Breaking NewsTreasuryandRisk.com will be offline for scheduled maintenance Saturday July 24 5 AM US EST to 8:30 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wisdom Lu, treasurer at managed care provider Health Net Inc., remembers the days when tens of thousands of checks, accompanied by tens of thousands of Explanations of Benefits (EOBs) and forms from employers wishing to add or remove employees from plans, flowed monthly into the company’s various bank lockboxes across the country. She recalls (not fondly) the hours upon hours of manual input required of her staff and the banks’ to process the mounds of paper and the usual erroneous data entries that necessarily followed. After all, this was the way it was done less than two years ago.

Today, forms recognition technology–the ability of a computer to recognize a paper form, read its contents and capture the data automatically in a usable format–has changed Lu’s professional life. Now, managing this $11 billion in annual payments for the Woodland Hills, Calif.-based company, involves daily digital transmissions from Bank of America that link images of checks with images of other benefit forms, and Lu’s department has saved as much as six hours in processing time per batch of payments.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.