Tag Archives: treasury reconciliation

Healthcare System Enterprise Treasury Reconciliation

Enabling Enterprise-Level Reconciliation and Audit Controls Across the Entire Revenue Cycle

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In many of today’s Health Systems with multiple Hospitals, Clinics and ASCs, disconnected legacy applications 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 single 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.

Payment Processing and Validation Strategies for RCM Improvements

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PART 2 of a SERIES

RCMS Revenue Cycle Management Solutions improve a wide range of different patient billing areas where changes to manual work processes and the use of technology can have a significant impact on financial performance. In Part 1 of this Series, we discussed Correspondence Management, Third Party Follow Up, and Self-Pay/Customer Service.

In Part 2, we concentrate on three more Post-Encounter areas, including: Payment Processing; Payment Validation; and Treasury Reconciliation.

Payment Processing

By capturing and routing correspondence through rules based workflows, RCMS provides for items to be entered and worked faster, reducing turn-times and increasing productivity. The result is improved patient satisfaction and reduced callbacks. The key is having a solution capable of capturing correspondence in all forms, including: scanned mail, faxes, emails, or other business systems. Using Artificial Intelligence (AI) and other technology, tasks such as auto-indexing, auto-classification and correspondence are routing automatically, directing documents to the appropriate personnel.

Payment Validation

With patient liabilities continuing to rise, it’s important to find ways to collect co-pays/deductibles earlier in the process. RCMS can help to improve first-call resolutions, patient satisfaction and time to collect patient payments by providing immediate access to both clinical and financial data from both hospital and physician systems. Our proprietary, system generated worklists automatically identify accounts needing proactive follow up. For customer service representatives, our Account Inquiry function within AR Management provides a powerful tracking tool for activities and patient communications.

Treasury (Bank) Reconciliation

By taking a proactive approach to AR management, processing delays are decreased, cash flows are increased, and overall cost to collect is reduced. RCMS provides a complete record of all outstanding payments and a history of denials. Accounts are tracked throughout the payment lifecycle, providing insight into where bottlenecks are occurring in claim generation and adjudication. Aged accounts are routed to user work queues for timely follow up.

About RCMS

RCMS Revenue Cycle Management Improvement Strategies are a blend of Business Management Consulting, Technology Solutions and Systems Integration expertise in connecting Health Information Management Systems (HIMS) and Line of Business (LOB) systems. Contact RCMS about improving the Revenue Cycle for your organization.