Cash Reconciliation

Case Study

Cash Reconciliation

Case Study Cash Reconciliation

Services:

Initiation and Planning, Risk Management, Vendor Management, Financial Management, Stakeholder Engagement, Change Management, Implementation Oversight, Quality Assurance, Reporting and Evaluation

Challenge:

Providence St. Joseph Health faced a multifaceted challenge with its initiative to transition fully from Meditech to Epic. The central challenge was reconciling cash transactions from various parts of the organization. The existing tools were insufficient for the task, and scalability to accommodate other Epic Service Areas/Entities was a critical requirement. Additionally, the sheer volume of over $10 billion in annual payments added complexity to the reconciliation process.

Solution:

The solution involved a two-pronged approach. First, Providence St. Joseph Health implemented Epic’s Cash Management Module, leveraging Epic’s robust capabilities to streamline and manage cash transactions within the Epic ecosystem. Simultaneously, a custom web-based solution was developed to handle non-Epic cash reconciliation, providing a comprehensive system that could address diverse service areas and entities. The custom tool was designed for scalability, ensuring adaptability to other parts of the organization.

Results:

Following the implementation of Epic’s Cash Management system and the custom web-based solution, Providence St. Joseph Health achieved significant results. The estimated Full-Time Equivalent (FTE) savings amounted to $300,000, showcasing increased operational efficiency. Moreover, there was a noteworthy revenue uplift of $244,000. The success of the project demonstrated the effectiveness of the chosen solutions in enhancing financial processes, reconciling cash transactions, and delivering tangible benefits to the organization.