Modernizing Revenue Cycle Management with Automated Workflow Processes
In order to modernize the revenue cycle for your organization, manual efforts associated with payment capture, check matching, document indexing, remark code translation, posting and bank reconciliation need to be minimized. If automated workflow seems out-of-reach for your organization, then finding an experienced, cost-effective outsourcing partner should be considered. By automating the routine work required for timely, accurate payment posting, your cash management and AR teams can focus more on revenue generating activities, such as customer service and collections.
Lockbox Capture and Remittance Splitting for Multiple PM Systems
A modernized revenue cycle needs to include comprehensive conversion of paper payments to normalized, electronic 835 files. ReMedics connects directly to the client’s retail and wholesale lockboxes in order to capture all EOB paper and electronic remittances. Lockbox correspondence documents are also captured and indexed to the patient record for efficient retrieval and communications.
Once processed, the 835 files are split by division for direct integration to the Practice Management System, or several PM systems, in a multi-submitter, single receiver environment. Reconciliation of all lockbox remittances are completed through a proprietary Treasury Reconciliation solution, whereby corporate bank deposits are segmented by division, balanced, and reconciled. The result is a streamlined workflow that eliminates paper and integrates with your existing clearinghouse(s), accounting systems and banking partners. In addition to workflow efficiency, these BPO services help to maintain business unit autonomy and reduce IT spend.
Download our brochure Achieving Success with Practice Group Aggregation.
Contact ReMedics here to learn more about how our unique blend of outsourced services and workflow automation technology can assist your organization with modernizing the revenue cycle — or call 440-671-7700.