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Bridging the gap between financial reporting and the revenue cycle
1Association Health, St. Louis, USA. kari.clark@ascensionhealth.org
Summary
Standardizing financial reporting and revenue cycle monitoring improves healthcare net revenue, budgeting, and internal controls. This leads to more accurate accounts receivable reserves and streamlined financial processes for all organization sizes.
Area of Science:
- Healthcare Financial Management
- Revenue Cycle Management
- Health Informatics
Background:
- Healthcare organizations face challenges in accurate net revenue reporting and budgeting.
- Inconsistent financial data hinders effective accounts receivable reserve estimation and internal control.
- Large, multi-facility organizations experience significant benefits from standardization, but single facilities also gain advantages.
Purpose of the Study:
- To evaluate the impact of a standardized financial reporting and revenue cycle monitoring platform.
- To demonstrate improvements in net revenue reporting and budgeting processes.
- To highlight the benefits of data standardization for financial operations in healthcare.
Main Methods:
- Implementation of a standardized financial reporting platform.
- Integration of revenue cycle monitoring tools.
- Analysis of financial data pre- and post-implementation.
Main Results:
- Improved accuracy in estimating accounts receivable reserves.
- Streamlined month-end closing processes.
- Strengthened internal controls within finance departments.
- Enhanced communication between business and finance offices.
Conclusions:
- Standardized financial reporting and revenue cycle monitoring platforms are crucial for healthcare organizations.
- Adoption leads to enhanced financial accuracy, efficiency, and control.
- Benefits extend to both large multi-facility and single-facility healthcare providers.
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