Cash Deposit Accountability

Reconciles Financial Deposits to a Hospital’s Billing System

A hospital has hundreds of deposits and financial records of those deposits going through its systems every day from banks, the government, and insurers. Those records are not always accurate, and if a healthcare system doesn’t have a good revenue reconciliation plan, they could be leaking cash and time trying to balance the books. Our answer to this is CashID, a tool that ensures that every deposit is accurate and that a healthcare organization is being paid correctly.

All Cash Is Coming Through the Door

With CashID, your hospital can monitor all revenue deposited into your organization. It will identify any discrepancies quickly, providing ample time for your organization to fix the issue easily on a case-by-case basis, guaranteeing that all transactions are accurate and successful.

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Payments are Posted and Applied Properly

CashID assures that all payments through your organization are posted and successful. Properly posted payments immediately saves time and leads to increased revenue within your organization.

All 835s are Reconciled

CashID quickly and automatically checks if all the 835 insurance documents are reconciled. This leads to a smooth and quick process from payer, to provider, to patient within your healthcare organization, increasing hospital productivity and client satisfaction.

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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 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.