|Focus:||AR reconciliation, Enhanced Control on Journals|
Fullerton Health Australia was established in 2013. The group is made up of a number of established businesses that have been delivering health services to more than five million people over the last 25 years. Fullerton Health Medical Centres began utilizing the ReconArt platform for its reconciliation needs back in 2017. Fullerton Health Medical Centres is one of Australia’s leading primary healthcare providers with over 60 clinics located throughout metropolitan and regional locations. The clinic network includes medical centres, dedicated skin cancer clinics, and a specialist breast clinic.
Fullerton Health Medical Centres 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.
Fullerton Health Medical Centres 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 Fullerton Health Medical Centres 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, Fullerton Health Medical Centres were 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.
As a preferred reconciliation solution, ReconArt stood out with several major differentiators that made a perfect fit for Fullerton Health Medical Centres – rule-driven end-to-end automation, exquisite data transformation and enrichment features, scalability, and close integration with NetSuite.
The financial controlling team of Fullerton Health Medical Centres now 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 now 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
Fullerton Health Medical Centres 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.
Our 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.
Reconcile with ease!
|Industry:||Finance, Financial Services, Lending|
|Focus:||Compliance for Custodians, Exceptions Control|
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