Santander Bank Unveils Enhanced Healthcare Lockbox Solution with Revenue Management Solutions
July 22 2021 - 8:00AM
Business Wire
Santander Commercial Banking offers end-to-end
receivables solution that automates manual collection processes,
streamlines day-to-day operations, and bolsters cash flow for
healthcare companies
Santander Bank, N.A. (“Santander Bank” or “Santander”) today
announced that its Commercial Banking division is collaborating
with Revenue Management Solutions (“RMS”), a healthcare remittance
provider, to offer an end-to-end receivables lockbox product for
its healthcare clients. The remittance and reconciliation process
for healthcare providers is often a time-consuming, repetitive,
manual task. The RMS streamlined solution allows healthcare
providers to automate their revenue cycle, saving them time,
reducing costs, and optimizing more resources to help support their
mission and growth needs.
“The global pandemic emphasized the unique payment processing
needs of the health care industry,” said Ken Deveaux, Head of
Transaction Banking at Santander Bank. “Our relationship with RMS
represents Santander’s ongoing commitment to bringing efficient and
straightforward digital capabilities to clients so they can focus
more time on growing their businesses.”
The combined Santander and RMS healthcare solution is designed
to deliver for public or private entities that are in the business
of providing healthcare services, including hospitals, community
health centers, clinics, diagnostic centers, life sciences
organizations and pharmaceutical companies. The offering provides
myriad bottom-line benefits to companies using the platform, such
as the elimination of paper-based explanation of benefits,
elimination of manual data entry, reconciliation and posting of
payments, elimination of manual reporting, improved analytics,
increased efficiencies and employee productivity, and a reduction
in overall operating costs.
“RMS is pleased to offer our signature product in association
with Santander, which will help empower the Bank’s healthcare
clients and prospects to strengthen their receivables process and
condense their revenue cycles,” added Scott Thomas, Chief Executive
Officer of RMS. “We look forward to supporting Santander’s growth
in the healthcare banking segment.”
About Santander Bank, N.A.
Santander Bank, N.A. is one of the country’s largest retail and
commercial banks and an active provider of capital, treasury
management, risk management and international solutions. Santander
earns the loyalty of its commercial banking clients by offering
services that help them manage their operating needs, maximize
their working capital and grow their businesses domestically and
internationally. The Bank is a wholly-owned subsidiary of
Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most
respected banking groups in the world with 149 million customers in
the U.S., Europe, and Latin America. For more information, please
visit www.santanderbank.com/us/commercial.
About RMS
Founded in 2006, and based in Oklahoma City, Oklahoma, RMS
(www.rmsweb.com) is the leading technology-based healthcare
remittance automation platform tool available in the market.
Currently used by more than 1,000 acute care, revenue cycle
management, dental and pharmacy clients, RMS allows healthcare
providers, outsourcers and facilities to optimize the remittance
matching, reconciliation, and management processes. The Company,
which processes over 16 million transactions each month, offers its
technology-driven solutions both directly to customers and through
established channel relationships with leading financial
institutions throughout the United States.
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Nancy Orlando 617-757-5765 nancy.orlando@santander.us