Hospital cash flow is incredibly complex, with revenue generated from many disparate sources. As a result, the daily cash reconciliation process is resource-intensive and subject to human error. To improve this procedure, Crowe introduced Crowe Automated Reconciliation for Healthcare, a technology solution that replaces manual bank account reconciliation with an automated process. Crowe is a public accounting, consulting and technology firm with offices around the world.
Crowe Automated Reconciliation for Healthcare automates cash deposit data by performing a daily, three-way match between the general ledger, patient accounting system and the bank, improving the accuracy of the balance sheet and financial disclosures.
“At Crowe, we have a deep understanding of the healthcare industry and have been helping healthcare providers improve operations for decades. We blend advanced technology with practical expertise to develop new solutions that add value,” said Jay Sutton, Crowe healthcare advisory principal. “While a number of reconciliation solutions have been created for hospitals, until now none of them combined the general ledger, patient accounting system and bank account. We saw a real need for a comprehensive automation tool that could bring together the disparate systems while reducing some of the time-consuming data entry tasks.”
Using Crowe Automated Reconciliation for Healthcare, healthcare providers can:
- Automate, standardize and streamline daily bank account reconciliation processes
- Identify exception items to reduce large unapplied cash balances
- Track and transfer provider-based status payments to the appropriate entity
- Provide an audit trail with supporting documents
- Record cash deposits to the proper general ledger upon receipt
“By automating some of the day-to-day tasks, hospital finance staff can free up time to focus on higher-value tasks such as analysis and risk mitigation,” added Sutton.