Client’s Cash Operations Challenges
- Work queue back logs with inefficient tracking
- 20+ staff outsourced team
- Month end closing process delayed by atleast 10 days
- Tedious manual process with errors
CognitiveHealth’s iCANTM Automation Solution
- Automated 4-way reconciliation process ( deposits, remits, posting file and claims)
- Automated posting of reconciled payments (cash, non-cash and patient payments)
iCANTM Cash Posting Solution Implementation
- Pre-built business rules engine with configuration capabilities
- Integrates with most EMRs and external portals like banks/payors
- Client-facing portal for reporting and dashboards
RESULTS
- Reduced manual effort by 65% for reconciliation and posting
- Claim level reconciliation
- Cost savings of $500-600K per year on printouts due to digital audit trail
BUSINESS VALUE DELIVERED
- Reduced outsourced staff by 80%
- Improved process efficiency with timely month-end closing and reporting by 6 weeks to 4 days
- Actionable insights into refunds/denials/take backs at the time of posting
“By automating the end of the day reconciliation process, we are able to reduce data entry errors and improve efficiency. The timing of this process implementation has been very important for our current situation. The portal has allowed us to transition to a work from home process with no disruption to our workflow.”
Senior Manager
Corporate Business Services
4000+ bed health system
Corporate Business Services
4000+ bed health system
