Chicago – April 12, 2021 – The Healthcare Financial Management Association (HFMA) recently reviewed three CommerceHealthcare® products, AP Card, RemitConnect® and Health Services Financing (HSF®), using the Peer Review process. After undergoing the rigorous review, AP Card, RemitConnect® and HSF® have been awarded the “Peer Reviewed by HFMA®” designation.
CommerceHealthcare® is driven by a commitment to create a better payment experience for both patients and providers. Its accounts receivable and accounts payable solutions are designed to help providers improve processes, increase margin and reduce financial risks.
HSF® is a convenient and flexible way to help patients manage medical expenses. The patient financing solution simplifies the lending process by utilizing a low- or no-interest open line of credit that can be offered to patients at any point in the revenue cycle, including pre-, point-of-care and post-service. It integrates with patient management or revenue cycle systems, providing a better payment experience for patients and a better process for patient access team members.
RemitConnect® automates the entire receivables posting and reconciliation process, helping providers operate more efficiently by reducing manual processes and increasing cash flow. It streamlines reconciliation and posting through an exception-based, paperless workflow across the revenue system. It can also help keep patient balances clean, avoiding unnecessary adjustments and refunds.
In additional to its Peer Reviewed receivables management solutions, CommerceHealthcare® AP Card enables healthcare providers to leverage automated, electronic payments while earning revenue. Whether paying a supplier on a regular schedule or accommodating one-time payments and point-of-sale purchases, this flexible solution is versatile enough to meet almost any payment need. By converting paper-based payments to virtual card payments, providers can gain operational efficiencies and detailed reporting while reducing expenses.
“We are proud to earn the HFMA Peer Review designation for our HSF®, RemitConnect® and AP Card solutions. This independent evaluation is a testament to our team’s dedication to both our clients and their patients,” said Rick Heise, senior vice president of healthcare at Commerce Bank. “Our specialty healthcare team is committed to helping providers navigate payment automation from patients, insurance companies and suppliers.”
HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of business solutions used in the healthcare workplace. The rigorous, 11-step process includes a Peer Review panel review composed of current customers, prospects who have not made a purchase and industry experts. The Peer Review status of the healthcare business solution and its performance claims are based on effectiveness, quality and usability, price, value and customer and technical support.
“We’re pleased to have CommerceHealthcare® achieve their HFMA Peer Reviewed designation,” said HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. “The HFMA Peer Review process assures our members, through a rigorous evaluation, that the reviewed healthcare business solution meets an objective, third-party assessment of overall effectiveness, quality and value."
About HFMA
The Healthcare Financial Management Association (HFMA) equips its more than 56,000 members nationwide to navigate a complex healthcare landscape. Finance professionals in the full range of work settings, including hospitals, health systems, physician practices and health plans, trust HFMA to provide the guidance and tools to help them lead their organizations, and the industry, forward. HFMA is a not-for-profit, nonpartisan organization that advances healthcare by collaborating with other key stakeholders to address industry challenges and providing guidance, education, practical tools and solutions, and thought leadership. We lead the financial management of healthcare.
About CommerceHealthcare®
CommerceHealthcare® develops long-term banking relationships with healthcare providers through automated payment solutions, patient financing, lending, investing and asset management. To deliver the best patient care, health systems, hospitals and physician practices need financial results, not promises. Tailored, ROI-based solutions enable providers to find cost savings, improve cash flow and leverage new opportunities in everyday processes. From remittance processing to patient loan programs, cash flow to money management strategies, CommerceHealthcare® helps providers improve processes, increase margin and reduce financial risk. CommerceHealthcare® solutions are provided by Commerce Bank.
*HFMA staff and volunteers determined that these products met specific criteria developed under the HFMA Peer Review process. HFMA does not endorse or guaranty the use of these products.
