In a joint venture with Allina Health, Logisolve built a Cash Reconciliation software solution which assists both Revenue Cycle Operations and Accounting groups by leveraging tools that helps automate daily tasks and provides enriched data to allow for comprehensive reconciliation and reporting related to a Provider Organization’s cash receipts.
One of the many challenges in healthcare revenue cycle management, hospital and clinic cash reconciliation, and revenue cycle automation is reconciling claim remits against cash received. Inefficiently managing this process can create widespread issues across the finance, cash application and patient registration business units. CARS automates cash reconciliation and certain revenue cycle functions while providing seamless integration to your existing practice management and financial systems.
Business Needs
When the cash reconciliation process fails or is delayed, each business unit involved is impacted in a unique manner. The ability to efficiently manage and reconcile cash receipts is critical. The system must:
- Validate incoming data sources for errors
- Handle data format discrepancies among payers to ensure automated cash reconciliation.
- Provide adequate reporting and processing status for revenue cycle and treasury operations.
- Produce accurate 835 output which is directed towards only the desired and appropriate billing system.
- Support quick addition of new payers, business units, and payment sources. This is all part of providing comprehensive revenue cycle automation.
- Facilitate cash reconciliation and revenue cycle automation between incoming payments, posted transactions, and General Ledger entries.
These address the core processing needs of the cash reconciliation system. Additionally, the system must:
- Reside on a robust operating platform
- Scale to allow for future growth and full Revenue Cycle Digitization
- Operate securely and efficiently
Business Process
Prior to sending 835 claims remit files to backend billing systems for processing; the files are automatically reconciled with payments received. Remits can be split between multiple back-end systems as business logic dictates.
Logisolve’s Cash Reconciliation Solution manages claim remit and payment discrepancies, providing cash management tools and reporting to alert management and address processing issues.
After cash posting is complete, Our CARS Software validates the batch totals and provides cash posters the tools to balance deposits and assist in manual posting where required.
Through our CARS Treasury Portal, Finance is able to automatically generate cash related journal entries which can be imported into the General Ledger which allows for an extremely efficient completion of month-end activities
Benefits
- Automated Revenue Cycle and Treasury workflows, replacing spreadsheets and manual work efforts
- Front-end validation, duplicate checking, and error handling of 835s
- Association of 835s to payments via business intelligence
- Ability to split 835’s between disparate back-end systems
- Automated Deposit reconciliation / Batch verification
- Electronic handling of intercompany/miscellaneous transactions
- Acceleration of cash posting process to provide same day posting of receipts to patient accounts
- Management tools and reporting to alert and address processing issues
- Financial reporting of posted & unposted cash reconciliation transactions
- Implementation without any modifications to existing systems
- Fewer resources required to manage cash posting/revenue reconciliation process
Logisolve’s Approach:
Leading Cash Reconciliation and Revenue Cycle Software
Logisolve uses a light-weight project management methodology on top of an iterative development approach. Our approach to software development builds quality assurance into the construction process, producing thoroughly tested solutions at the unit, module and system level. Logisolve’s success as an organization is attributed to its adherence to its principles toward clients, employees and quality.
CARS PROCESSING
(A) CARS retrieves 835 claim remits from clearinghouse and submits to Reconciliation Engine
(B) Cash transactions retrieved via interface to bank
(C) Association Engine correlates claim remits to payments
(D) Reconciled 835s are sent to appropriate back-end system(s)
(E) Cash posters manage unbalanced deposits
(F) Treasury Portal provides tools to Finance for reconciliation and the creation of Journal Entries
Reconciliation & Healthcare Revenue Cycle Management
Logisolve is driven to provide not only the right Cash Management solution, but also an effective Revenue Cycle Software solution for our clients’ needs. Logisolve’s Healthcare Cash Reconciliation software solution assists the Revenue Cycle Management, Cash Reconciliation and Treasury groups by leveraging tools that automate daily tasks and provide enriched data to allow for comprehensive cash reconciliation and reporting related to a Provider Organization’s cash receipts.
Patient billing, cash reconciliation, and the entire revenue cycle can become complicated with all of the various cash transactions moving throughout an organization. As these transactions along with their corresponding 835 remittances come in from insurance companies, patients, and other third parties, providers need to ensure that the payments are being accounted for accurately and efficiently. Unfortunately, this process can require a significant number of resources and coordination across multiple groups, and often involve multiple spreadsheets that involve a great deal of manual maintenance.
With the CARS (Cash Reconciliation Solution) and Beanware (Cloud Based) technology, Logisolve is able to provide software to fully automate your cash management processes, saving countless hours of time and significant resources.
How the System Works
Prior to sending 835 claim remit files to backend billing systems for processing; the files are automatically reconciled with payments received through a proprietary series of AI and algorithms that make up our CARS & Beanware solutions. Remits can be split between multiple back-end systems as business logic dictates. This process saves your Revenue Cycle and Cash Management operations, and any other department involved in the cash reconciliation process time, effort and labor cost.
Logisolve’s Cash Reconciliation Solutions manage claim remit and payment discrepancies, providing cash management tools and reporting to alert management and address processing issues. After cash posting is complete, our software validates the batch totals and provides cash posters the tools to balance deposits and assist in manual posting where required.
Through our CARS/Beanware Treasury Modules, Finance is able to automatically generate cash related journal entries, which can be imported into the General Ledger through our proprietary automation process, which allows for an extremely efficient completion of month-end activities.
Join the growing list of Hospitals and Clinics across the country that are automating their Cash Reconciliation and Revenue Cycle by implementing CARS/Beanware, and find out how stress-free month end can be!
For more information, contact: cars@logisolve.com or Tim Wenner, Logisolve’s Revenue Cycle Solutions Leader: 612-978-1777
