RealMed has many services focused on payers. Within revenue cycle management, it is important that payers, providers and patients all receive services to help with efficiencies and productivity.
One of the biggest challenges for most providers is managing patient payments and collection of member liability. RealMed has developed a solution to make this process convenient for members, while expediting payment to providers.
RealMed’s Banking Connectivity Hub was built for Payers and Pharmacy Benefit Managers (PBM’s) to easily make electronic financial transactions against an HSA/HRA/FSA account once a patient liability amount is established. These transactions exchange data in real time via the web services and file transfers.
This hub, an application that integrates with debit card systems was built primarily for Consumer Directed Health Plans (CDHP’s) with the goal of enabling health plans and PBMs to enable connectivity to multiple fiduciary entities. Featuring real-time transactions via the web, file transfer or other proprietary interfaces, a debit is instantly triggered once a patient liability amount is established.
The Banking Connectivity Hub allows for smoother transactions and administration by virtually eliminating the collections process for providers as well as the added convenience for members.