and Accountability Act of 1996 (HIPAA) has established electronic standards,” said Martha Beard, Senior Vice President and Head of JPMorgan Chase’ Healthcare Solutions. “Healthcare Link automates claims processing, generates staff efficiencies and improves inquiry resolution and downstream workflow.”
JPMorgan Chase Healthcare Link provides fast, highly efficient electronic and paper claim processing in compliance with HIPAA. For electronic transactions, Healthcare Link enables receipt of electronic transmissions or extraction of files from insurer sources. The critical task of matching data to payments is done automatically. Healthcare Link is supported by Fisacure Inc, a technology company that provides HIPAA compliant electronic and paper claim processing services. For paper-based remittances, the firm leverages its lockbox processing facilities equipped with sophisticated image capture technology to convert these items to electronic files. Data is mapped to a variety of file formats, including EDI835 or proprietary files, for automatic posting into the client’s patient management system.
Prior to launching Healthcare Link, JPMorgan conducted thorough testing to ensure the service met stringent processing and quality standards and achieved projected returns. Cook Children’s Physician Network (CCPN), a 210-member physician group in Texas, tested the solution.
“The accuracy of the system is particularly impressive. Once a certain payor template is established, technology systematically reads the data from the EOBs and virtually eliminated our manual processes related to those EOBs, saving us $300,000 in reduced headcount,” stated Mitchell E. Williams, Assistant Vice President of Business Services at CCPN. “By customizing the standard 835 code output to include our special posting rules, we greatly accelerated and improved the posting process. Our auto-posting hit rate increased significantly. This has been a fantastic program.”
For more information about Healthcare Link, go to www.jpmorganchase.com/visit/pr/healthcarelink
About JPMorgan Chase Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is the world’s largest provider of treasury management services. More information can be found at www.jpmorganchase.com/ts.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
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