Irish electronic payment and reconciliation technology company Trintech has introduced a range of web applications tailored to enable financial and healthcare companies save money and manage risk.
The company yesterday released Lifecycle Management (LCM), its next generation payments technology aimed at financial firms.
LCM Payments is a browser-based account reconciliation and positive pay solution that enables financial institutions to provide their clients with a more diverse range of real-time capabilities, while consolidating multiple existing systems into a single integrated platform. It includes advanced fraud prevention technology to provide clients with complete visibility into the status of their account reconciliation programs.
“The need for payment lifecycle management is important to businesses and banks,” said Maggie Scarborough, research manager for corporate banking at Financial Insights, an IDC Company.
“Organisations want highly leverage-able transaction management capabilities that provide flexibility to improve transaction quality, manage and improve processes and facilitate compliance from a single solution.”
Trintech’s healthcare division Concuity also brought out a technology aimed at hospitals and health management companies called ClearContracts, a suite of web-based applications designed to fit into a healthcare operator’s revenue cycle management plan.
“The healthcare market is an important market segment for many commercial banks, contributing a significant portion of treasury management lockbox fee income and balance generation,” said Susan Feinberg, research director for Wholesale Banking, TowerGroup. “Financial institutions are seeking unique, value-added payment system solutions that provide a competitive advantage.”
Unlike large hospital information and practice management systems that cannot process complex contract terms, model contracts, and identify and track payment errors, ClearContracts allows users to analyse every single claim flowing through their system, based on the complex terms of their contracts, including carve outs, high-cost drugs, stop-loss, and many other payment methodologies.
“In less than four months, US$1.37 million of underpayments had been appealed and US$1.24 million of that actually collected. I have every reason to believe that we can increase revenues by US$3-6 million annually using Concuity’s solution,” said Mike Butler, chief financial officer, Providence Health System.
By John Kennedy