Combining BPO Services with a Single Cash Management Solution
While many Physician Practice Groups currently use a Business Process Outsourcing (BPO) vendor, they may not have ever investigated the potential benefits of using of a combined BPO Services + Single Cash Management Solution. Let’s take a look at why this type of outsourced service may be right for managing all your payment and bank reconciliation processes.
Workflow Automation in a Multi-Submitter, Single-Receiver Business Model
At the core of ReMedics remittance and treasury services is workflow automation, eliminating a large 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 having a Single Cash Management Platform as part of our comprehensive solution is in its ability to support clients using multiple, independent practice management (PM) systems, banks and EDI clearinghouses — reporting up to a single corporate Tax ID. We also refer to this scenario as a multi-submitter, single-receiver business model. Download our Single Cash Management Platform workflow diagram.
Why Use Multiple EMR/PM Systems?
The use of multiple, independent systems generally occur when a Physician Group or Management Services Organization (MSO) is experiencing rapid growth through mergers and acquisitions. This is especially true when it comes to allowing the individual business units to maintain practice group autonomy and the continued use of their existing IT Investments, Banking and Clearinghouse partners. Why would they do that? A change in systems can often disrupt the group’s claims and billing procedures, causing delays in payment posting and the distribution of funds. A Single Cash Management Solution, on the other hand, can quickly integrate a new group’s payment processing into an existing BPO contract and workflow, allowing for a more strategic future transition to a common EMR/PM system. This blend of BPO Services + Technology provides time for staff training, IT resource planning, and a less stressful conversion.
Revenue Cycle Management and Microsoft SSRS/Power BI Reporting
While ReMedics comprehensive services are designed to support ongoing mergers and/or acquisitions, the benefits don’t end there. Our extensive data validation rules, check matching technology and Business Process Automation (BPA) capabilities minimize exceptions, kick outs, and insurance denials. And by providing drill-down analytics, pivot charts and scorecards with Microsoft SSRS and Power BI Reporting tools, managers have an up-to-date view of each business unit’s performance. These reporting tools help to quickly isolate problem areas for implementing permanent changes within the revenue cycle. The result is lower operating costs, improved cash flow and increased efficiency, allowing staff to focus on customer service and eliminating a backlog in accounts receivables (AR).
Talk to ReMedics about implementing a Single Cash Management Platform for your organization. Contact ReMedics here to learn more or call 440-671-7700.