Santander Bank has 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.

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The RMS streamlined solution allows healthcare providers to automate their revenue cycle, saving them time, reducing costs, and optimising more resources to help support their mission and growth needs.

“The global pandemic emphasised 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.”

Serving the healthcare industry

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 centres, clinics, diagnostic centres, life sciences organisations and pharmaceutical companies.

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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.”