One of the biggest challenges for companies in the Healthcare industry is that payments are received in a number of different ways. Cash, checks and credit cards are all used and all need to be applied to patient invoices and non-patient revenue. Healthcare companies receive electronic payments (ACH’s) and have to deal with expensive bank lockbox fees.
Applying this cash to patient revenue in systems such as EPIC or Cerner can be a slow and tedious process. Healthcare companies have a very difficult challenge with regard to understanding and reconciling cash flows quickly, this is a key element to survival in what is a very tough industry. Splitting cash from one bulk amount and assigning it to lots of other areas can be a nightmare when done manually.
Cashbook is an add-on automation and productivity tool for Healthcare. It consolidates all your cash information in one location, and creates a daily overview of your cash position. Transform your financial operations and increase the productivity of your Accounts Receivable, Accounts Payable and Bank Reconciliation functions with Cashbook’s automation capabilities. We take into account cashflow going to patient health systems, such as EPIC and Cerner. Cashbook has been integrated with Lawson S3 previously.
Cashbook automates the coding from bank statements to Lawson General Ledger codes. This includes automating Lockboxes, Credit Card files, Deductions and Decoupled Remittance details from emails and Web Portals. Cashbook can automate payables with Checks, ACH’s, Wires and the new ISO 20022 formats. Cashbook’s Bank Reconciliation automation transforms your month-end into a daily reconciliation, the last day of the month is as easy the first day of the next month. We also automate the splitting of large cash payments into a fully customized format which suits your business needs.
The new developments in Cash Application Automation have seen Robotic Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI) push the boundaries of what can be achieved today. Cashbook use RPA, ML and AI in our software to automate and process key Cash Application procedures for our customers. This allows for labour-intensive, repetitive and complex procedures to be automated to exceptionally high levels. These advances help to maintain stronger cashflows and allow prediction of when customers are going to pay.
Cashbook work closely with a large Healthcare group in the US, we have experience in solving all of the problems that are encountered on a daily basis. Cashbook has been integrated with multiple ERP systems and banks, it also has multi-lingual and multi-currency capability. It is our vast experience and cutting edge technology that sets us apart from the competition. Get in touch with us today, and request a free product demo or discovery call to see how we can transform your Healthcare financial process.