Category Archives: Cash Management

Strategic RCM Assessment: Identifying Critical Areas for Optimal Performance

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For many hospitals and health systems, increased denials, lengthy appeals and payer requests for information continue to affect reimbursement and cash flow. Adding to the complexities of maintaining revenue, many providers are also in the process of replacing their EMR and legacy billing applications. Mergers and acquisitions within Health Systems also bring into play a significant amount of additional work to reconcile, distribute and report on all payments being posted (or re-worked) from multiple locations and HIM sources. In these circumstances, working with an experienced team to identify critical areas of need and viable options should be considered.

Implementing Permanent Revenue Cycle Improvements

One of the first steps in our planning is to identify those processes where we can deliver the most financial impact within a reasonable time frame. RCMS can provide a detailed analysis of your current processes and deliver a Solution Design Document (SDD) to use as a roadmap with implementing meaningful, permanent revenue cycle improvements. RCMS can also assist with the splitting/parsing of ERAs to help with payment posting from multiple EMR systems.

Contact RCMS

Let us know a few details about your business office and any specific problem areas needing attention. RCMS can help to develop a project plan for implementing permanent revenue cycle improvements, including the use of workflow automation technology and/or outsourced options. Contact RCMS today

Revenue Cycle Cashiering and POS Payments

Cashiering & POS Payment Solutions for Patient Pay & Non-Patient Cash

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With our ReSolve® Cashiering & POS Payment Solutions, configurable electronic cash drawer(s) are deployed to assist with the capture, posting and reconciliation of patient payments. Whether they’re a walk-in patient at the time of service or at any other time to make a payment, this virtual cash drawer solution can be deployed to collect copays, deductibles, prior patient balances, as well as other departmental non-A/R transactions and balances.

Improving Customer Service and Accounts Receivables (AR)

All recorded patient transactions are integrated to the appropriate host billing system for account application. Balances are subtotaled by payment type for deposit to the bank and corresponding reconciliation schedules. Due to this direct integration with the other ReSolve® systems modules (e.g., Cash Management & Treasury Reconciliation), this application helps to eliminate the need for completing separate cash logs, manual receipt generation, manual posting to patient accounts, and the need to use adding machines or external spreadsheets for re-balancing purposes.

Interdepartmental Funds and Bank Reconciliation

The cashiering function of ReSolve® provides for balancing, verifying, and recording deposits for all patient receipts and interdepartmental funds such as the Cafeteria, Coffee Shop, Financial Assistance (Charity Care), Gift Store, Pharmacy, and all Window (walk-in) self-pay patient payments.

System-wide integrations throughout the organization ensures cross-departmental Bank Reconciliation and Audit Controls that facilitate accurate statement generation & reporting, without the need for multiple spreadsheets and re-keying of payment information.

By integrating with your reconciliation processes and General Ledger entries, ReSolve® enables revenue reporting to be as accurate and current as possible, supporting regulatory compliance and audit requirements.

Contact RCMS for Enterprise-Wide Reconciliation

With a common interface to all revenue cycle applications provided by ReSolve®, improved efficiencies and achievement of KPIs can be realized. By integrating disparate work processes we provide for greater staff efficiency and intra-departmental sharing of information. Contact RCMS today about implementing enterprise-wide cash reconciliation for your organization.

Healthcare Enterprise Reconciliation

Enabling Enterprise-Level Reconciliation and Audit Controls

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In many of today’s Health Systems with multiple Hospitals, Clinics and ASCs, disconnected legacy applications and other sources of data require a significant amount of manual work in order to reconcile all bank deposits being received across all locations. This leads to business office inefficiencies and inaccurate reporting.

To tackle this problem in the most efficient way possible, an enterprise solution that can capture and process these payments (of all types) from POS to A/R Collections is required. ReSolve® Treasury Workstation is an application that works directly with your bank’s Banking Association Institute (BAI) data to create the source record for enterprise-level reconciliation. This includes the use of multiple EHR/EMRs, PM Systems, Banks and Clearinghouses. From payment posting to bank deposits, ReSolve® turns your lockbox payment data into an exception-centric workflow that automates the matching and reconciliation of all posted and distributed remittances back to their associated lockbox deposits.

Improving Data Accuracy and Productivity with Automated Workflow

Utilizing RPA and AI technology, we replace manual, error-prone tasks with automated workflow processes that lead to permanent revenue cycle improvements. We start by ensuring that remittances are not applied to the billing system until corresponding funds have been deposited to your bank account, and end with the integration of payment transactions that have been distributed and processed in each of the billing system(s) of record. This includes the capturing, tracking and reporting of all unidentified, unmatched and posted transactions.

Automated Exception Worklists for Outstanding Issues

With RCMS and ReSolve®, all exceptions can be tracked using a variety of search options, including Batch Number; Patient Name; Check Number; Payment Amount; and Payor. Once the transaction has been identified and the problem is repaired, the funds become eligible for transfer or posting with all money being accounted for back to the bank deposits.

ReSolve® Treasury Workstation Benefits:

  • Enables tighter audit controls across your entire revenue cycle by integrating disparate systems into a centralized cash management solution across the enterprise
  • Ensure that remittances are not applied to the billing system(s) until corresponding funds have been deposited into the bank account
  • Streamlines and automates processes for enhanced workflows and productivity
  • Improves ERA/EOB throughput with automated check matching to bank deposits
  • Automatically tracks and reconciles adjudicated transactions for automated reconciliation of all matched funds
  • Provides true exception-based process handling by reviewing only the transactions requiring user-controlled follow-up activities
  • Customizable user-interface seamlessly ties together your bank deposits, RCMS ReSolve® A/R Management Platform and all host billing EHR/EMR & PM systems
  • Eliminates duplicate data-entry and the need for third-party spreadsheets
  • Can capture and split non-provider payments, such as parking garage and gift shop transactions.
  • Facilitates banking and clearinghouse partner diversification to minimize risk
  • Integration to the GL system provides end-to-end automation of the bank/treasury workflow

Working with RCMS

With our Treasury Workstation and automated Exception Worklists, clients can quickly review payment discrepancies to determine and correct outstanding issues in a timely manner. Contact RCMS today about improving revenue cycle efficiency with enterprise-level reconciliation.

Revenue Cycle Workflow Automation for CBO Processes

Streamlined RCM Processes for Central Business Office Efficiency

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RCMS works with Integrated Delivery Networks (IDN) and multi-facility Health Systems to implement solutions aimed directly at improving Central Business Office (CBO) efficiency. Designed to integrate with multiple EHR/EMR and Practice Management Systems, CBOs can manage all of their remittance processing and treasury reconciliation on a centralized platform. Below are a series of benefits that our ReSolve® A/R Management (RCM) Solutions can provide, including lower operating costs, streamlined Revenue Cycle Management (RCM) processes, denial tracking, and increased cash flow.

Revenue Cycle Efficiency Benefits:

  • Integrated with existing patient billing applications for all major EHR/EMR and Practice Management (PM) systems
  • Automated capture of patient and payment information, including high volume paper-based EOBs
  • Use of Optical Character Recognition (OCR) technology and Robotics Process Automation (RPA) for reducing data entry requirements
  • Elimination of posting distribution steps
  • Less time spent with error corrections due to increased data accuracy
  • Elimination of manually creating reconciliation, user productivity and A/R reports
  • Automated capture, routing, and prioritization of denials information
  • Automated secondary billing processes for required generation of matching EOB’s
  • Efficient worklisting tools for exceptions, third-party follow up, A/R collections and denial management

Posting Accuracy Benefits:

  • Uniform application of data validation rules for all transactions, without error, twenty-four hours a day, seven days a week
  • Elimination of human interpretation and decision-making during cash posting, including facility matching and distribution process
  • Automated capture of a complete audit trail of payment batches and monitoring of batch integrity and balancing for all facilities
  • Comprehensive user productivity reporting of business office staff

Cash Flow Benefits:

  • Automated secondary billing for all payers currently being processed manually
  • Posting of all payments within 48 hours from receipt, reducing account follow up on payments that have already been collected
  • Improving accuracy and quality of patient statements
  • Lower A/R days

Denial Management Benefits:

  • Capture of all denials, automatically routing them to predefined work queues for improved account qualification and user productivity
  • Automated tracking and trending of denials for complete process improvement throughout the entire revenue cycle
  • Easier assessment of the impact of follow-up activities
  • Automated documenting of increased cash flow from denials improvements.
  • Identification of denial patterns that are in violation of payor contract agreements
  • Improved reporting — including payments on denials and user productivity indicating how successful each collector’s efforts are in the appeal process

Enterprise Content Management (ECM) Benefits:

  • Efficient organization of data and documents in a central repository
  • Integrated with Hyland Software’s OnBase® Enterprise Content Management (ECM) solution
  • Eliminates disparate, disconnected content silos
  • Improved customer service with easy access to all Lockbox Correspondence
  • Document version control
  • Integration with other systems
  • Provides for hosted or on-site installation

Contact RCMS

RCMS brings decades of healthcare business office experience to your organization. We can provide a wide range of proven RCM solutions that provide significant productivity gains and cash management benefits. Contact RCMS about automating workflow in your business office.

Automating RCM Workflow for Multiple EHR/EMR Systems

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For larger hospital systems and IDNs with multiple facilities, they can often include hospitals, clinics and physician practice groups with disparate EHR/EMR and Practice Management (PM) systems. Processing claims and payment information from multiple systems and clearinghouses can create certain challenges that result in business office inefficiencies and lost revenue.

The goal of RCMS is to collect all of the claim, payment and deposit information needed to post and reconcile on one platform, so that automating revenue cycle processes can be optimized for the highest level of data accuracy and workforce efficiency. Customized rules can also be applied in the workflow for specific client requirements, such as allocating funds to divisions or for routing defects and exceptions to specific groups or work queues. We also use this ‘aggregated data’ to create a more complete analysis of the revenue cycle throughout the entire organization, eliminating the need to manually duplicate information to spreadsheets for management and reporting purposes.

Implementing Solutions Across People, Processes and Technology

For Health Systems and IDNs with multiple EHR/EMRs and PM systems, our ReSolve® A/R Management Platform provides the means to consolidate resources and improve business office processes – providing additional time for more productive tasks such as A/R collections and customer service. By using Intelligent Automation (IA) for improving workflow processes across multiple systems, we can significantly reduce and/or eliminate repetitive data entry that is prone to human error and a waste of valuable resources. Our integration with OnBase ECM, also provides significant staff efficiency with being able to retrieve and view correspondence documentation, indexed to the patient account.

In supporting a multi-system, complex business environment, some of the many benefits of ReSolve® include:

  • Automated repetitive tasks in conjunction with machine learning
  • Automated splitting/parsing of EDI transactions for more efficient processing
  • Connects multiple billing systems where APIs don’t exist
  • Hospitals and Practice Groups can maintain existing EHR/EMR and PM Systems
  • All ERA correspondence can be captured and indexed to the patient account for data validation, evidence of pre-authorizations and efficient follow up
  • BAI integration for full bank reconciliation from deposits to the individual billing systems
  • Robust reporting tools with integration to Microsoft Power BI and SSRS data visualization
  • Data analytics with drill-down capabilities for decreasing and preventing denials – and for creating permanent revenue cycle improvements
  • All revenue data is stored for auditing compliance with regulatory requirements
  • Workflow solutions for Eligibility (270 / 271) and Claims Status (276 / 277) inquiries
  • Allows staff to be more productive and focus on higher-value work

Working with RCMS

In partnership with your Accounting and IT teams, RCMS can work with your organization to develop a strategic plan that explores all areas of the revenue cycle. We bring decades of healthcare business office and software design experience that will help to improve your operations. Contact RCMS to schedule a discovery call or presentation of our company and its technology.

Automated Bank Reconciliation for Health Systems

Automated Matching and Reconciliation of all Posted and Distributed Remittance

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Providing end-to-end reconciliation, from payment posting to bank deposits, ReSolve® Treasury Workstation turns your lockbox payment data into an exception-centric workflow that automates the matching and reconciliation of all posted and distributed remittances back to their associated lockbox deposits, without the need of third-party spreadsheets or manual re-entry of data.

ReSolve® Treasury Workstation automates the capture of electronic deposits received from your bank’s Banking Association Institute (BAI) data to create the source record for enterprise-level reconciliation. This includes multi-system environments in a centralized business office with two or more EHR/EMR billing systems.

With batch tracking and artificial intelligence (AI), all data is divided into four (4) areas: Bank Deposits; Treasury or Cash Journal; RCMS’ ReSolve® Payment Distribution; and the Host Billing System(s) for payment disbursements. The Cash Journal displays the Finance Department’s batching process for all deposits. The RCMS user interface displays the batches as posted in its Payment Processing system, and the Host Billing System displays batches as distributed to each unique billing system.

Contact RCMS

Are you ready to automate and improve your business office? ReSolve® provides workflow automation and data quality benefits that significantly improve revenue cycle processes and KPIs — with synchronize data for adjustments and transfers.

Contact RCMS today to schedule a discovery call and demonstration.

Related Articles

Fundamental Design Principles for Effective Cash Management

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What are your revenue cycle improvement goals for 2024 and beyond? By integrating with your EHR host billing system (or multiple systems), Clearinghouses and other Line of Business (LOB) applications, the RCMS ReSolve® A/R Management Platform can automate workflows that significantly improve a wide array of cash management and revenue cycle processes.

Below are some of the key areas we address when working with our Integrated Delivery Network & Health System clients.

Steps Toward Improving Cash Management:

  • Integrate with host billing systems
  • Synchronize data for adjustments and transfers
  • Same day processing of today’s receipts
  • Use best available capture solutions
  • Capture all adjudication data
  • Automate the separation of remittance with parsing/splitting technology
  • Use data validation rules to cleanse, scrub and normalize payment data
  • Provide reconciliation from bank deposit through billing system to corporate general ledger (GL)
  • Monitor key revenue cycle performance metrics by payor, provider, or division
  • Identify the source of denied claims to resolve the root cause
  • Ensure that claim processes are audited to stop recurring denials

By integrating multiple healthcare information systems and revenue cycle applications with a common A/R Management Platform, RCMS can increase productivity, automate workflows and identify defects for timely adjudication. These steps will improve your cash management processes and reduce your cost to collect.

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Contact RCMS

Contact RCMS today to improve your cash management with the right design principals, systems integration experience, and software technology. We’ll help to improve revenue cycle processes for your entire business office.