MediStreams, a company that offers solutions for automating healthcare payments and remittances, has boosted its reconciliation platform by launching General Ledger (GL) Reconciliation. According to the company, this is the first fully integrated, end-to-end reconciliation system for healthcare payments. This new feature of the platform is being demonstrated at the HFMA Revenue Cycle Conference where its capabilities in enhancing financial accuracy and operational efficiency are being emphasized to healthcare organizations.
Healthcare providers usually receive payment information from multiple channels including bank deposits, electronic remittance advices (ERAs), paper explanations of benefits (EOBs), and payer communications. Different payment parts usually arrive at different times and in different formats, resulting in disjointed workflows which pose challenges for revenue cycle and finance staff. For this reason, lacking synchronization can result in wasted efforts, tardiness in finishing monthly operations, and difficulties in obtaining proper reconciliation.
Bridging the Gap Between Payment Data and Deposits
MediStreams addresses these challenges by enabling reconciliation across the entire payment lifecycle. Its platform aligns data from medical lockbox services and remittance conversion through posting validation and now general ledger reconciliation. This ensures that all posted payments are directly matched with corresponding bank deposits, improving financial transparency and reducing manual intervention.
“Healthcare payments have always been difficult to reconcile because the money and the remittance data rarely arrive together,” said John Koch, Chief Operating Officer of MediStreams. “Our platform aligns those streams before the data reaches downstream systems. By delivering funded posting files, MediStreams removes a significant reconciliation burden from revenue cycle and finance teams.”
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Streamlining Posting with Funded Data
Traditional workflows often require providers to post all remittance data into electronic health record (EHR) or practice management systems before verifying whether those transactions align with actual bank deposits. This retrospective reconciliation process can be resource-intensive and time-consuming, often delaying financial reporting cycles.
MediStreams introduces a more proactive approach by matching bank deposit data with remittance inputs—including both electronic ERAs and paper EOBs—before generating posting-ready files. This ensures that only verified, funded payments are recorded within downstream systems, allowing organizations to maintain alignment between recorded revenue and actual cash flow from the outset.
Extending Visibility to the General Ledger
The addition of GL Reconciliation further enhances the platform by extending visibility beyond patient payments. People healthcare organizations and hospitals for instance can today handle reconciliation of non-patient financial engagement like operational deposits, interest income, and other variations that occur in bank accounts. This system comes up with journal-ready work that effortlessly links with enterprise resource planning (ERP) and general ledger systems thus helping finance teams to make reconciliation easier and speed up the financial close process.
In conjunction with MediStreams’ present features like lockbox services, EOB conversion, ERA normalization, correspondence indexing, and financial reconciliation, the enhanced platform is a one-stop solution for handling healthcare payment processes. By unifying data and automating reconciliation processes, MediStreams enables organizations to improve accuracy, reduce operational burden, and gain greater confidence in their financial reporting.
