The Future of Healthcare Finance

I have the privilege of talking with Chief Financial Officers and finance teams in healthcare throughout North America. I hear about the incredible strides they’ve made, the innovations they’ve pushed forward and the milestones they’ve achieved. Here’s what I never hear:  

  • I’ve never spoken to a healthcare finance leader who said they have more budget than they know what to do with. 
  • I’ve never talked to a healthcare finance leader (that’s not using Multiview) who feels they have a timely and complete line of sight into the business. 
  • I’ve never talked to a healthcare finance leader (that’s not using Multiview) who says they have a handle on their data and can easily pull the information they need.  

Hospitals and healthcare organizations are vital to communities around the world. They spend a lot of the resources, as they should, at the frontline to take care of their patient population.  Unfortunately, that often means technological investments are not prioritized.

The healthcare landscape changes yet the challenges remain

The needs and pace of healthcare are constantly in flux. The 2020 Global Pandemic was a strong reminder of this. And there are always ongoing budget constraints. Healthcare care teams are continually required to do “more with less”. 

Healthcare organizations also face the monumental challenge of reducing operational costs without sacrificing patient care. They need systems and processes that help overcome these challenges by increasing efficiency and accuracy in all departments.

The reality, however, is that achieving these goals is nearly impossible, as finance teams are beholden to processes that in some cases originated decades ago.  This is holding back healthcare finance professionals and their organizations from the future we think they deserve.  We have seen firsthand how investing in better data and financial systems can lead to better decision making which we genuinely believe can lead to better patient outcomes.

We think the future can be different

We envision a future where healthcare finance teams will move beyond providing balance sheets, income statements and cash flow projections. They will become the stewards of data across an organization. As healthcare continues to adapt to technological, environmental, social and governance shifts across the globe, facilities will need to understand how this impacts their day-to-day and how to measure it.

We believe technology can help move the needle forward in five key areas:

1. Improve Patient Care: To quote a client of ours, Nicole Sigle, Controller of Plumas District Hospital, “Having the ability to derive much more detailed financial information helps us budget and organize priorities for the hospitals and clinics.  That in turn, allows for better planning and providing better care.”

2. Eliminates Discrepancies: Departmental silos destroy well-intentioned processes.  By leveraging the right technology, leaders organization-wide can be looking at the same data, with the same high quality, which we believe increases efficiency and improves communication.

3. Streamlines Decision-Making: Access to accurate, real-time data allows leaders to make decisions quickly and solve problems with a holistic approach.

4. Reduces Operational Costs: The right ERP can illuminate issues with productivity, workflow and resources, allowing you to streamline these areas and reduce waste-related costs.

5. Simplifies Compliance & Reporting: With endless regulations, the right technology can empower a transparent organization with data that is traceable and easy to access.  Preparing for audits and filings with regulators shouldn’t be a scramble.

These opportunities only come from having real-time and immediate financial and non-financial data.  Having the right tools empowers healthcare finance teams to get out of the backseat and into the front seat, steering the strategic direction of a healthcare organization.

Finance can move beyond answering, “What happened?”

And begin asking, “What if?”

Enhance Your Accounting Solution With Multiview Financial Software

Multiview offers a full suite of accounting and operational modules through our ERP software. With our product, you can change the way you handle your finances and enjoy long-term support from our team. If your company is ready for a software upgrade, request a demo of our ERP today.

Multiview Financial Software

Multiview Financials ERP provides our clients with a comprehensive software suite that empowers their finance teams. Request a demo today!

Further Reading

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Digital Transformation in Healthcare Finance

No aspect of the world has gone untouched by the massive digital transformation over the past few years. While many fields have been digitally transformed, digital transformation in healthcare has ...