Bank Reconciliation Cost Savings
How Healthcare companies use UCDS/Valupay for cost savings on the Bank reconciliation process
Several of our East Coast clients were using a costly process where the bank would send a detailed list of uncashed checks. These paper listings were kept centrally in huge cabinets for the Accounts Payable team to review before determining if a check had been cashed.
The problem was that the books which housed the check numbers were heavy to pick up, only one team member could use them at a time and each month there was another binder so they quickly filled up the space in the department.
Clearcycle’s tools provided an automated listing daily of the checks which were outstanding. A daily reconciliation file from the bank was received automatically and used to update the check status on the UCDS/Valupay databases. The ability to determine check status was now almost real-time. The savings was multifold. The bank fees associated with the monthly bank reports were eliminated for multiple bank accounts.
ClearCycle’s bank reconciliation processes were able to save the ClearCycle’s clients 25% of bank fee costs. Also the process increased the efficiencies that team members could perform their duties which ultimately increased member/provider satisfaction with the Finance Department’s quick responses.
EOB Process Cost Savings
How Healthcare companies use UCDS/Valupay for cost savings on EOB process
ClearCycle’s clients were using legacy processes that were costing millions of dollars annually on Explanation of Benefits (EOB) which led to not only excessive financial costs but also dissatisfied member experience.
The problem was multi fold. The EOBs were being sent for each claim instead of combining the EOB to a biweekly or monthly document. At some clients the same family was being sent the EOBs in separate mailings which also added on extra costs.
ClearCycle’s warehousing of the EOB and combining processes were able to save the CC clients 30% to 40% of annual postage costs and it also reduced the amount of calls from members dissatisfied with the numerous EOBs. It was a win-win for the client and for their members.
Outstanding Letter Process
How Healthcare companies use UCDS/Valupay for cost savings on the Outstanding Letter process
Accounts payable assistants get a lot of checks returned and frequently wish that there was a better way to get the funds to the payee. They have lots of checks that require escheating to the State when they don’t get cashed and it seems like there should be a better way to handle this instead of sending huge reports and funds to the state every year.
We had a client which had 1000’s of checks on their outstanding registers and they did the letters to request payees to cash them manually. It was all very time consuming since they had to look for better addresses and keep track of the ones they had already sent out the prior month.
The problem was that the records were so large before they finished the monthly letters they had to start with the next month’s letters and they never seemed to be able to get out of the vicious cycle of sending out letters.
One of Clearcycle’s tools is the outstanding letter process. Using the report writing tool, the checks which needed letters were easily identified.
ClearCycle’s outstanding letter processes were able to save the ClearCycle’s clients postage and labor costs over doing the process manually. Also the process increased the efficiencies that team members could perform their duties which ultimately increased member/provider satisfaction with the Finance Department’s quick responses.
Stale Dating Process
How Healthcare companies use UCDS/Valupay for cost savings on the Stale Dating process
We had a client say that they had 1000’s of checks on their outstanding registers and they were so long and wished that their payees would just cash their checks. At one point they were thinking of manually voiding the checks to just get them off the register but it seemed to be a very overwhelming task.
The problem was that the records were so voluminous that it was just “noise” when looking up checks which needed to be reissued. The client didn’t want to have to do the process to manually void the checks to get them off the register of outstanding checks.
One of Clearcycle’s tools is the stale dating process. Aging criteria can be setup within each bank account definition with duration in either MONTHS or DAYS. For stale payments, it is based on the check date of outstanding item. For Auto Voids is based on check date of stale or outstanding.
ClearCycle’s stale processes were able to save the ClearCycle’s clients 20% of labor costs over doing the process manually. Also the process increased the efficiencies that team members could perform their duties which ultimately increased member/provider satisfaction with the Finance Department’s quick responses.