Healthcare Automated Receivables (MedARTM)
Discover the Key to Automation and Efficiency in Healthcare Finance
Maintaining a healthy cash flow is crucial for healthcare practices and institutions. With the ever-evolving technology, regulations, and financial shifts, your revenue cycle can face challenges. Our Healthcare Automated Receivables solution is designed to keep your operations running smoothly. By accelerating cash flow and automating repetitive tasks, we empower your revenue cycle team to focus on what matters most - delivering exceptional healthcare services.
We aim to take a digital first approach by providing a comprehensive view of your receivables through our online platform MedARTM that consolidates multiple payment channels into a single platform. MedARTM uses advanced optical character recognition to extract information, index documents, allows for built-in-workflows to manage exceptions and deploys robotic technologies to automate tasks.
Whether your business is a single practice or a large institution, we are prepared to tailor our solution to meet your specific needs.
Tailor your payment solutions to match your patients' preferences. Our flexible approach allows you to choose the payment channels that suit your needs.
• Convenient Online Bill Presentment and Payment Portal
• Seamless Merchant Point-of-Sale Option
• Efficient Check Processing, either though our lockbox or in-house check scanning
• Processing of Virtual Credit Card Payments from Insurance Payers
• Collection of Electronic Funds Transfer (EFT) and Automated Clearing House (ACH) options
Customize your payment methods to enhance convenience and accelerate receivables.
Through the use of advanced technology, we eliminate manual processes and help increase the efficiency of your business to help reduce administrative costs and reallocate resources to other vital areas of your business. We can help you accomplish this by:
• Converting your paper Explanation of Benefits (EOBs) to a HIPAA compliant 835 file to automatically apply those payments in your practice management system
• Automatically posting patient payments that either come by check or through our online payment portal to your practice management system
• Reconciling your EFT/ACH payments back to the paper or Electronic Remittance Advice (ERA) reducing your unapplied cash
• Converting Correspondence or other documents into a searchable electronic document repository
• Automating the downloading, reconciling and positing of EOB/ERAs directly from payers websites
• Identifying Medicare/Medicaid recoupments so you can quickly remediate the adjustment
• Streamlining the Secondary Claims processing by creating snippets of the original EOB from the primary insurance carrier
• Converting all EOBs and ERAs into a standardized human readable image
As part our web-based application, MedARTM, you will have access to work queues for your correspondence, denied claims, recoupments, fee schedule matching and secondary claims processing. These work queues allow you to filter, search, and assign these transactions to individual staff members to work. The transactions can be assigned statuses and notes can be added to each transaction, giving you oversight of your teams productivity.
Since our web-based application, MedAR, is a centralized repository of your receivables information, we can help you identify and manage those troublesome areas through our analytical reporting tools.
• With our Denial Reporting module you can identify by Payer or by Denial Code historic trends. This will allow you to identify the cause and take corrective action to prevent future denials
• By providing us with your contracted fee schedules by payer, we can match up your contracted amount compared to the amount actually paid and identify any underpayments to be worked, ensuring you get paid what is actually owed
• Our Cashflow Dashboard gives insight into your daily cash flows, broken down into the different payment channels
Healthcare Automated Receivables (MEDAR)
Designed especially for healthcare - speed up your revenue cycle, get quicker access to funds, and choose from a wide range of payment channels.
Improve problem resolution and reporting with MedAR
MedARTM is a records and image-based web application that gives insight and oversight of your receivables. Realizing the importance around protecting healthcare information, our web interface offers advanced multi-factorial authentication at the time of login. In addition, any file transfer of protected health information is encrypted before transfer.
Through our web interface:
- You can see the status of claims in real-time as they are being processed through our system
- You can search your 7-year archive of claims processed on an array of data fields, such as payer, patient name, account number, check number and amount
- You can work your denied claims through a standard operational workflow by assigning the denied claims to specific staff members
- Our web reporting tool, which is a dynamic report writer, allows you to generate custom reports on-demand and download them in different file formats
- The original Explanation of Benefits document can be viewed and is imaged
- The document can also be viewed in a standardized readable form no matter what payer originated the document
- We can index the many different types of documents that can accompany an Explanation of Benefits (correspondence) so that you can review them at a later time
- As there can be many different types of documents that can accompany an Explanation of Benefits (correspondence), we can index these other documents so you can review them at a later time
- We do not restrict the number of users that can have access
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