Managing Cash Flow in a Multi-Vendor Environment
For larger practice groups and MSOs, the complexities of a multi-vendor environment can often inhibit efficiency and adversely affect cash flow. This is especially true for organizations with business units using a variety of EMR/Practice Management (PM) Systems and Clearinghouses to capture charges, process claims and receive payor reimbursement. Processing EDI batch files, with as many as 100 claims, also adds to the arduous work required in splitting payments by business unit or facility.
Learn more about parsing EDI transactions here.
To ensure the continuous flow of claims from the provider to the payor in these aggregated environments, as well as funds from the payor back to each practice group, ReMedics automates the capture, validation and bank reconciliation of all remittance sources. We also capture and index all correspondence documents. Our technology-driven data parsing (i.e., splitting solutions) then enables us to deliver tailored BPO services designed to work with multiple EMR/PM Systems and Clearinghouses. The result is increased efficiency, improved cash flow and more accurate financial reporting.
Read more about our EOB and correspondence document management solutions.
Utilizing a Single Cash Management Solution
One of the main keys to managing data from multiple systems is a Single Cash Management Solution. This ReMedics proprietary platform includes workflow automation for validating information (across multiple system databases), capturing defects and exceptions, denials and secondary billing. Once all conditions are met, we automatically post to the A/R system, with funds being applied and distributed to each business unit and the patient account. We then provide detailed financial reports and performance monitoring tools for each business unit. This service also allows for the finance department to balance everything to a corporate general ledger and single tax ID.
You can learn more about our Single Cash Management Platform here.
Talk to ReMedics about the benefits of using our fully integrated BPO services for your multi-vendor billing environment. We can help to lower operational costs, improve data quality, reduce denials and increase cash flow.