Solutions for the Business of Healthcare

Revenue Control System

The Revenue Control System (RCS) is a back office balancing tool that automatically researches payments, balances bank deposits, and monitors posting activity. RCS provides in-depth reporting and tracking functions while leveraging existing internal and external systems. 3 Chopt Software provides a means to easily search any exception and generates detailed histories and reports providing up to the minute detail on receipts and any out of balance situations.

Web-based back-office solution for revenue tracking

Import and categorize incoming payments

Track payments through posting to patient accounts

Workflow for balancing journal deposits, batch entry, lock-box processing, sending batches to posters, and more

Track deposit bags from collection centers

Import and classify bank adjustments

Monitor daily activity in real-time

Automate daily balancing and discrepancy reporting with bank deposits and posting activity

Integration with Remote Deposit System for check images

Search and display check images

Operational and historical reporting

View daily status on system home page

Net collections and cash receipts journal reporting

Full audit trails and drill-through reporting of daily activity

> Manage Revenue Recognition

You determine when incoming payment batches will be included in the daily collection report through the Revenue Control System while maintaining integrity with bank deposits and accounting.

> Queue & Balance to Posted Payments

Automatically queue batches for payment posting, track posting activity, and balance Revenue Control batches with posted payment batches.

> Implement Structured Workflow

Create stuctured processes based on your business and track all batches as they progress through the workflow. The Revenue Control System will highlight any exceptions to normal daily processing.

> Import & Balance Bank Deposits Daily

For walk-ins, call-ins, payment research and any part of the organization, access bank integration within the Revenue Control System imports bank transactions daily, and automatically generates Revenue Control batches for any ACH direct deposits, queues all NSF adjustments and unidentified miscellaneous money for review, and balances all RCS deposits to bank deposits.

> Net Collections & Discrepancy Reporting

The Revenue Control System includes extensive reporting capabilites using bank deposit information, posted payment activity, and revenue recognition to decypher end-to-end payment processing activity.

> Monitor Daily Activity in Real-Time

See up-to-the-minute incoming payment activity, review payment posting queues, outgoing wires, ACH deposits, lockbox activity, and more.

> Full Audit Trail History

Review all edits and activity using the Revenue Control System's drill through audit reporting. Drill into any user to review their complete daily historical activity, or any Revenue Control batch to see all edits plus related activity.

> Check Search and Display

Integration with the remote deposit system allows auto-balancing of all checks with Revenue Control batches and imports the front and back images of each check. Authorized users can search for checks by check number, amount, bank account number, deposit date, and batch number.

> Categorize and Track Receipts

The Revenue Control System (RCS) tracks batches by the payment type, collection point, and the source of the payment. RCS further breaks down each batch's line items to capture the payment method (Cash / Check / Credit Card) and the amount to be attributed to the clinics or hospital.

> Balance Receipts with other Systems of Record

Through application integration, RCS maintains balancing information with other business systems such as banks, remote deposit systems, credit card providers, patient billing, and financial accounting systems. RCS automatically balances the systems, identifying discrepancies to be addressed.This allows personnel to focus on problem areas instead of the mundane daily balancing or entering redundant information into other systems.

> Report on In Process and Complete Work against Budgets

Through built-in reports, RCS provides an always accurate picture of current and historical activity.With drill-down capability on the Daily Collections Report, information can be analyzed down to a granular level. Plus the auto-assignment to Payment Posters and associated tracking reports provide all personnel a comprehensive picture of current collection and posting activity.

> Entry Forms that Reinforce Business Processes

RCS has multiple ways to receive and cross-check daily receipts. By mapping your business processes against RCS, an existing or custom entry form can easily be configured to match your specific business processes.

> Historical Information and Audit Trails

RCS has built-in auditing of all changes to batch information, thus allowing accurate historical information at all times. Once a day is closed, RCS restricts change to daily information to create a complete, auditable system of record.

The first step in implementing a 3 Chopt Software solution is an onsite review of existing systems, workflow, processes, and identification of key business objectives. By understanding the workflow and roles of each stakeholder 3 Chopt can tailor the rules, tools, settings and reporting to meet the specific needs of each client according to their own established processes.

Once installed 3 Chopt will provide training classes to educate staff on the use of Payment Receipt Journal and Revenue Control System. Typically, employees can begin using PRJ immediately based on the intuitive interface and overall ease of use. Managers and Administrators will be provided initial and ongoing training on the various reporting and monitoring functions and custom reporting needs can be designed into the system.

3 Chopt Software users are supported through our customer support team reachable 24/7 365 days a year to answer questions.

> How does Revenue Control balance with the bank?

A bank file is imported into Revenue Control every day. The import checks the bank classification to determine how to balance with Revenue Control deposits and automatically links all matching deposits. Whenever the bank does not balance with Revenue Control, a discrepancy is noted.

> How does Revenue Control balance to posting systems?

Similarly, a file from IDX is loaded each morning. Any unmatched batches are quickly identified and resolved. Batches are added to the discrepancies if the batches do not balance after 7 days.

> How are ACH payments created?

During the import of the bank file, an ACH deposit is created for any new bank activity. The ACH deposit includes any insurance direct deposits, patient wires, and credit / debit adjustments to previous deposits. All adjustments are placed in review for follow up.

> Does Revenue Control integrate with any remote check deposit solutions?

Revenue Control is integrated with Bank of America's Remote Deposit System. Revenue Control imports a file from the system to create balancing entries and discrepancies, and imports front and back images of each check.

> Does Revenue Control provide assistance for payment research?

Batches can be retrieved by IDX batch number or the Revenue Control batch number. Revenue Control also provides reports to show all batches that are not balanced with IDX by queue - with definable queues based on payer and batch type so that Medicare, Blue Cross/Blue Shield, and other payers are worked by separate desks. Additionally, Revenue Control contains a check search feature that allows users to search by check number, check amount, date, and bank account numbers to quickly display front and back images of a check.

> Can daily activity be monitored easily?

The home page provides a quick glance at receivables for the current day. The drill-down collection report can be accessed from the system home page for any day that has been closed.

> What if a receivable is incorrectly classified?

Revenue Control provides the ability to re-class any batch. A re-class generates a $0 transaction by creating a positive batch for the amount to be re-classed and a negative re-class adjustment, both for the current day.

> How are balancing discrepancies managed?

Revenue Control provides discrepancy screens and reports to assist in correcting mapping issues between systems. Each discrepancy type has a search screen that looks for matching entries.

> Can historical data be changed?

Once the day is closed, all batches for the day are locked. Batches can still be deposited or re-classed, but the information cannot be changed. Similarly, once the month is closed all of the month's deposits are locked.

> Does Revenue Control have an audit history?

Revenue Control contains full audit trails of user activity and batch changes. Drill through reports let you switch between the user activity and batch detailed audit reports to cross- check activity.

> What other tools are available with the Revenue Control System?

Revenue Control allows users to focus on the exceptions rather than typical daily activity. The system eliminates many keying errors by cross-checking against other systems. Auditors that have reviewed Revenue Control are pleased by the ability to view full detail historical information and the controls that manage changes.