How often should reconciliation be performed in a high-volume practice?
In a high-volume practice, reconciliation should be performed daily for patient accounts, payments, and claims, with weekly reviews for broader financial reporting and monthly audits for compliance and accuracy. This frequency allows practices to catch errors quickly, maintain cash flow, and reduce the risk of revenue leakage while keeping both patient balances and payer reimbursements […]
What Types of Reconciliation Matter Most in Healthcare Operations?
The types of reconciliation that matter most in healthcare operations are patient account reconciliation, payment reconciliation, claim reconciliation, and data reconciliation across clinical and financial systems. These reconciliations are critical because they connect front-end patient access processes with back-end revenue cycle outcomes, ensuring accuracy in billing, collections, and compliance. Patient Account Reconciliation 1.Matching Patient Records […]
How do reconciliation errors impact financial reporting and compliance?
Reconciliation errors impact financial reporting and compliance by distorting revenue records, masking underpayments or duplicate postings, and creating inaccurate patient balances. These issues lead to misleading financial statements, increased audit risk, and potential regulatory violations. When payments and claims are not properly matched, practices face hidden revenue leakage, unreliable reporting, and exposure to compliance penalties. […]
Why is reconciliation one of the most overlooked sources of revenue leakage?
Reconciliation is one of the most overlooked sources of revenue leakage because many practices assume payments received match billed claims, fail to track underpayments or missed adjustments, and rely on manual processes that overlook discrepancies. Without systematic reconciliation, practices lose revenue through unnoticed payer shortfalls, duplicate postings, and uncollected patient balances, making it a hidden […]
What is reconciliation in healthcare revenue cycle operations?
Reconciliation in healthcare revenue cycle operations is the process of matching payments received from payers and patients against submitted claims and recorded charges to ensure accuracy, completeness, and compliance. It solves problems such as payment discrepancies, missed revenue, duplicate postings, and audit risks by confirming that every dollar billed is accounted for and properly documented. […]