A Healthy Financial Close for Healthcare F&A Teams
Explore the benefits of implementing automation within the financial close process to increase the efficiency and effectiveness of your office of finance.
Jenny Craig Saves Tens of Thousands AnnuallyLearn How
Effectively Managing the Financial Close to Gain Efficiency and Effectiveness
Healthcare organizations— hospitals, clinics, and the networks they are a part of— are one of the most important industries in our society. But the accounting and revenue teams that keep these organizations functioning are unnecessarily overburdened due to outdated processes and technology.
This makes it nearly impossible to provide valuable insights to the organization while staying on top of your daily responsibilities. Investing in reconciliation and financial close automation, especially in today’s constantly changing environment, will have significant, positive impacts for healthcare accounting teams in the short and long-term.
See why leading healthcare providers like Children’s Medical Center, Baylor Scott & White Health, and Teleflex trust Trintech for reconciliation and financial close automation, visibility and control.
60% less time spent on transaction matching
40% reduction in cash shortages and potential fraud
20% less time spent on journal entry adjustments
Handle Complex Transactions
Make sure all current and future payment methods are correctly recorded and reconciled. Exceptions are handled faster and patients get correct bills.
Track Cash Collection Status
Storing and tracking all necessary information including insurance payments significantly decreases chances of lost revenue in the form of write-offs
Simplify Journal Entry Processes
Reduce risk through appropriate journal entry controls, proper approvals and visibility over outstanding and rejected journals.
See What Your Colleagues Are Achieving
US Nutrition Company Enjoying A Healthy Month-End CloseRead Case Study
By using Trintech’s ReconNet, Jenny Craig were able to:
- Reduce staff by 1.25 FTEs
- Cut their reconciliation time from 3 weeks to just 5 days
- Gain real-time exception item detection
Streamlining Manual Credit Card and General Ledger ReconciliationsRead Case Study
ReconNet and Cadency have helped Susan G. Komen to:
- Experience savings of hundreds of thousands of dollars
- Use automated workflows eliminating manual errors
- Deploy a dashboard that identifies potential bottlenecks
Connect Your Data With Our Universal Plug and Play ERP Integrations
What is needed to transform and revolutionize the office of finance is an enterprise system of controls that enables an efficient close with accurate and reliable reporting. This system of controls needs to work closely with your financial system of record, for example, your ERP system, to enable Record to Report (R2R) activities such as transaction account matching, GL reconciliations, close tasks, journal entries, or even compliance testing while extending into your office of finance’s ecosystem for controls in treasury, tax, reporting and more.
Gain Insights From Our Latest Resources
See how we serve your industry through our thought leadership, events, and more.
3 Challenges Cadency Can Solve For Healthcare Accountants
Nurses, doctors, and those in the healthcare industry have and continue to demonstrate their importance to society. However, traditional healthcare …
4 Ways Financial Automation Helps Healthcare Accounting Teams Future-Proof Their Financial Processes
When the coronavirus pandemic swept the globe, hospitals, surgery centers, clinics, and other healthcare centers were among the hardest-hit organizations. …
How Healthcare Accounting Teams Can Evolve to Gain Efficiency and Effectiveness In Their Financials
Our healthcare organizations— hospitals, clinics, and the networks they’re part of— are one of the most important industries in our …
3 Ways Finance Teams Impact Their Healthcare Organizations
Nurses, doctors, and those in the healthcare industry have continually demonstrated their importance to society, especially during the 2020 pandemic. …
Healthcare Financial Close Best Practices: 5 Tips For Reducing Risk
Optimize the reconciliation process and effectively manage risk in healthcare accounting. After patient care takes place, the payments for all …
Financial Close Process for Healthcare – Keeping Pace with Modern Practices
In the healthcare industry, the finance department plays a vital role in keeping the organization running smoothly. The financial close …