Transforming Manual, Inefficient Processes and Reconciliation into Automated Workflows
If your staff is currently overloaded with slow, time-consuming processes to accurately reconcile and post all of your payments (electronic and paper-based), then outsourcing this part of your revenue cycle may be an option to consider. Utilizing workflow automation and data validation technology, your organization can get payments posted more efficiently with less errors.
ReMedics Lockbox Processing for healthcare providers ensures that the capture of all insurance and patient payments is both accurate and reconciled prior to posting. In addition to electronic remittances, we also transform paper-based EOB payments into normalized ANSI 835 ERA files, allowing for automated posting with one or multiple billing applications. ReMedics integrates and works with all major Practice Management (PM) and Electronic Medical Record (EMR) Systems, Clearinghouses and Banks.
Reconciliation for Aggregated Practice Groups
Our lockbox services go beyond processing payments from a single PM/EMR System or Clearinghouse. For aggregated groups using multiple systems with the same Tax ID, our automated workflows can match bank deposits to all claims and adjustments, ensuring that correct deposit amounts are being made to the individual practice or business unit accounts. With our claim matching and bank reconciliation methods, clients can efficiently post payments and track open AR balances.
Correspondence Document Capture and Work Queues
With our Correspondence and Work Queue Follow-Up Tools, ReMedics lockbox services can also play a critical role in how fast your claims get paid, delayed or denied due to missing or inaccurate data. Our secure, cloud-based hosted repository provides quick access to electronic data, images and documents connected to your EMR and/or PM systems. This eliminates disparate content silos and allows for increased productivity throughout the organization.
Medical Lockbox Processing Benefits
ReMedics services can bring about a variety of revenue enhancements and efficiency improvements. These benefits often include:
- Lower A/R Days
- Lower Remittance Processing Costs
- Increased Cash Flow
- Automated Correspondence Capture & Indexing
- OCR/ICR Data Capture Technology
- Multi-System Integration Capabilities
- Timely, Accurate Bank Reconciliation
- Denial Reduction
- Robust Reporting and Analytical Tools
- HIPAA Compliance
To see if these services are right for your organization, contact us today to schedule a discovery call and presentation.
Note: ReMedics is not the owner of a corporate bank account. Monthly Bank fees and Clearinghouse costs are independent of ReMedics processing fees.