←Insights
How to Break Down the Barriers Between Finance and Accounting Departments
August 1, 2022
Posting cash to patient accounts, sending PLBs to the general ledger, handling non-patient cash: Multiple teams in multiple departments handling related but distinct tasks without a shared workflow can lead to a “ships in the night” scenario. When Cash Posters and Accountants fail to communicate and consolidate their efforts, time is wasted, efforts are duplicated, people get frustrated, and money gets lost.
What’s needed is a common place for all departments within the organization to track financial activity of any kind. Add to that extensive automation so that teams can concentrate their shared energy on solving the really tough issues, and the result is something better: high fives! (more on these later)
In a perfect world, Cash Application and Accounting are really two sides of the same coin. Money comes into (and out of) the bank, and it needs to be logged, accounted for, and posted appropriately. Whether it gets posted to a patient account or recorded on the GL as income from the coffee bar makes little difference. What is needed is a workflow that provides a place for both groups to conduct a common cash reconciliation.
Enter Fawkes Health with CAMS!
CAMS is where Cash Posters and Accountants meet to collaborate, solve problems, and then high five as they bask in the glow of their combined reconciliation glory. (Note: high fives may be virtual if necessary)
Gone are the days of passing around 75 excel spreadsheets and downloading pdfs from the bank.
Now, everyone arrives at work to find all of yesterday’s bank activity already automatically loaded into CAMS, each Ticket representing an individual bank transaction (deposit or withdrawal). Payments nest within Tickets to maintain line item detail for lockboxes, remote capture, and credit cards (we love granularity). Remittances automatically load and match to Payments. App Batches auto-generate and export from CAMS to post the initial cash to the general ledger.
Remittances matched to payments are parsed and balanced, and 835s are sent from CAMS to patient accounting systems for posting. PLBs are posted in the remittance export as well, or peeled off based on custom logic to post to the general ledger via CAMS App Batches.
Meanwhile, yesterday’s Patient Account transactions and General Ledger transactions are loaded to CAMS and auto-reconciled via our proprietary matching engine.
~95% of yesterday’s activity auto-reconciled…
~95% of today’s patient and non-patient cash automatically posted…
…and it’s only 7:00 am, and your team hasn’t lifted a finger!
Automation, shared workflow, secure in-app collaboration, and extensive reporting to allow Cash Posters and Accountants to research, communicate, work the edge cases and do backflips while reconciling cash like never before? Check! (Note: high fives may be substituted for backflips if needed).
It’s just what we do at Fawkes Health. We build CAMS and we watch our customers do high fives. It’s fun.