Automated Financial Data Reconciliation System to Enhance Efficiency and Accuracy

The client manages manual account reconciliation tasks across multiple locations, which are time-consuming, error-prone, and require significant administrative effort. This hampers operational efficiency and delays revenue collection, impacting overall financial performance.

A large multi-location healthcare provider with extensive billing and revenue management operations seeking automation solutions to reduce manual tasks.

• Reduce the time required for account reconciliation by at least 95%, decreasing weekly processing from several hours to under 15 minutes.
• Achieve 100% accuracy in reconciliation reports to minimize errors and discrepancies.
• Reallocate saved time and resources toward higher-value activities that contribute to revenue growth.
• Enhance job satisfaction for finance teams by automating mundane manual tasks.
• Establish a scalable automation solution applicable across multiple locations and processes.

• Automated data extraction from billing applications and bank statement sources using robotic process automation (RPA) or similar technologies.
• Business logic implementation to interpret and process varied data formats and reconcile transactions.
• Error detection mechanism to flag mismatched amounts or missing payments, with automated error reporting.
• Generation of formatted reconciliation reports and summaries, including detailed data comparison and discrepancies.
• Automated email distribution of reports to designated finance personnel for review and approval.
• Audit trail and logging capabilities for compliance and process tracking.

• Billing software systems
• Bank statement APIs or files
• Email systems for report delivery

• System scalability to accommodate multiple locations and increasing data volumes.
• Processing speed to deliver reconciliation reports within 15 minutes of data extraction.
• High accuracy rate of 100% in data comparison and reporting.
• Secure data handling and compliance with relevant data protection standards.
• Ease of maintenance and adaptability for extending automation to additional processes.

The automation solution aims to cut reconciliation task time by over 95%, saving approximately 256+ hours annually and reducing costs by around $10,000. It will enable the finance team to focus on strategic activities, improve reporting accuracy, and support scalable growth initiatives.