Along with comprehensive revenue cycle solutions, we also provide our members the ability to automate the complex month-end task of calculating accrual revenue including DNFB and in-house accounts. These net revenue numbers, once calculated, can be used to post automatically back to your GL and other financial systems.
Automate Your Month-End Reserve Calculations
The most important function that must be completed at month end for any facility is the calculation of accruals for unbilled accounts. With Payment Integrity Compass this process can be automated using tools that already exist in the application. With no need to purchase additional modules, our members can accurately calculate their net revenue at month end for all unbilled activity for all types of accounts and payer reimbursement methodology.
With Payment Integrity Compass, you can:
- Calculate net patient revenue accruals for all accounts for all payers
- Use the Compass calculations to compare against your host system for accuracy
- Identify any account issues by recognizing variances between your host systems and Compass
- Create contractual adjustments when account is final billed
- Create custom reports using a combination of dates of services, billing status, and accounting period
- Perform calculations on interim bills
“We recovered millions that would have been written off to a contractual…incremental revenue that can make the difference in whether we are profitable or not.”
Director, Managed Care Director, Western Academic Medical Center
Interface To All Financial Systems
As more and more legacy systems become out-dated and not able to handle the more complex contracts, an increasing number of providers are in need of a system that can net down their AR using true, accurate numbers. Once accounts have been identified as final billed in Payment Integrity Compass, use the expected reimbursement, adjustments and contractual allowances calculated in Compass to net down your accounts receivable in your host system.
Provide Powerful Reporting
Month-end reporting is always a daunting task, especially when facility must determine the exact balance for any given account that may span multiple accounting periods. As part of Payment Integrity Compass, our customers receive power ad-hoc and standard reporting that can be run automatically pre and post close to ensure accurate management reporting and financial closing review. Payment Integrity Compass allows users to create reports that can be viewed, giving visibility down to the account and transaction levels.
Flexibility To Support Your Specific Month-End Close Processing
Members can use contractual adjustments calculated in Payment Integrity Compass to net down their AR in their host systems, thus affecting their general ledger. Compass now becomes a facility’s sub-ledger and keeping the two systems in sync is essential to good accounting practice.
With Compass our customers are able to define their own accounting periods as well as create specific rules and reports to run automatically on these defined dates pre and post close. These accounting periods can also be defined at the account level for accurate revenue recognition and financial reporting.