Velos Financial
Velos Financial has been designed to improve your organization’s operational efficiency and cash flow. Easy access to information allows for better financial planning and decision-making. The software will pre-define orders and automatically create charges from data in the medical record, thereby increasing the speed and accuracy of posting chargeable activity. The system automatically distinguishes billable from non-billable services, which enables the database to segregate and utilize all data for costing and other analytical purposes. Online work lists and routing of tasks will streamline review and follow-up.
With Velos’s electronic data interchange, claims submittal and payment application will be automated. Time-sensitive and plan-specific insurance information, fee schedules, treatment authorizations and claim formats provide flexibility in both billing and re-billing. Integration with clinical records supports third-party compliance by facilitating claims audits. User-definable billing and report formats and filters enable end users to customize standard outputs of the system to meet their unique needs.
Functions
- Automatic charge posting from clinical database, manual charge entry option, and charge review
- Claims formatting, electronic filing, collections follow-up
- Receipt posting and cash application - electronic deposit and remittance
- Accounts receivable management and reporting
- Revenue/cost analysis
- General ledger interfacing
General Features
- Allows for easy retrieval of an extensive patient record by searching with full or partial identifying information
- Flags inactive and active patients
- Stores multiple patient addresses, phone numbers, next of kin, insurance, employers, physicians, and other important information
- Supports multiple facilities, DBA, tax IDs, and fiscal intermediaries
- Allows for either centralized or de-centralized patient registration
- Windows-based format with point-and-click operations, recognizable icons, multiple open screens, drop-down boxes, and other user-friendly options
- Clear and logical layout of functions and features
- Three-tier browsers simplify ICD9, CPT4, and other code searches
Charge Review
- Charges flagged by reviewer automatically generate follow-up notifications
- Check box feature at line item level streamlines review and approval
- The easy-to-use tree structure of online review screens enables narrowing down within specific categories, such as medications
- Automatic separation of non-billable items enables retention of all necessary data
- Review reports can be set up for inpidual facilities, insurance carriers, or staff, and can be presented in tabular or grid format
Claims Processing
- Automatic pricing of charges based on date-sensitive and plan-specific prices
- Six level charge master enables pricing for facilities, insurance carriers, plans and combinations thereof
- Supports both covered and non-covered, exploding charges, and capitation contracts
- Automatically separates claims based on date-sensitive payer-specific requirements
- Allows preview of claim image before submittal to payer as well as archival storage of images
- Enables prorating of benefits and the option of sequential billing or concurrent billing
- Allows the user to define unique payer-specific billing cycles
- Unlimited number of insurance carriers at the same and successive payer levels
- Treatment authorizations are time sensitive and can be designated as service-specific when applicable
- Multiple provider numbers can be associated with a given payer
- UB-92, UB-04, HCFA 1500, and patient statements forms are included
- Offers extensive claims formatting options to let user how line items and other information are presented
- Different forms and formats can be defined for each payer at the primary, secondary or tertiary level when necessary
- Roll-back, re-billing, and late charge billing are based on service date or accounting period
- Offers archival retention of all claim images, including originals when re-processed
- Automatic reversals of original claims and cross-referencing of re-processed claims
- Provides option to separately re-process non-revenue portion of claim to expedite processing when the payer, line items or prices aren't affected
- Item costs can be defined in the charge master to enable revenue versus cost analysis
- Charge master contains user-defined payer and plan-specific revenue codes, HCPCS, CPT, and related ICD codes, HCPCS modifiers to automatically code URR based on lab results passed from Velos Clinical, billable units/rounding conversions, and various general ledger coding features to automatically classify revenue, contractual and other adjustments
Accounts Receivable
- Open item/balance forward and gross/net accounting methodologies supported at the global or payer-specific level
- User-defined date-sensitive transaction codes, account types and general ledger mapping
- Soft and hard closings supported with automatic separation of current and prior period transactions
- Collections tickler file routes follow-up reminders to assigned staff as well as payers
- Balances automatically transferred to bad debt after guarantor and patient billed
- Transactions automatically re-posted to appropriate accounts when payer reclassified
- Proposed adjustments can be routed to supervisor for approval and automatic posting
- Patient ledger uses drill-down feature to summarize and detail relevant information - adjustments can be made directly on existing transaction lines using context-sensitive drop-down boxes of codes related to the entry being adjusted
- Handles unidentified and advance payments using default or user-specified suspense accounts - multiple accounts can be used for unapplied cash
- Auto-apply tolerance parameters can be defined at the payer level to determine whether a payment will be automatically or manually distributed to line items
- Collection tolerance parameters determine when a secondary or tertiary payer can be automatically billed based on percent of collected and days outstanding
- Accommodates facility acquisitions, cost-based reimbursement, OBRA, and payment refunds
- Internal controls and warning messages ensure correct balancing of transactions before posting - unbalanced transactions can be saved for later posting when necessary
- Aging by service period, original billing date or successive payer billing date based on default report format or optional user-defined aging categories, service and payment date cutoffs, and other criteria such as facility, payer, financial class and patient
- All other reports - such as open item, applied/unapplied cash, transactions summaries - can be customized with respect to selection criteria, summarization and sorting
Velos's Windows™-based, open architecture software allows user-preferred software components to be built in as 'plug and play' to add strength and flexibility to the user friendly Windows™ environment.