Improve cash flow, streamline processes, avoid errors, and create happy customers when you integrate automated accounts receivable with your CMS. Here’s how to do it.
Claims adjustment can be complicated, which means it’s vital that independent adjusters embrace improved processes that reduce cost, increase productivity, and boost customer satisfaction. You need claims management software and systems, which can streamline and handle all aspects of claims management within one easily accessed platform.
Claims management systems (CMSs) improve workflow in all areas by eliminating the need for manual data entry with automation, which provides a more efficient solution. It’s time to throw out the spreadsheets and other outdated methods that slow the process, result in errors, and impede cash flow. It’s time to invest in accounts receivable automation.
Accounts receivable automation software removes the components for human error capture, reduces costs, produces faster cash flow, and improves customer service. Let’s explore all the benefits of integrating accounts receivable automation with claims management systems.
‘The way it has always been done’
A mindset of “we’ve always done it this way” is dangerous on several counts. It fosters business stagnation and stifles innovation, for example, and can ultimately lead to a failed company. It’s been labeled by Forbes as the “most dangerous phrase in business.” It’s not a matter of “if it ain’t broke, don’t fix it.” It’s a matter of business survival.
Traditionally, the accounts receivable process meant manually:
- Issuing invoices
- Inputting the invoice into a spreadsheet or siloed accounting software
- Processing payments
- Matching payments to invoices and manually posting them into your case management system
- Investigating disputes
These steps are essential, and an involved process if your accounts receivable team relies on a manual workflow. And humans being humans, mistakes are made to the tune of about 1% for manual data entry for simple inputs.
Claims don’t involve simple inputs, however. They are complex and extend to every part of the process, including accounts receivable. And again, the human elements mean more errors will be made if someone is tired, stressed, or distracted. Accounts receivable automation with integration just makes sense.
The modern choice: accounts receivable automation
It’s a given that automation is more accurate and efficient. But there are many more benefits to integrating accounts receivable automation with your claims management system – things would either be impossible or incredibly difficult using traditional methods.
With automation, you can:
- Deliver invoices as soon as they are created in your case management system
- Send automated reminders both before and after invoices are due with a regular cadence
- Process payments
- Match payments to invoices
- Post payments to your case management system automatically
- Generate real-time, robust reports
With account receivables automation and integration into your case management system, you increase efficiency to do things better, optimize operations to innovate and continuously improve, and enhance productivity to do more in less time with fewer people.
Integration is an important piece of the puzzle
All of these benefits are only possible by integrating accounts receivable automation with your claims management system. Integration accelerates the inflow and outflow of information by providing a centralized system that achieves operational and cost efficiencies. Otherwise, information is siloed in systems that don’t communicate with each other, creating the need for duplicate manual entry that creates errors.
By integrating accounts receivable, you’ll get:
- The real-time, actionable data you need to refine and improve your financial operations
- Reduced collection-agency spending
- Fewer declined payments
- Streamlined workflows and increased productivity
You’ll have a transparent view of how much you’re owed and by whom, and can standardize processes and your collections strategy. And, with everyone working with the same software and a centralized database, communication drastically improves. Is someone on vacation? No worries. With accounts receivable automation, anyone else in the accounting department can pick up where they left off.
Increased efficiency, time and money savings, accurate and timely data, a standardized process and improved cash flow are all hallmarks of accounts receivable automation. But the benefits extend to your customers as well.
How customer service improves with accounts receivable integration
An enhanced customer experience comes with integration. You can provide a detailed accounting of all case-related expenses when customers are looking for one, and do so instantly and with complete transparency and all required backup. Your customers get the information they need so you get paid faster, providing the working capital that fuels growth and the insight to improve cash flow forecasts.
Here are a few additional perks:
- Automation gives customers a secure and easy way to pay and reduces churn
- Accuracy and timeliness increase customer confidence
- Automation provides a more secure environment, mitigating the data breach worries that are top-of-mind today
Accounts receivable automation provides myriad benefits, including reduced cost, faster cash flow, better customer service, increased security, and the management insight you need to fine-tune financial forecasts and employee hiring.
Partner with Susco to automate accounts receivable and exponentially improve your operations. For more than a decade, our dedicated team of web and application developers has built custom solutions that perfectly align with business goals. We make your business more efficient, boost your workflow, close operational gaps, and help you communicate effectively internally and externally.
Discover what we can do for you. Get in touch today so we can schedule your free one-hour assessment