For hospitals that focus on the quality of care they would like to offer their patients, often finance related activities may take a back seat. Hence a financial information system to track, manage and automate the accounts would increase efficiency and transparency. It streamlines the workflow among different departments in the hospital. Implementing a seamless system would allow the users to retrieve and access dynamic date. Also the information from the system would act as a platform to data analytics which is very crucial nowadays.
Major transactions include payroll and patient related accounting. Among the payroll accounts, they include all the recurring payments which are automatically generated within the system at the start of each payment period. We can trigger approval conditions for non recurring payments, rates, endowments, deductions etc. From the patients side, all the transactions beginning from the visit to the hospital to discharge like doctor fees, medications, cost of operations etc could be managed by implementing a common system with different stakeholders. Also the patient and payroll histories could be maintained which can be used later for qualitative analysis. A general ledger could be maintained for colleting, processing and reporting of the financial data and views can be used for presenting this data. We could also inculcate contract and claim management features.
Source:
http://www.hcsinteractant.com/solutions/healthcare-financial-systems/
Great post! It’s interesting to see how FinTech has the ability to improve the efficiency and capabilities of the healthcare industry. I wasn’t aware of a lot of the points you made, and I’m interested in seeing them in real life as a patient.