KeyBank Partners with MediStreams to Strengthen Healthcare Payment Management and Revenue Cycle Efficiency
KeyBank has announced a strategic collaboration with MediStreams, a leading provider of payment and remittance automation solutions, to power its new Healthcare Payment Management Platform. This partnership aims to transform how healthcare organizations handle payments, streamline reconciliation processes, and reduce the administrative burden that often slows down revenue cycle operations.
The platform—offered under the KeyBank brand—is built to deliver a seamless, automated experience that integrates KeyBank’s trusted lockbox technology with MediStreams’ payment posting and reconciliation capabilities. Together, these technologies will help healthcare providers accelerate revenue capture, improve accuracy, and maintain a stronger cash flow while reducing costly manual processes.
A Strategic Partnership Focused on Healthcare Efficiency
In the healthcare industry, managing payments and remittances has long been a complex process involving multiple systems, manual data entry, and delayed reconciliation. By partnering with MediStreams, KeyBank is addressing these long-standing inefficiencies head-on.
MediStreams’ advanced technology is designed specifically for healthcare providers, offering automation that eliminates manual data entry, improves posting accuracy, and ensures faster access to financial information. When combined with KeyBank’s robust financial infrastructure and lockbox expertise, the resulting solution gives healthcare organizations a more integrated, secure, and efficient platform for managing payments.
The collaboration underscores KeyBank’s commitment to delivering industry-specific financial solutions that meet the evolving needs of healthcare clients. With this new offering, KeyBank can provide hospitals, physician groups, and healthcare systems with tools that not only manage funds efficiently but also enhance visibility into payment data—an increasingly critical need in today’s value-based care environment.
Addressing the Pressures of the Modern Healthcare Revenue Cycle
Today’s healthcare providers face mounting pressure to improve operational efficiency amid declining reimbursements and rising administrative costs. Every stage of the revenue cycle—from patient billing to payment posting—requires precision and speed. Manual workflows, however, often create bottlenecks, leading to delayed payments, reconciliation errors, and lost productivity.
“Healthcare organizations are under pressure to optimize every step of the revenue cycle,” said JJ Blair, Head of Product Development and Healthcare Product at KeyBank. “We sought a fintech relationship with deep expertise in healthcare payments, innovative technology, and the level of service our clients expect.”
Blair emphasized that the partnership with MediStreams is a deliberate move to meet the healthcare sector’s growing demand for automation. By integrating MediStreams’ automated posting and reconciliation solutions directly with KeyBank’s lockbox platform, the companies aim to provide clients with a seamless experience that significantly reduces administrative overhead and accelerates payment turnaround times.
This approach aligns with KeyBank’s broader strategy of investing in digital transformation and fintech partnerships that bring tangible value to specific industries. For healthcare clients, the new payment management platform offers a tailored solution that addresses the industry’s unique challenges—namely, high transaction volumes, complex payer mixes, and strict compliance requirements.
MediStreams’ Role: Driving Automation and Accuracy
MediStreams, a trusted name in healthcare payment automation, brings to the partnership a decade of expertise in transforming how healthcare organizations manage financial workflows. The company’s technology focuses on automating the most labor-intensive aspects of remittance processing, including posting payments to practice management systems, handling explanations of benefits (EOBs), and ensuring data accuracy across transactions.
According to John Koch, COO and Co-Founder of MediStreams, KeyBank’s decision to collaborate reflects a shared commitment to innovation and reliability. “KeyBank’s decision underscores what we hear from providers every day: their clients want automation that reduces manual work, accelerates posting, and delivers reliable accuracy with a relationship they can trust,” said Koch.
MediStreams’ solutions are known for enabling healthcare organizations to cut administrative costs, speed up revenue capture, and improve reconciliation accuracy—all essential goals for maintaining financial stability in an increasingly competitive market. By powering KeyBank’s Payment Management Platform, MediStreams helps clients achieve a more consistent and predictable cash flow, which is vital for both operational planning and patient care delivery.
Integrating Lockbox and Automation for a Seamless Experience
A key feature of this partnership is the integration of KeyBank’s lockbox services with MediStreams’ automated reconciliation technology. Traditionally, lockbox processing involves collecting payments sent by patients and insurers, scanning checks and remittance documents, and forwarding payment information to providers. While effective, this process often required manual intervention and coordination across multiple systems.
With MediStreams’ automation capabilities, KeyBank’s platform will now handle much of this process digitally. Payments and remittance data are automatically captured, posted, and reconciled with minimal human input. This results in:
- Faster payment posting to practice management and accounting systems.
- Improved accuracy by reducing manual data entry errors.
- Lower administrative costs through automation of repetitive tasks.
- Real-time reporting and transparency for better decision-making.
- Enhanced scalability for organizations managing large volumes of transactions.
For healthcare finance teams, this integration means they can focus less on administrative work and more on higher-value activities, such as financial planning, compliance, and patient billing optimization.
Meeting Client Expectations Through Service and Innovation
Beyond technology, both companies emphasize their commitment to customer service. Healthcare clients expect not just automation, but also a reliable partner who understands the operational nuances of the industry.
“By integrating our lockbox technology with MediStreams’ posting and reconciliation capabilities, we’re delivering a seamless experience that reflects KeyBank’s broader commitment to providing healthcare clients with comprehensive, industry-specific financial solutions,” said Blair.
For MediStreams, working with a major financial institution like KeyBank expands its reach and reinforces its position as a trusted healthcare fintech provider. Together, they aim to deliver a platform that adapts to evolving industry regulations, payer requirements, and digital transformation trends.
Empowering Healthcare Providers for the Future
The collaboration between KeyBank and MediStreams reflects a broader trend in healthcare finance—one that prioritizes automation, data transparency, and efficiency. As hospitals and provider networks seek ways to strengthen their financial performance, partnerships between banks and specialized fintech companies are becoming increasingly vital.
This alliance enables KeyBank to offer its healthcare clients a holistic payment management ecosystem, complete with automation, security, and scalability. For MediStreams, it represents an opportunity to extend its technology to a wider customer base through a trusted financial institution with deep roots in the healthcare market.
Ultimately, the goal is to empower healthcare organizations to focus on what matters most: delivering quality patient care. By removing administrative bottlenecks and improving the flow of financial information, the KeyBank-MediStreams partnership helps providers operate more efficiently, maintain financial stability, and invest in better patient outcomes.
