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| ISH Services |
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| Finance Management |
| The management
and improvement of business processes are primary
goals of healthcare organizations. IT investments
without the corresponding improvements in business
processes do not bring the expected results.
The ISH team of Finance Management professionals
works with healthcare executives to reduce costs
and to improve efficiencies through the use of
best of breed software, process improvement strategies
and our proprietary Value-Add programs.
By evaluating your processes in the following
areas, we can identify opportunities for increased
efficiencies and recommend best practices helping
your organization to recognize increased ROI and
end user satisfaction from your software investments. |
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| Critical
Success Factors within Finance include: |
| Accounts
Receivable |
•
Revenue management improvement
• Improved customer information management
• Efficiently managed cash collection, invoice
entry, aging, collections, cash posting and customer
information
• Timely processing of payments
• Enhanced tracking of trends
• Increased cash flow
• Accurate, real time capture of information
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Accounts
Payable |
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Timely payment to Vendors
• Reduction of Processing invoice and payment
exceptions
• Reduction of unresolved invoice discrepancies
• Increased vendor satisfaction
• Faster invoice approval
• Reduction of duplicate payments
• Reduction of check requests
• Recapturing of lost savings due to poor
processes
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| Budgeting
and Planning |
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Improved business performance
• Access to central source of accurate data
• Ability to generate accurate reports comparing
plans to results
• Accurate process for forecasting revenue
and expense
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| Fixed
Assets |
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Reduction in overpayment of insurance and tax
costs
• Improved management of depreciation of
fixed assets
• Standardized reporting and control systems
for capital purchases
• Accurate tracking of depreciation of fixed
assets manually and assuring that your depreciations
are accurate and compliant |
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| Activities
Management |
•
Improved business intelligence by accurately tracking
expenditures against budget
• Accurate tracking of capital and CIP projects
integrated with your fixed asset system to enable
depreciation upon completion
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| General
Ledger |
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Improved business intelligence through an accurate
GL
• Efficient capture, analysis and report
transaction information
• Working from a common Chart of Accounts
• Access to online GL consolidation
• Correct and timely access to patient charge
and supply cost information
• Efficient functionality within General
ledger including the ability to manage multiple
reporting cycles while complying with statutory
regulations
• The ability to access transactional data
aiding in the quick and accurate closing of your
GL |
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| Cash
Ledger- |
•
Ability to track cash flow transactions and maintain
an accurate balance
• Easy access to the details of cash flow
transactions
• Ability to analyze trends, and review
daily cash balance fluctuations
• Fast access to valuable reports enabling
you to properly invest your cash and/or distribute
it among accounts so that no checks are NSF |
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| Cost
Allocations |
•
Accurate Cost Allocation data provides valuable
information for decision making and calculating
the full cost of products and services for financial
reporting purposes and for determining cost-based
prices
• Increased level of service and savings
through analysis of the most cost effective way
to serve patients
• Efficient methods to compare assessment
revenue versus expenses
• Ability to produce compliance reports |
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| Grants
Management |
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Grant funding is an important source of revenue
for healthcare organizations.
• Provides you with the ability to track
ongoing Grant information and generate real time
information
• Provides the ability to track the full
grant life cycle from grant application, grant
budgeting, receiving awards, tracking grant expenditures,
indirect cost allocations and automated recognition
of revenue |
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| Lease
Management |
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Operating & Capital Lease expenditures impact
on the bottom line
• Provides the ability to track operating
and capital leases along with asset information
and an efficient process for invoice and payment
creation
• Provides the ability to track depreciation
and report assets to comply with existing tax
laws |
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| Patient
Accounting |
•
Improving efficiency in the area of Patient Accounting
can lead to a significant increase in revenue
flow
• Ability to tie your current processes
with Clinical areas, recording charges from invasive
areas interoperatively, and recording charges
accurately in a central location.
• Improved overall efficiency and help in
generating bills in a timely manner |
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Perioperative Revenue Analysis |
Our Perioperative
Revenue Analysis Program is the information gathering
and decision making step towards decreasing lost
charges, increasing the charges for performed cases,
and decreasing AR days. The first step in this process
is to decide whether the opportunity truly exists
to improve these areas. Our two week program analyzes
performance in the areas of:
- Lost Charges – 5% of lost supply charges
is acceptable unless the lost charges are for
high cost implants,
- Procedure to Charge Time – 99% of charges
has to be reviewed, collected and billed between
48 – 72 hours,
- Accuracy of Charge Description Master for
Supplies – We have experienced a 15 –
50% charge increase for supplies by cleansing
the CDM and aligning current price with supply
cost,
- Time Charges – Movement to an acuity
based time charge can increase room time charges
in excess of 20%,
- AR Days - Increasing the accuracy and cleanliness
of data, we can decrease AR Days to the 30 –
45 day range.
We will provide the information in cost / benefit
format that includes the action steps and tools
required to realize the benefits. This information
will be used to facilitate an informed decision
on the whether to proceed to the realization phase. |
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| Data
Integrity and Efficient Vendor Master |
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Without accurate data, correct charges and billing
will not be accomplished leading to lost or delayed
revenue
• Integration of purchase data and billing
data and a standardization of information throughout
the hospital system |
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