Tyro bank reconciliation - health funds

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  • Updated 3 years ago
  • (Edited)
Inefficient processes for bank reconciliation. We have recently transferred from Hicaps to Tyro and whilst we love the integration, speed and paywave functionality, we have discovered the process of bank statement reconciliation for health funds to be a extremely frustratingly and messy process. 

Are there any suggestions out there to make this process easier. Spent many hours on the phone to Tyro, we now understand how it is done, but compared to Hicaps its a nightmare.
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Liam James

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  • Frustrated

Posted 3 years ago

  • 4
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Andrew, Community Manager

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Hi Liam

Could you be more specific on which part of the reconciliation process isn't working for you?  Front Desk offers the same reports for both HICAPS and Tyro.

Is it a limitation of the reports that can be printed from the Tyro terminal, or perhaps due to the lower number of consolidated health funds?
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Liam James

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Hi Andrew,

I would say its more of a Tyro issue and the small number of consolidated health funds. Not only that, but the fact that all the non consolidated funds pay on different cycles i.e HCF are weekly, Medibank Private 3 x week, others daily etc. It gets messy, time consuming and requires quite a number of different reports to reconcile a bank statement.

Is this something that smart soft can talk with Tyro about? As I am sure we are not the only ones having this issue. The goal would be to consolidate all health funds, as Hicaps does. 
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Diane

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We are also finding this to be an issue and would be interested to know if there are plans to improve the process.  Thanks
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Regina Reid

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Hi Liam

Can I ask how many clinics are you reconciling for?  I currently do all the reconciling for 5 practices and we are thinking of switching to Tyro, but reconciling can be a bit of a nightmare at the moment, and it sounds that the Tyro settlements are all over the place.  Are they not set for daily settlements and deposits like Hicaps ?


Thanks

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Amber Quirk

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Hello - I do the reconciling for our clinics. We have 4 clinic's and the end of day settlement isn't to bad but the bank rec's are a nightmare! I have asked our front desk and they have agreed that TYRO is much quicker processing transations, so that's a positive for pt flow. Anything else just ask :)
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Liam James

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Hi Regina,


We are just doing the reconciling for one large practice. Unfortunately Tyro is much worse than Hicaps for settlements - efptos no worries, but the health funds are a nightmare - only some are consolidated, an ten others vary from daily, to every second day, to once a week. I certainly hope they are planning on consolidating more soon, or I'll be considering gong back to Hicaps.

Much better technology in the machine, fast, integrates well wit front desk, paywave etc. But settlements and reconciling is not great at all.