Industry: Healthcare
Opportunity/Challenge
– Hospital and Clinic Systems receive electronic payments and remittance notices from a variety of sources and payers including Patients, Large Multi-National Insurers, Regional Insurers, Federal Government Programs (Medicare/Medicaid) and State Programs. Payments are often co-mingled; representing reimbursement for more than one billing entity or claims from more than one practice management system
– Systems must ensure that what is received & deposited (receipts) is being posted accurately to patient accounts and credited to the appropriate business unit (revenue recognition)
– Too many manual processes exist around cash application and reconciliation
Outcome
– Track and reconcile ~$55M in cash monthly, allowing for the re-allocation of more than 20 full-time employees, saving $1.5M annually
– Quick realization and comprehensive reconciliation of cash receipts throughout the organization
– Ability to track payments from patients, insurance companies, government agencies and all other partners providing immediate data regarding unposted receipts and uncorrelated payer remittances
– Ability to facilitate total cash reconciliation between central bank accounts, practice management systems, and general ledger each month
– Improved time and efficiency by taking a process that used to take weeks to finish to now being completed in hours