BILLERICA, Mass., Sept. 27, 2011 /PRNewswire/ -- Orbograph Ltd., the subsidiary of Orbotech Ltd. (NASDAQ/GSM: ORBK), today announced that it has signed a definitive asset purchase agreement with Correct Claims Now, a privately held company that provides services in the field of Healthcare Revenue Cycle Management (RCM).
Today, many healthcare providers utilize a manual process for reconciling and posting payments which is cumbersome, costly and error-prone. The integration of CCN into Orbograph capitalizes on the best of both companies' competencies to provide a full, end-to-end electronic solution for the efficient processing of payments between the healthcare provider and the payer. This includes identifying, matching and reconciling several complex, paper-based or electronic forms such as claims, explanation of benefits (EOB) and other data necessary to ensure accurate, timely, and automated posting of receivables into the provider's practice management system.
"Orbograph has extensive field experience and strong operational capabilities in deploying effective recognition-centric automation solutions for mission-critical financial environments. CCN provides deep expertise and know-how in healthcare payments processing," said Barry Cohen, General Manager at Orbograph. "By joining forces, we can achieve an unprecedented level of revenue cycle efficiency that will provide critical advantages for providers including: lowering the cost of collecting and posting a payment, reducing aging of receivables, and increasing reimbursement amounts."
By entering into the area of healthcare RCM, Orbograph is investing in an additional, synergistic line of business that builds upon its core technologies and knowledge and fully complements its existing solutions portfolio and customer base in the financial industry. Orbograph, whose solutions are utilized in the processing billions of checks and related documents annually, remains fully committed to its core check processing business. The Company expects that this acquisition will bring expanded revenue potential for its clients and business partners, including many large top-tier U.S. banks, by enabling them to provide new payment processing services for their medical lockbox customers.