Drive Financial Performance
Protect your bottom line.
Today’s healthcare organizations need a solid financial strategy to stay competitive and fiscally fit. So we’ve designed integrated revenue cycle, ERP, and financial management solutions to keep your team productive and profitable.
Whether yours is large, medium, or small—hospital, post-acute, practice, or integrated delivery network—we have financial solutions that will help you to:
- Manage Reimbursements and Billing
- Reduce Supply Chain Costs, Maintain Quality
- Build a Profitable Team
- Measure Overall Financial Health
Manage Reimbursements and Billing
Our reimbursement tools span your entire network, so you can manage the revenue cycle and increase profitability—by improving charge capture, reducing AR days, and processing denials, . Comprehensive claim checks ensure all information has been gathered for submission, so you can compare contractually agreed, expected reimbursement coverage with actual reimbursement.
Our patient accounting tools enable account representatives to efficiently bill and follow up on collections and denials for one or more accounts from a centralized desktop. Create one bill for all services rendered. System-wide integration prevents lost claims and denials by capturing the right information upfront for one-time billing and claims processing. You can even analyze and track current sources of denial for future prevention.
Business office directors can use our interactive graphical and tabular views to screen receivables, revenue, cash flow, claims, worklists, billing tasks, account checks, and insurance denials. Establish organizational goals and compare with current financials. Gauge staff productivity and provider revenue. Have a global view of all automated system activity.
Reduce Supply Chain Costs, Maintain Quality
Keep your costs low and your inventory up to par. MEDITECH helps with managing your supply chain—so you will always order the right supplies, at the right time, for the right price.
For supply chain staff, real-time inventory tracking and decrementing, such as in your surgical area, keeps your stock at optimal levels and notifies you when it’s time to replenish. E-commerce helps you secure the best prices for supplies and electronically place orders, track status, and submit payments. Invoice to purchase order matching decreases payment errors and turnaround.
Integration between Materials Management and Accounts Payable makes it easy to convert requisitions into POs and reconcile invoices to ensure the right supplies are received at the right price. Purchasing and receiving departments can view and drill-down into the same information, eliminating unnecessary phone calls between departments.
Build a Profitable Team
HR staff are responsible for building and sustaining a cohesive team. Our Human Resources solution can help recruiters use online applicant tracking to match openings to skills. Automated email notifications can alert employees and management to license and skill expirations to ensure staff have the appropriate qualifications to deliver high quality care. A comprehensive employee file tracks demographics, health and safety records, performance reviews, scanned forms, and much more.
Evaluate vendor performance to renegotiate and discover strategies for controlling costs. MEDITECH's profitability tools will help you to measure staff salaries, wages, and scheduling, as well as conduct daily productivity analysis for optimal staffing. You can also forecast expenses and project revenue, while analyzing profits and costs for each service you provide.
Increase employee satisfaction through a convenient, self service online staff portal, along with e-signature capability for personnel action forms. Integration with our Payroll solution supports the processing of multiple payrolls for a single employee or an entire facility, as well as reporting to government agencies.
Measure Overall Financial Health
Web-based, business intelligence analytics provide historical and trended analysis across the enterprise. A variety of metrics and filters enable you to display your data so you can take action on cost-saving opportunities, core measure monitoring, and areas for improvement. Use complete budget analysis, asset depreciation, contract analysis, and in-depth financial reports to evaluate costs and profit drivers.
A flexible chart of accounts for your general ledger assists you in managing finances across multiple facilities and departments, including the ability to drill down into integrated applications to view transaction details. Whether allocating expenses and revenues, building custom reports and financial statements, or managing and depreciating assets, we’ve got you covered.
Achieve Real Results
By using real-time financial data to monitor KPIs, Anderson Regional Health System (Meridian, MS) is identifying and reversing negative trends faster. Through a renewed focus on their revenue cycle process, Anderson was able to lower their A/R days by 50%, reduce lost revenue by 90%, and saw a $14 million improvement from Fiscal Year 2015 to Fiscal Year 2016.