ARE YOU GETTING THE MOST FROM YOUR
FINANCIAL REPORTING SOFTWARE? In today’s ever-changing technology environment, it’s easy to become overwhelmed in deciding what financial software is best for your business and corresponds with your needs. Does it have all the functionality I need? What is my current solution missing? Is the reporting capability robust enough to provide valuable information? The list goes on and on.
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n today’s healthcare industry there are several different options to make financial reporting for shareholders easy to read and more efficient. Transactional data by categories or dimensions, key performance indicators and dashboarding are just a few popular areas constantly being updated within software platforms. How a healthcare organization uses and presents this data may vary, but all three are areas to consider when researching new software.
Transactional data by categories or dimensions, key performance indicators and dashboarding are just a few popular areas constantly being updated within financial reporting software platforms.
Transactional data by categories or dimensions A practice with many different physicians and provider types may be questioning how to break down data most effectively. Accounting software now has the capability to record transactions by different dimensions such as provider, location and department. Payroll, benefits and other expenses can then be allocated to specific providers and corresponding locations. On the revenue side, the practice can easily record collections received by provider based on periodic billing reports. A report can be created based on desired dimensions or filters to calculate the revenues and corresponding expenses a provider or location generates resulting in a net income to the practice. This data assists management in determining where profitable or unproductive areas lie.
maintaining and integrating this data with financial data in order to store important metrics in one place. Examples of KPIs and other chosen statistical data might include days in accounts receivable, number of patient visits, cost per visit. The use of dashboards allows you to take KPIs and display them in either a report, graphical or list format. Graphical data can be beneficial to visually compare information by dimensional data or to follow the ebbs and flows of the organizational activity. Dashboards are extremely popular in today’s working environment to provide management and other decision makers with realtime data in a visual format.
Dashboarding
Key performance indicators
Consolidating data into one source can save significant amounts of time during report preparation as opposed to pulling information from varying data sources. The features listed above are just a few examples of how your software can provide you with useful data for consistent and concise reporting. The goal is to determine a financial reporting software that streamlines processes and allows you to focus on the primary purpose of caring for patients. While there are many different options available to healthcare providers, it is important to know your objectives and find the right fit.
Key performance indicators, or KPIs, may be available in most practice management software packages, but financial software is now capable of
For more information on accounting software or help with the right selection, please contact Maner Costerisan at tbograkos@manersolutions.com. T R I A D | S P R I N G 2020
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