CAMS (CASH APPLICATION MANAGEMENT SOLUTION) QUICK HINTS
1. TRACK BY DEPOSIT
Track individual deposit transactions and force accountability at the transaction level not by day or month.
Match deposits with batch and transaction files from your Patient Accounting System.
This reduces the many-to-many relationships that result from the complex posting world in which most providers operate.
Maintaining a routine allows a more consistent application of the posting data.
2. TRANSITION TO A MORE SUSTAINABLE SYSTEM THAN EXCEL
Data spread over multiple pages of an Excel workbook doesn’t present the real picture.
Using Excel involves a significant amount of data entry, and entails all the risks associated with manual keystrokes.
Avoid writing complex Excel formulas which break with simple data entry mistakes.
Consider automation options to support your operation.
3. UNDERSTAND THE PROCESS AND MAKE UP OF ALL DEPOSITS
Map each payment path to the bank, capturing all points of payments submitted for deposits.
Identify the source of every deposit and if payments are being rolled into large deposits.
Reducing the number of deposits that are grouped allows easier reconciliation.
Knowing the make-up of each deposit type adds transparency to the reconciliation process.
4. GAIN CONFIDENCE: THE DEPOSIT AMOUNT IS THE SOURCE OF TRUTH AND CASH
Track split deposits by the various patient accounting system and general ledger accounts where the cash belongs.
Log batch-posted data in real-time as part of the posters’ workflow.
The team posting the cash and reconciling the bank account(s) should leverage the same application.
This quickly highlights any unposted or unreconciled amounts, allowing staff to resolve those exceptions quickly.
5. RECONCILE MORE FREQUENTLY THAN THE STANDARD MONTHLY REPORTING
Create a formal, documented, and repeatable process.
Compare your true monthly net deposits back to the sum of individually-tracked deposits for the given month.
Finance and cash posting should be using the same work flow system.
This prevents a backlog of data from developing, and facilitates the ability of staff to deal with issues in more of a real-time manner.