Financial relationship management software maker Avolent Inc. will announce July 21 the availability of its BizCast 5.3 FRM software.
At the core of BizCast 5.3 is the ability for insurance, retail and health care companies to provide Electronic Invoice Presentment and Payment—better known as EIPP.
New in Version 5.3 is the ability for health care insurers to comply with HIPAA (Health Insurance Portability and Accountability Act) requirements and improved member management.
HIPAA compliance includes the capability to assign access, by role, to specific information to ensure that those who work with health plans can see and work only on the patient health information that is pertinent to them.
BizCast 5.3 offers HIPAA security clearance in two ways: Plans are permitted to assign customer support based on account, and customer support will not see the details of any other account; in addition, customer support is allowed to search for similar invoices from other customers but without access to the details of that invoice.
Also with Version 5.3, users can accelerate cash collection and streamline financial operations through consolidated invoices, which can be presented to customers in advance of payment, allowing for online roster or employee changes. Likewise, multiple invoices can be paid with a single payment. Enhanced notification informs customers of new invoices, said Avolent officials, in San Francisco.
Health Alliance Medical Plans Inc. is deploying BizCast for online account management of premium invoicing and collections.
"The biggest thing we are getting ... is the ability to apply cash [transactions] within the BizCast application," said Lynn Carroll, director of finance, in Urbana, Ill. "As we go forward Ill be interested in seeing if [Avolent and others in the industry] are looking to create business tools and logic that might help in the initial bill itself, where the actual invoice is generated."