In the healthcare industry, the finance department plays a vital role in keeping the organization running smoothly.
The financial close process has not escaped the healthcare industry’s heightened expectations for accuracy and speed, nor its challenges of reduced resources and increased regulations. As a result, throughout the entire process, patient data must be kept secure both while in transit and at rest in compliance with HIPAA regulations – something that’s easier said than done.
Now, before it’s too late to prevent costly fines or damage to your organization’s reputation, it’s time to make some changes in how you conduct your period end. It’s time to finally admit that you can no longer rely on the typical manual methods, such as spreadsheets, emails, and written task lists, to complete the financial close process.
Instead, you must manage the influx of patients by employing the four strategies for increasing visibility and mitigating risk throughout your Record to Report (R2R) process that are outlined in this eBook.