Financial Transaction

Payment Processing
Magellan Solutions will provide a service as a payment processor for a company (often a third party) appointed by a provider to handle payment transactions. They are usually broken down into two types: front-end and back-end. Payment processing can be applied to the processing of any kind of payment for any vertical of business.

Claims Processing
Magellan Solutions will provide the fulfillment by an insurer of its obligation to receive, investigate and act on a claim filed by an insured. It involves multiple administrative and customer service layers that includes review, investigation, adjustment (if necessary), remittance or denial of the claim.

Medical Claims
Magellan Solutions will provide a close supervision of medical claims; prepares and submits insurance claims, reviews and adjusts accounts to ensure accurate and thorough billing of claims. Determines, corrects, and submits billable claims. Completes insurance data for patient claims; processes, researches and corrects accounts; verifies diagnosis and authorization codes; identifies liability and guarantors; reviews and adjusts account balances; interprets Explanation of Benefits (EOBs). Posts payments and adjustments in billing databases; prepares batches for posting.

Check Processing
Magellan Solutions will provide service as a check processing center that conducts check-clearing operations including mainly using electronic forms of payment through credit cards, debit cards and online account transfers.

Accounts Payable/Accounts Receivable
Magellan Solutions will provide the process and management of accounts payable including identifying and providing process that involves with paying the bills a company accumulates, such as to suppliers or other areas. Magellan Solutions accounts receivable by handling incoming payments to the organization, whether in terms of checks or cash or other payment forms.

Credit Card Processing
Magellan Solutions will provide the management of the third-party merchant services provider who handles the work associated with processing of credit card transactions between merchants, credit card issuers, and merchant account providers.

Loan Processing
Magellan Solutions will provide the entire sequence of steps, from the time a loan application is received (or a loan offer is accepted) to the time loan is closed, the loan proceeds are disbursed, and the aggregate amount (principal plus interest) is placed on the lender’s books as an asset.

Bank Reconciliation
Magellan Solutions will provide the process and management of reconciliation bank account of businesses to compare their internal account records to the bank’s records in order to uncover any possible discrepancies.

We are PCI DSS (Payment Card Industry Data Security Standard) Certified & ISO Certification for ISMS (Information Security Management System) * Pending GSA (General Service Administration) & VA (Veterans Administration ) vendor/service provider certifications.  Also, HIPAA compliant on the Hi-Tech Act requirements.

Contact us today for a free, no-obligation consultation on outsourcing your business process needs to Magellan Solutions.