Cash Deposit Accountability
Reconciles Financial Deposits to a Hospital’s Billing System
Hospitals process hundreds of deposits daily through various financial systems. Deposits are complex and can cause delays in posting, reconciliation issues, and inaccurate balancing. Our answer to this is Avelead CashID — a platform that integrates financial information from banks, multiple EHR systems and financial accounting systems into one easy-to-navigate tool. Our integrated platform also provides employees with streamlined workflows and gives leadership accurate balancing and reporting.
All Cash Is Coming Through the Door
Avelead CashID serves as an integrated platform to monitor all revenue deposited into your organization on a daily basis. Our automated process identifies discrepancies and flags instances that need review. This feature gives your organization an opportunity to address high-dollar issues proactively and prevent revenue loss.
Accurate Payment Posting
Avelead CashID ensures that all payments throughout your organization are posted correctly. We leverage technology to identify incorrect posting, which provides cash posters an opportunity to fix mistakes and gives management an opportunity to track productivity and training potential.
All 835s are Reconciled
Avelead CashID reconciles 835s to check numbers and dollar amounts that were deposited. Our unique algorithms help manage discrepancies and reduce extensive manual research involved in reconciliation.
Frequently Asked Questions
Why is a deposit different from a record of deposit?
An insurance provider will send a record of that deposit to the hospital to document the transaction. The problem from a hospital’s perspective is that the documentation doesn’t always include information about how many claims were in the deposit, and even if it does, that information is rarely accurate. The resulting differences can be in the hundreds of thousands daily.
How big of a problem is this?
The problem is around balanced books. Hospital CFOs are aware of the importance of understanding the ups-and-downs of deposits. A balanced hospital is a financially healthy one. The insurance records, however, won’t balance themselves. If a healthcare organization wants to make sense out of the chaos, they will need a team of five-to-ten people working around the clock, and even then the information they provide will always be inaccurate, a day late.
Why are insurers paying the hospital back?
Every single time a patient comes to the hospital, a new contract is signed, and paperwork is sent off in all sorts of directions, creating also a new contract between the hospital and the patient’s insurers. If government programs such as Medicare and Medicaid are involved, that’s another set of contracts. The patient usually pays a certain sum out-of-pocket, but almost always the insurers will fill in their part of the contract by depositing money in the hospital’s bank after the billing has been sent out.
How does automation work?
Our solution automatically pulls all information about deposits and your record of those deposits. It scans 845s, banking information, and even patient information to perform revenue reconciliation. Every morning it instantly and automatically has a report of all that information. Automation can save your hospital hundreds of hours a week. The morning report alone takes hospital accountants two-hours each morning to create. Process automation saves your hospital time and money, allowing your staff to focus on other projects.
What about 835s?
The 835 insurance documents are difficult to process. As a receipt, they give little information about the record of the deposit. That’s where Avelead CashID can make a huge difference. The second an 835 comes in, CashID checks it and automatically matches it with what’s going on in the financial side of things. A process that can take hours, is over in seconds.