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.

From Billing to Claims

Integrated Receivables Management System

Receivables Management

Receivables management consists of Receivables Ageing Report, along with dynamically updating it on a daily / regular basis based on the charges / claims that get generated in the hospital systems.

Payment Allocation & Reconciliation

The Payment Allocation & Reconciliation module is where data from external & internal systems are brought together, standardized, normalized & parsed to match the transactions (claims) vs payments (reimbursements).

Benefits

Improve Cash Flow Reduce A/R Reconcile Payments & Allocate Payments to the right Bills / Claims
Unmatched Payments would be reported to the staff to manually reconcile
Bring in all the data to a single solution to ensure Audit trail & Reviews
Improve staff efficiency and enable them to follow up on high stakes cases
Provide dashboard, analytics & reports to the finance team to manage & support the hospital.