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.

In 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.

Key performance indicators Key performance indicators, or KPIs, may be available in most practice management software packages, but financial software is now capable of 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 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.

For more information on accounting software or help with the right selection, please contact Maner Costerisan at tbograkos@manersolutions.com.

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Metro Health- Michigan Medicine Obesity Symposium

May 1, 2020, 8:00 am - 3:00 pm, JW Marriott

THIS ACTIVITY IS APPROPRIATE FOR: Medical Students, Nurse Practitioners, Nurses, Physician Assistants, Physicians

IN THE FIELDS OF: Cardiovascular Medicine, Endocrinology, Family Medicine, General Medicine, Internal Medicine, Orthopaedic Surgery, Physical Medicine & Rehabilitation, Primary Care, Pulmonology

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Hope & Healing Brunch/Program April 30, 2020 11:30 am - 12:30 pm Amway Grand Plaza Hotel

A BOND OF COMPASSION YOU CAN SUPPORT. No one provides more compassionate, expert patient care or comforts more families than NURSES… and they deserve to be honored! Join us to celebrate the nursing journey toward Magnet designation, the most prestigious distinction a healthcare organization can receive for nursing excellence and high-quality patient care.