Around the world, health care systems share common traits – high transactional volume, multi-faceted and multi-level transaction lifecycles with complicated financial relationships at many different levels. Patient bills, insurance claims, hospital purchases, GPO orders and distribution, medical prescriptions, and pharmaceuticals are all part of this dynamic sector. Through the entire chain of relationships, matching precision, compliance and exception resolution are key demands – all easily accommodated within ReconArt.
The challenges of healthcare businesses are unique, and ReconArt is ready to meet them. By taking advantage of the configurability of ReconArt, tasks that might have seemed daunting using legacy systems – such as reconciling hospital and private physician charges together for the same patient – are now simple to setup and complete.
In the medical and health care space, ReconArt adds significant value with its high-volume and high-speed transaction matching capabilities. With the high precision and complete audit trail embedded in our solutions, we can automate the reconciliation of anything – patient payments, AR and AP application, GL, billing, cash, and Bank. Since ReconArt goes beyond financial-only reconciliation, we also give our customers unique tools to reconcile claims, orders, mail pieces, counts, SLAs and more. ReconArt can also calculate commissions and automatically distribute reports and quickly and efficiently post these back to your core systems. Any discrepancies are automatically flagged and presented for resolution allowing adoption of exception-based processing.
To support the healthcare industry, ReconArt has established a number of reconciliation templates suitable for the industry’s business processes. Our unsurpassed ability to capture and import data from any source and then match it and report it on any criteria makes adding new reconciliations a quick process. All administration and operation of the solution are owned within the business community, so expanding the reconciliation footprint avoids engagement of internal or external IT or specialty resources.
Here is a sample of the types of reconciliations we support for our healthcare clients:
- Medical Records
- Insurance Claims
- Transaction Lifecycle
- Medication Sales and Inventory
- Hospital Bills
- AR application
- Cash Allocation
- AP and Invoice fulfillment
ReconArt supports multiple types of recs with extreme ease and flexibility, while the user interface remains consistent across reconciliation account types. During the initial phase of the deployment, the transaction flows in your institution are analyzed and recorded, then transferred and automated within ReconArt. Standard, fixed cost implementations are common to guarantee a completely risk-free implementation. You have the flexibility to host the solution internally or in the cloud from ReconArt’s state-of-the-art data centers.
We have experience with hospitals, medical centers and insurance providers in the Healthcare sector. The systems they utilize run the range from small proprietary systems, to mid-level packages to Enterprise-class. In most cases there is a mix. We easily integrate with this wide variety of systems and have built import templates for data coming from both internal and external sources including service providers, payment gateways, banks, and offer 2-way integration with most ERPs, GL and 3rd party systems.
We value our healthcare clients and we strive to continuously enrich their environment while evolving the most flexible reconciliation solution for the industry. Contact us today to learn more.