Exploring the Benefits of a Single Cash Management Platform

Revenue Cycle Services with a Single Cash Management Solution 

The use of multiple, independent systems typically occurs when a Physician Group or Management Services Organization (MSO) is active with mergers and acquisitions. This is especially true when it comes to allowing the individual business units or divisions to maintain practice group autonomy and continued use of their existing Practice Management (PM) Systems and Clearinghouse partners.

A change in PM Systems can often disrupt the group’s claims and billing procedures, causing delays in payment posting and the distribution of funds. Utilizing a Single Cash Management Solution, on the other hand, can quickly integrate a new group’s payment processing into an existing services contract, allowing for a more strategic transition to a common EMR/PM system. ReMedics’ blend of Revenue Cycle Outsourcing (RCO) + Technology provides time for staff training, IT resource planning, and a less stressful conversion. 

Workflow Automation in a Multi-Submitter, Single-Receiver Business Model

At the core of our remittance and treasury reconciliation services is workflow automation, eliminating a significant percentage of manual, time-consuming processes. We provide for the data capture of all payments (paper and electronic), parsing & batch balancing, data validation, bank reconciliation, funds transfers, and document management of all correspondence. What is unique about our comprehensive solution is its ability to support clients using multiple, independent PM Systems, Banks and EDI Clearinghouses — reporting up to a single corporate Tax Identification Number (TIN). We refer to this scenario as a multi-submitter, single-receiver business environment. 

Microsoft SSRS & Power BI Reporting for Implementing Permanent Change

While ReMedics comprehensive services are designed to support more efficient mergers and/or acquisitions with autonomy, the revenue cycle benefits don’t end there. By providing drill-down analytics, pivot charts and scorecards with Microsoft SSRS and Power BI Reporting tools, CFOs and Department Managers have an up-to-date view of each business unit’s performance. These reporting tools help to identify problem areas for implementing permanent change to coding, billing and denial prevention processes. The result is lower operating costs, improved cash flow and increased efficiency, allowing staff to focus on customer service and eliminating any backlog in Accounts Receivables (AR).

Contact ReMedics

Even if you don’t use multiple systems, our extensive data validation rules and workflow automation capabilities minimize exceptions, kick-outs and insurance denials. Talk to ReMedics about implementing revenue cycle improvements with our US-based outsourcing services for your organization. Contact ReMedics here — or call 440-671-7700.