As healthcare organizations become more and more familiar with using technology like artificial intelligence and robotic processes to automate various stages of the medical billing and revenue cycle management lifecycle, it makes sense to examine as many manual tasks as possible within these workflows to optimize existing resources. Today’s current hiring climate, with staffing shortages and high turnover, make it more critical than ever before to utilize existing staff to truly do what cannot be automated as easily, such as working exceptions, and let the right software solutions take care of the rest.
One component that is still viewed as very manual is bank posting and reconciliation, but you may be surprised to know that this can easily be automated! While is still important to have plans in place to accurately validate what is being reconciled through a series of checks and balances for your teams, there are many benefits in choosing to automate the existing bank posting and reconciliation process — especially when integrating it directly into your current medical billing system.
Here are six benefits to consider when working towards this type of automation:
- By automating the reconciliation of all healthcare payments received in the revenue cycle, you can virtually eliminate the manual processes and spreadsheets used today to balance payment data.
- Integrate with your practice management/billing system to reconcile and balance the bank deposits directly.
- Automatically parse a single remittance into multiple remittances when needed.
- Convert paper EOBs and patient payments into electronic files for automated posting.
- Expedite payment posting through automatic confirmation of daily bank funds and, in turn, recognize unreconciled items faster.
- Create custom reports through your practice management/billing system that validates payment analytics.
Bank posting and reconciliation in medical billing doesn't have to add more work to your workflow. Free up your resources and lower costs by automating the process!
Want to learn more about automated bank posting and reconciliation and how it fits into the revenue cycle? Read more about Imagine's solutions or watch our recent webinar discussing this very topic using the buttons below.