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Co-Founders Jim Coyle, the CEO and John Koch, COO, formed MediStreams to automate healthcare revenue cycle management (RCM) remittance processing and provide measurable business value to health systems, hospitals, clinics, physician groups, labs, and clinics. The vision was to build a technology platform to improve the efficiency and accuracy of payment posting and remittance management while reducing administrative costs.
Healthcare billing is unique, extremely complex, and forever changing. Most healthcare payments are electronic, but providers continue to receive payments as paper Explanation of Benefits combined with a traditional paper check. Patient Payments on paper are also on the rise. Electronic Fund Transfers are deposited directly to a provider’s bank, but still require reconciliation to the Electronic Remittance Advice received from the payer and accurately posted to the correct patient account in the provider's billing software. MediStreams is now helping the industry embrace new payment technologies that leverage existing channels while managing protected healthcare information.
From the first service offering of Paper EOB Conversion, MediStreams has evolved into an entire healthcare remittance platform with outsourced services for Medical Lockbox, ERA Processing, Reconciliation, Patient Payment Processing, and Correspondence Handling. With a consultative approach from sales to implementation, to ongoing support and client success, the services integrate with the clients’ financial institutions, clearinghouses, payers, practice management systems, document management systems, and provider analytics engines.
MediStreams’ process automates the flow of healthcare payments by creating electronic files configured specifically to post directly to the provider’s existing systems. Their unique service delivery model accelerates the posting of remittances by removing manual data entry and improves accuracy, and the velocity of payments. MediStreams continues to grow their innovative services and web portal platform. They thank their clients, network of valued Resellers and Referral Partners, and of course, their dedicated employees who deliver results for their clients every day.
Convert administrative cost burdens into competitive advantages by delivering sustainable business value with a suite of remittance automation services.