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Bank Statement Reconciliation

Bank Statement Reconciliation is the meticulous process of comparing and matching a healthcare practice’s financial records with its bank statements. This ensures accuracy in financial transactions, identifies discrepancies, and establishes a reliable financial foundation for the practice.

Benefits of Bank Statement Reconciliation

In the specific context of medical billing, bank statement reconciliation offers even greater advantages:

89%

01

Ensuring Revenue Accuracy:

Medical practices deal with complex billing processes involving insurance companies and patients. Reconciliation helps identify discrepancies between payments received and the amounts billed for services rendered. This ensures the practice is collecting the correct amount of money for the care provided.

78%

02

Identifying Denied or Underpaid Claims:

Sometimes, insurance companies may deny or underpay claims. Reconciliation helps uncover these discrepancies by highlighting unmatched deposits. Early detection allows the practice to research and potentially appeal denied claims, maximizing revenue collection.

94%

03

Catching Coding Errors:

Inconsistencies between billed amounts and received payments can sometimes point to coding errors. Reconciliation can flag these issues, allowing the practice to correct any mistakes in medical coding and resubmit claims.

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It's the process of comparing your medical practice's internal financial records of patient payments with the transactions listed on your bank statement. This ensures both sources reflect the same activity and helps identify any discrepancies.

It offers several key benefits:
Ensures Revenue Accuracy: It verifies you're collecting the correct amount for services provided by identifying mismatches between billed amounts and received payments.
Identifies Denied/Underpaid Claims: Unmatched deposits can highlight claims denied or underpaid by insurance companies, allowing you to investigate and potentially appeal.
Catches Coding Errors: Inconsistencies might indicate mistakes in medical coding, enabling you to correct them and resubmit claims for proper reimbursement.
Improves Collection Efforts: By pinpointing outstanding payments, you can focus collection efforts on specific patients or insurance companies.
Ensures Regulatory Compliance: Regular reconciliation helps maintain accurate financial records, which is crucial for adhering to healthcare regulations.

It's recommended to reconcile your bank statements monthly, at a minimum. More frequent reconciliations can be beneficial for practices with high-volume billing or experiencing cash flow issues.