Automate critical medical remittance processes to reduce costs, identify opportunities and accelerate payments

Large health systems today face a myriad of complex challenges that threaten their very survival – from clinical workforce shortages to increased supply and equipment costs to rising competition to growing consumer demand for innovative solutions. For many hospital systems, costs are outpacing revenue, and there’s little relief in sight.

As a result, many systems are focused on reducing costs and driving efficiencies in their business; for most, automating and optimizing their revenue cycle is more important than ever.

That’s why so many health systems work with MediStreams, which simplifies the complex process of receiving, posting, and reconciling payments. MediStreams automates manual, inefficient remittance processes, reducing the time and cost of getting paid. The MediStreams Cascade Product Suite offers configurable integrations that work seamlessly with a health system’s existing billing software, electronic health records (EHR), and document management systems to ensure data consistency and accuracy. The services are fully scalable to accommodate growth without an increase in labor costs.

HEALTH SYSTEMS

Unify and simplify the payment process

Billing and insurance-related costs make up the largest share of administrative burden for most health systems, due to the complexity of the payment process that varies dramatically across insurers.

Without an automated medical remittance management process, systems can experience:

Delays or inaccurate payment posting
Unidentified or partial payments
Payment discrepancies and chargebacks
Lack of transparency and accountability for audits and payment activity
Increased denials
Increased administrative costs
Manual processes requiring significant time from employees
Inefficient reconciliation via spreadsheets

At MediStreams, we work closely with health systems to improve payment processing efficiency and enhance the patient experience, minimize billing errors and automate processes. To protect personal healthcare information (PHI), our web portal archive undergoes extensive audits to ensure compliance and security. We provide the only true end-to-end reconciliation solution in healthcare, with configurable posting files and reconciliation reports for your practice management, general ledger and enterprise resource planning (ERP) systems.

KEY BENEFITS:

Reduce errors that lead to discrepancies in financial records and delayed revenue recognition
Process payments more quickly
Improve cash flow
Reduce manual labor, leading to cost savings in staff and resources
Project revenue more accurately and reallocate resources accordingly
Enhance compliance and adhere to billing and reconciliation regulations