Automated Account Reconciliation System Development

OrthoLoneStar's accounting team spent 4-8 hours per week on manual account reconciliation, a time-consuming and error-prone process. This impacted the accounting team's ability to focus on higher-value revenue-generating activities and contributed to potential inefficiencies in the revenue cycle.

The largest independent orthopedic practice in Texas, comprised of 46 locations, 169 physicians, and 1,186 employees, focused on providing high-quality orthopedic care.

• Automate the account reconciliation process to reduce manual effort.
• Improve the accuracy of account reconciliation.
• Reduce the time spent on account reconciliation by at least 95%.
• Reallocate accounting staff time to higher-value tasks.
• Increase job satisfaction among accounting team members.

• Automated data extraction from billing software.
• Automated data matching between billing and bank data.
• Automated report generation with discrepancy alerts.
• Error reporting and notification.
• Secure data handling and access control.
• Email report distribution.

• OrthoLoneStar's billing software API or data export capabilities.
• OrthoLoneStar's bank's data export capabilities (e.g., CSV, OFX).

• Scalability to handle future growth in transaction volume.
• High accuracy to minimize reconciliation errors.
• Reliability and uptime.
• Security to protect sensitive financial data.
• Performance to complete reconciliation within a defined timeframe (under 15 minutes per week).

Automation of account reconciliation is expected to save OrthoLoneStar approximately $10,000 annually in labor costs (based on 256+ hours saved) and allow accounting staff to focus on more revenue-generating activities. The improved efficiency and accuracy will contribute to a stronger financial position and increased job satisfaction within the accounting team. The successful automation of this process provides a strong business case for further RPA implementations across the organization.