Integrated Receivables Management System (IRMS)
The hospital provides care to a lot of inpatients who come from various walks of life and either pay out of pocket or have insurance of sorts from Corporates, Government & Private companies.
This presents a unique challenge to the hospital to keep the accounts receivables in check and ensure that the claims are done in regular manner and get them reconciled on a regular basis to keep a check on cash flow.
Every Payer reimburses claims different way, they send out different formats of data and have different frequency. This presents an ongoing challenge to play catch-up with all Payers and having a system in place would solve catch-up and help the management & staff focus on the A/R.
The current tracking system is manual, not streamlined enough to make receivables management, payment reconciliation, reporting & closed loop reviews & audits.
We at m16labs specialize on improving processes and plugging process and technology gaps to improve your claims.
The Receivables Management System will streamline, strengthen & enhance the finance team to manage the organization payments in a better way.
The IRMS would create from the billing, claim and payment data a single transaction for reporting purposes. Single record for auditing, data quality & integrity.