How to Keep Your Banking and Clearinghouse Relationships with a Practice Group Merger
Banks provide several key services in the revenue cycle, starting with being the recipient of funds as well as EOBs and correspondence via lockbox services. Clearinghouses are are integral to healthcare providers in order for them to forward claim information and receiving payments from the health insurance companies. Without these relationships, automated processes for the posting of insurance payments, patient payments, legal reimbursements, and clinical trial payments wouldn’t be possible.
With the merger of two or more Physician Practice Groups to a combined corporate entity, the future relationship of each group’s existing Bank and Clearinghouse is just one of many operational and revenue cycle management issues that need to be discussed and negotiated. In many cases, the individual groups want to continue using their existing Practice Management System, Bank and Clearinghouse. This can sometimes cause a planned merger to be delayed or even cancelled due to the complexities of payment processing and distributing funds for each group to a single tax ID.
Next Steps Toward Business Unit Autonomy
While the solution to maintaining individual group autonomy is not a simple one, it can be accomplished with the right systems integration and workflow automation technology. Selecting a capable Payment Processing Partner that is able to work with multiple Practice Management Systems, Banks and Clearinghouses to a single corporate account can provide the necessary infrastructure to support a multi-submitter, single receiver approach to complex provider environments.
By leveraging a Single Cash Management Platform for merging practice groups and Management Services Organizations (MSOs), ReMedics manages the data capture, parsing & batch balancing, validation, bank reconciliation & funds transfers for all types of remittance processing. This approach is designed specifically to support merging physician groups and the practice aggregation business model — with business unit autonomy!
The result is lower operating costs, improved cash flow and increased efficiency, allowing staff to focus more on customer service and other important business functions.
Contact ReMedics here to learn more about how to leverage your existing financial relationships and PM System investments.