Posts tagged with "healthcare accounting"

healthcare accounting process

How Healthcare is Rethinking Their Accounting Process

Healthcare accounting is complex, and there is a major disruption in the industry right now. As healthcare finance experts wrestle with value-based payments, fee for service models, price transparency, and more, the waters are muddied further by insurance companies, Medicare/Medicaid, and the sheer number of patients (44 million Americans) that are currently uninsured. 

Healthcare Accounting

A healthcare accounting office is tasked with not only collecting payments from patients but also ensuring that patient’s insurance companies pay their bills. If those funds aren’t coming in, then a healthcare organization is very quickly unable to make ends meet, meet payroll obligations, or continue to remain in business to do the important work of diagnosing and treating patients. The system can easily collapse if the right measures are not put into place at the outset. 

It is incredibly important that healthcare accountants are:

  • Properly educated and trained on accounting processes
  • Able to communicate well in peer-to-peer scenarios
  • Following workflow protocol 

Think of revenue cycle optimization as a supply chain: if one administrative staff member codes incorrectly, fails to perform a task, or makes an error in data entry, the entire chain suffers. 

Potential Losses

Substantial loss of revenue can occur when accounting duties are not performed adequately in any industry, but healthcare accounting is extremely volatile. Note these frightening statistics: roughly 26 percent of claims are rejected, and up to 40 percent of those claims are simply never resubmitted. 

To get back on track and to ensure the health of your healthcare organization’s finances, accounting staff should be trained on and follow a workflow to confirm patient eligibility, insurance status, and co-pay amounts, and staff members should be mindful of checking for missing charges and following up on claims.

Flexi can help your healthcare organization succeed

Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.

Throughout hospitals and across integrated delivery networks (IDN), Flexi’s solutions increase efficiency, improve accuracy, and reduce labor cost. When implemented as part of an integrated hospital system, there are added efficiencies and cost savings to help optimize your business operations. Try Flexi’s healthcare accounting software today to:

  • Prevent shortfalls and missed margins with powerful analytic tools
  • Improve information flow through multi-entity processing and a faster closing process
  • Enhance regulatory compliance and security
  • Eliminate duplicate data entry
  • Reduce costs through enhanced project management and analysis.

Submit your information and get a demo of the Flexi suite today. 

 

Category: Healthcare Accounting

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Healthcare Accounting

Why Healthcare Companies Need a Solid Accounting Solution

The healthcare industry might be one of the most financially turbulent industries in America right now. Financial professionals in healthcare are under immense pressure to provide value to patients, reduce operating expenses, collect on patient payments and provide cost transparency to patients, and all the while remain financially compliant.

In spite of the current challenges in the healthcare space, a solid accounting solution is the first and most important step in order to make the vast improvements that need to be made. According to Business Ready Solutions, there are four major ways the right healthcare accounting solution can benefit healthcare professionals.

The right accounting solution

Improves data integration

Accounting software needs to integrate systems. A reliance on paper-based data or manual data entry is too slow for the fast-paced needs of today’s healthcare industry. Automating the flow of data is a necessity with so many moving parts, such as the hospital or health system, the health plan, government organizations, etc. Accounting software that integrates with other systems can drastically improve operational expenses.

  • Reveals relationships between data

An abundance of data is useless without being able to connect the dots and provide analysis. The right accounting solution will reveal data relationships, providing insight into making the best business decisions. As electronic health records become more robust, healthcare organizations will be able to take an even deeper dive.

  • Improves operating efficiencies

A recent study by Ivans, Inc. found that administrative inefficiency and redundant paperwork accounts for 18% of healthcare waste. Accounting professionals in healthcare are burdened on a daily basis by increasing demands. On top of that, many facilities are operating with older infrastructure. The right accounting solution can help the finance team by doing more with less.

  • Ensures compliance

Maintaining compliant with government regulations can be a costly endeavor for healthcare organizations. However, the right accounting solution can help healthcare organizations maintain compliance by reducing the cost of regulatory compliance and lessening the risk of compliance failure.

Flexi’s Process Driven Workflow

Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.

Throughout hospitals and across integrated delivery networks (IDN), our solutions increase efficiency, improve accuracy, and reduce labor cost. When implemented as part of an integrated hospital system, there are added efficiencies and cost savings to help optimize your business operations. Try out our healthcare accounting software today.

  • Prevent shortfalls and missed margins with powerful analytic tools
  • Improve information flow through multi-entity processing and a faster closing process
  • Enhance regulatory compliance and security

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.

Category: Blog

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