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Case Study - Case study: ReconArt AR reconciliation for healthcare

Industry:

Healthcare

Focus:

AR reconciliation, Enhanced Control on Journals, NetSuite integration

Client Profile

The ReconArt solution for AR reconciliation is leveraged by one of Australia’s leading primary healthcare providers with over 60 clinics located throughout metropolitan and regional locations.

The Process: large volume, complex AR reconciliation in NetSuite

The Client engaged in automation of its medical centre bill payments reconciliation. As most healthcare institutions, they were dealing daily with typical for the industry recon specifics – a varied service portfolio, complex organizational structure, intermediaries initiating and validating transactions, multiple payments methods, etc.

The Client has a number of locations spread across Australia. Each entity provides a broad range of healthcare services which are billed to insurance companies, corporate clients or individual patients. Invoices issued to the payers had to be matched to the disbursements received in line with the patient insurance coverage. As the Client was processing loads of transactional data, the management pondered over the idea of full automation to maintain control over the revenue collection.

On top of their core system NetSuite, the Client was searching for a comprehensive reconciliation platform that would plug in to the ERP and take over the automated application of customer payments to open receivables.

The Solution: automated AR reconciliation and robust journal entry control

As a preferred reconciliation solution, ReconArt stood out with several major differentiators that made a perfect fit for the Client – rule-driven end-to-end automation, exquisite data transformation and enrichment features, scalability, and close integration with NetSuite.

The financial controlling team of the Client leverages ReconArt to perform the regular reconciliations between the incoming payments and the corresponding invoices issued. The process is performed without human intervention with scheduled file imports, data enrichment, matching by preconfigured set of criteria, automated journals creation, and reporting output.

An approval workflow of journal entries is at place – both within the ReconArt environment and NetSuite – to make sure that the bank receipts are properly posted in the GL as their correct booking is of utmost importance for the Client. Those checkpoints offset risk situations such as double entries and technical errors.

Also, a cross check of location identifications is applied to allocate the payment on the legal entity which issued the corresponding invoice. The system supports one-to-one, grouping and one-to-many comparisons relationships and can easily distinguish where the payment on an invoice is broken down on several instalments, as well as timing delays, fees, overcharges and underpayments.

The reconciliation team can focus on investigating the unmatched items. The automated classification, aggregation and filtering of exceptions by type, aging, and other relevant metrics provides valuable reporting insight on unusual balance variances and potential pitfalls to be addressed around timely revenue recognition.

Results & Benefits

The Client has achieved a very high level of automation for its crucial AR reconciliation, which has brought productivity gains and time savings for the financial operations team. The client’s process improvement plans have been supported by a scalable and flexible reconciliation platform, empowering them to effectively control revenue collection and establish streamline auditable recon processes.

The Client has been equipped with a best practice solution capable of resolving complex industry specific reconciliation scenarios. The solution integrates seamlessly with NetSuite and enhances reporting accuracy and visibility of critical business data. ReconArt is easy to learn, maintain, and change, which encourages business user to harness the environment for continual process enhancement.


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Case Study

Think Money Group / Gregory Pennington

Think Money Group / Gregory Pennington

Industry: Finance
Focus: Client Asset Recs, FCA Compliance

Think Money Group is an innovative financial services business based in Trafford Park in Manchester, England.

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ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Karhoo
Navan
Aditya
Fujifilm
Expedia
Umpqua bank
Calgary co op B&W
Fullerton B&W
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
Deliveroo
Worldremit
Boston private bank
Fullerton
Catalyst
Voyager
Toa

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