MSO Multi-System Remittance Processing

Remittance Outsourcing for Management Services Organizations

Remittance Outsourcing for Management Services Organizations (MSOs) to a Single Receiver

With physician practice group consolidation, efficiently processing and posting remittances for multiple practice management (PM) systems, clearinghouses and bank lockboxes can become significantly complex. This is especially true if all the groups are reporting to a single Tax ID and the clearinghouse ERAs are co-mingled for different divisions. In a typical MSO business environment, billing and remittance processing are often centralized to provide for reduced overhead and other operational efficiencies. As more groups continue to be added to the parent organization, maintaining autonomy with the additional PM systems, clearinghouses and banking relationships becomes harder to achieve.

Systems Migration or Stay the Course?

Converting and migrating all of the groups to a single PM system can be accomplished, but not without sacrificing significant IT investment, staff training time, cash flow, and the independence that group owners had originally sought to continue. There is a significant amount of manual work necessary to reconcile, distribute and report on all of the payments being posted (or re-worked) from multiple locations, business units, divisions and HIM sources.

Fortunately, there is an alternative with the use of a Multi-Submitter, Single Receiver Cash Management Solution. It was specifically designed by ReMedics as a co-shared processing model for the purpose of supporting multiple divisions, PM systems and clearinghouses.   

Outsourcing with ReMedics

One of the first steps in working with ReMedics is to identify those processes where we can deliver the best return in investment to your organization. Part of that process is to collect as much information as needed to create and a detailed statement of work (SOW) and project plan (with realistic timelines). With our co-shared processing model and proprietary software technology, ReMedics can provide for a variety of payment processing, correspondence management, data validation and bank reconciliation services that will optimize your financial performance, reduce posting backlogs and increase cash — for multiple PM systems, clearinghouses, and lockboxes.

Splitting, Scrubbing, Adjustments and Reporting

With our solutions, we will split any co-mingled ERAs to each division and direct the payment posting to the correct PM system. Our data validation services will also ensure that correct information is applied to the patient account by helping to scrub and cleanse all of the captured data prior to posting. With the use of Robotic Process Automation (RPA) and other data management technology, our BPO services can include the processing of PLB adjustments, co-pays, deductibles, co-insurance, transfers, write-offs, take-backs, remark codes, denials and much more. We will also provide detailed reports and scorecards needed for monitoring of all the work being performed — across all departments and divisions. Clients also have the option to incorporate Microsoft Power BI as a data source for drill-down analytics and statistical analysis.

Contact ReMedics

If this sounds like the services you’ve been looking for, let us know some details about your outsourcing requirements. ReMedics can develop a detailed project plan to achieve your growth and efficiency objectives. Contact ReMedics today to set up a conference call or presentation with our experienced executive team.