Automated Posting and Reconciliation, Matched to Bank Deposits.
In today’s healthcare business office, complexities associated with numerous payment sources, along with robotic denials and adjustments by payors, can lead to delays in reimbursement and loss of revenue. Challenges with multiple payment streams and billing/coding errors ultimately reduce profits for provider organizations of all sizes.
In response to these issues, physician groups, hospitals and health systems are utilizing more sophisticated, automated payment posting technologies that can detect errors, process automated adjustments, increase data accuracy and deliver faster payment posting and bank reconciliation.
The more efficient and accurate these processes are, the faster your organization gets paid and the cost to collect is significantly improved. This also leads to a higher level of staff efficiency, a decrease in denials and more consistent cash flow.
Claims, EOBs, Bank Transactions, Adjustments and Exceptions
To ensure proper payment posting and reconciliation for our clients, we verify that payments received by the bank match the 837 claim files — prior to releasing any payments for posting. This involves cross-referencing bank deposits, including BAI or NACHA files, to EOBs so that claims and transactions are matched up accurately. PLBs, zero-pays, comments and other contractual adjustments are also automated. When required, we can also capture data from check images, with automated EOB matching — by insurance payor, check date, check amount and check number. These processes facilitate accurate payment posting and bank reconciliation with minimal exceptions.
ERA Splitting for Multiple EMR & PM Systems
By leveraging a single cash management platform, ReMedics provides for co-mingled deposits and remittances in payment posting and reconciliation processes. With the use of proprietary technology, provided by our sister company RCMS, we are uniquely positioned to support multi-submitter, single-receiver business models that utilize independent EMR/PM System vendors, EDI Clearinghouses, and Banking relationships that remain distinct to each practice group. Read more about our ERA Splitting/Parsing & Segmentation.
Payment Posting Workflow Automation Benefits:
- Accurate and timely posting and reconciliation
- EOB data is automatically matched against bank deposits
- ERAs are parsed and re-balanced, virtually eliminating posting issues due to invalid data
- Extensive use of data validation rules, customized to the client’s requirements, HIT systems, and work environment
- Automated identification of errors that can lead to kick-outs and denials
- Automated PLB adjustments, minimizing manual edits and posting errors
- Exception worklists and work queues for defects needing attention
- Denial worklists to efficiently rework claims for resubmission
- Analytical dashboards and scorecards for revenue cycle management
Revenue Cycle Outsourcing (RCO) with ReMedics
By working with ReMedics for your payment processing through reconciliation and follow up work queues, healthcare organizations can reduce errors in payment postings. Our technology (powered by RCMS’ ReSolve®) verifies that all of your payments are correctly allocated to the appropriate accounts. We can also distribute funds to business units or divisions as required. Our services prevent revenue loss and contribute to the overall effectiveness of your revenue cycle management efforts.
Contact ReMedics here — or call 440-671-7700 to schedule a presentation of our services.