Reconciliation and Audit Controls for Autonomous Practice Groups
According to an article published by Chief Healthcare Executive® in 2024, corporate entities acquired 5,300 physician practices in 2022 and 2023. The percentage of corporate-owned practices rose 11% in those two years, while hospital-owned practices rose 7.3%. In many cases, these practice mergers and/or acquisitions occur within an operating framework that allows for a certain level of autonomy. The individual groups then become a division or ‘business unit’ of the parent organization.
For those autonomous multi-practice groups and MSO clients, ReMedics provides for the capture, processing and reconciliation of all payments across all business units — using one or many different Practice Management (PM) Systems and Clearinghouses. These revenue cycle services help to facilitate autonomy and independence, while allowing for all billing and payments to occur under the same Tax Identification Number (TIN). By doing so, the consolidated groups gain more bargaining power in negotiating rates with the health insurance payers.
Turning Your Reconciliation Processes into Automated Workflow
Utilizing AI and Workflow Automation technology (provided by RCMS LLC), ReMedics replaces manual, error-prone tasks with automated processes. We start by ensuring remittances are not applied to the billing system until corresponding funds have been deposited to your bank account, and end with integration of payment transactions that have been distributed and processed in each of the PM System’s billing application.
Reconciliation of all co-mingled remittances are completed through ReMedics ERA Splitting Services, whereby bank deposits are able to be segmented by each business unit, balanced and reconciled daily. Drill-down reporting and data visualization provided by Microsoft Power BI create a centralized location to obtain details on all payments, denial/defects, co-pays, deductibles, PLB adjustments and contractual allowances. This also includes the capture, tracking and reporting of all unidentified and unmatched funds.
With our automated Exception Worklists, the ReMedics Operations Team and/or the client’s billing staff can quickly review discrepancies (such as deposits without matching EOBs or missing patient account details) to determine and correct any outstanding issues in a timely manner.
M&A Active Organizations & Working with ReMedics
ReMedics can alleviate many of the concerns with remittance processing, data accuracy, bank reconciliation and funds distribution as a result of physician practice group mergers and acquisitions. Daily reports sent to management confirm that all available funds have been recorded to their respective business units. In return, the client reduces organizational IT spending and maintains system-wide practice autonomy. Contact ReMedics here — or call 440-671-7700 to schedule a presentation of our services.
Editor’s Note: Chief Healthcare Executive® is a registered trademark brand of MJH Life Sciences.