Cash Management

In today’s ever growing consolidation of hospitals and healthcare systems, keeping up with accurate billing and payments are more complex and as a result remain manually intensive. This is even more so in healthcare systems that have multiple billing systems and bank accounts. All of this has produced a significant amount of overtime required to close the books every month and year.

The InQ solution will bring together key components to automate processes and provide clarity to enable accurate cash reporting.

  • Automates the matching of 835 and bank deposits
  • Supports multiple bank accounts and billing systems
  • Automates processing controls and parses out the exceptions to be worked before posting
  • Provides audit trail for everything that happens in the process
  • Reports on where the cash is at every stage in the process
  • Provides a 360 degree reconciliation
  • Can be expanded to address other Patient Financial areas that may be difficult to manage

Benefits:

  • Faster cash recognition
  • Fewer issues when posting to the billing system
  • Greatly reduce Unapplied/Clearing account balances
  • Reduce monthly carry over
  • Lower staff expenses
Interested in more Cash Management Improvement Ideas?
Contact us and we will be in touch.