Most finance divisions receive little attention in today’s complex healthcare environments. Their role, however, is one of the most important facets in the organisation. They are vital to the overall success of the health system as it is their responsibility to create, track, identify and disseminate trending financial data to managers and decision-makers. That, in turn, empowers informed business decisions on behalf of the organisation. More specifically, their responsibilities include:
- Guaranteeing adequate cash flow to achieve organisational objectives
- Managing and controlling costs
- Establishing and managing profitability levels
- Preparing financial documentation and reporting
OnBase Revenue Cycle Management (RCM) solutions extend the traditional enterprise content management (ECM) tools of document capture, storage and retrievals. This assists finance personnel so they capture, record, store, manage, track and trend the data that helps run your business. For example, our RCM solutions provide:
- Batching and data capture tools that accommodate 100% of your financial and non-financial transactions regardless of origin or format
- One centralised repository for all transactions to reside, eliminating any external data sources or spreadsheets required for tracking and balancing
- Reducing and controlling costs through automated reconciliation tools that help match financial transactions from disparate systems
- Exception-based processing for un-reconciled transactions to be worked timely and efficiently
- Integration into your general ledger (GL) system to reduce manual data entry
- Reporting and data analytics for immediate insight into the organisation’s financial performance
Proven RCM solutions for finance
OnBase RCM’s time-tested solutions integrate with numerous HIS platforms and banking institutions to create a single source for claims adjudication and payment reconciliation. OnBase accomplishes this through a multi-tiered reconciliation solution that automatically matches detail transactions. First, bank deposits match to finance records. Finance records then match to OnBase batch records. Finally, OnBase batch records match to host line-of-business (LOB) batch records
By integrating transactional claims data with its corresponding payment remittance data and combining it with your daily deposit data into a single data source, OnBase can easily and quickly identify exception-based transactions that require additional attention and follow up. These exceptions are then managed though our user friendly work queue management tool for timely adjudication and account resolution.
A foundation of expertise and experience
For more than 20 years, Hyland has provided revenue cycle solutions that result in tangible savings for our customers. We have more than 1400 healthcare customers with varying solutions, including everything from storage/retrieval of financial close reporting to our fully integrated AR management solutions with systems integrations to every major HIS platform, including Epic, Siemens, GE, McKesson, Cerner, Allscripts, Meditech and many others.
Since its inception, OnBase RCM has grown into one of the most comprehensive, tightly integrated revenue cycle product suites on the market today. It is applicable for all hospital, physician practice or outsourced billing and collections service companies. Today, these modules help our customers maximise revenue collections in hundreds of facilities across the country.