Automating Daily Bank Reconciliation for Healthcare Systems

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Automating Daily Bank Reconciliation for Healthcare Systems

CFO Tech Outlook | Wednesday, April 10, 2019

Healthcare providers are facing a range of reconciliation challenges in this era of new technology. The cash reconciliation task begins with the daily sifting process through funds received from various sources.

Crowe is one of America's largest public accounting, consulting, and technology firms. Crowe utilizes its deep industry expertise to afford audit services to public and private entities. Many organizations recognize Crowe as one of the best places to work in the country.

The company is rolling out a new solution designed for hospitals to automate processes of daily bank reconciliation and manage cash flow. Hospitals can often struggle to reconcile multi-source cash flow manually. With the rollout of its Crowe Automated Healthcare Reconciliation tool, Crowe addresses this friction by providing hospitals with a three-way solution that matches their general ledgers, patient accounting systems, and banking providers.

The solution allows professionals to identify exceptional items, track and transfer payments, generate auditing documents, and record cash deposits to the proper ledger in addition to automated bank account reconciliation. Automated banking reconciliation software delivers significant savings on a daily basis to well-known global retailers. Not only can automated reconciliation programs deliver faster, more accurate matches, they also provide organizations with opportunities to save time and resources that can be better spent elsewhere.

By significantly improving the payment reconciliation processes of the health care system, the organization will eliminate reporting discrepancies, improve revenue recognition, enhance financially, operational efficiency, and create more harmonious relationships among the remittance reconciliation departments. These improvements have enabled the health care system to enjoy increased financial accuracy and skills and have served as a catalyst for further operational improvements to be implemented.

Nevertheless, many healthcare providers choose medical accounting services to streamline their reconciliation process with accuracy. This allows healthcare providers to focus on their patients and provide them with reliable services.

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