Cincinnati-based, Fifth Third Bank has launched a new payment receivables solution for hospitals and healthcare organizations. The product, called RevLink Collect, is designed to help healthcare executives reduce the collection cycle for patient payments and provide more accurate and timely estimates for patients, according to the bank.
According to Fifth Third, RevLink Collect provides a full suite of payment collection options, including check, cash, credit and debit card, 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 allows 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, said the bank.