Your healthcare organization’s finances are different from your personal finances in many ways. While you may have control over your personal budget and spending, the financial management of a healthcare organization involves multiple stakeholders, regulations, and complex systems. There are benefits to tracking your medical center’s finances, such as making informed decisions and identifying areas for improvement.

Sunwave Health offers financial management tools that seamlessly integrate with customer relationship management (CRM) and revenue cycle management (RCM) applications. With general ledger segmentation rules, automated adjustments, and journal run/period closed functions, our financial management solutions provide a comprehensive view of your organization’s financial health. Call 561.576.6037 for a demo.

Benefits of Tracking Your Finances

Managing the finances of a healthcare organization can be overwhelming, but it is crucial for the success and sustainability of your business. By tracking your medical center’s finances, you can gain valuable insights into your revenue, expenses, and overall financial performance. Here are some key benefits of monitoring your healthcare organization’s finances:

• Informed decision-making – When you have a clear understanding of your financial data, you can make strategic decisions that will benefit your organization in the long run. This includes identifying areas where you can cut costs, invest resources, or improve efficiency.
• Compliance with regulations – Healthcare organizations must comply with strict regulations regarding financial management. By keeping track of your finances, you can ensure that you are meeting legal requirements and avoiding any financial penalties.
• Identifying areas for improvement – Tracking your finances can help you identify trends and patterns in your revenue and expenses. This information can be used to make changes and improvements to increase profitability and efficiency within your organization.
• Better budgeting and forecasting – By monitoring your financial data, you can create accurate budgets and forecasts for the future. This can help you plan ahead, anticipate potential challenges, and make strategic decisions to achieve financial stability.
• Transparency with stakeholders – As a healthcare organization, you have various stakeholders such as investors, board members, and regulatory bodies. By tracking your finances, you can provide transparent reports on the financial health of your organization, building trust and credibility with your stakeholders.

Finding the right tools to keep track of your finances without drowning in spreadsheets and paperwork can be a challenge.

What Should You Be Tracking?

The specific financial data that you should track will vary depending on your organization’s size and type. However, here are some essential areas to monitor:

• Revenue – Keep a record of all sources of income, such as patient payments, payer rates, grants, and any other revenue streams.
• Expenses – Track all expenses, including salaries, rent, supplies, and other operational costs.
• Accounts receivable – Monitor any outstanding payments that are owed to your organization.
• Profit Margins – Calculate the profit margin for different services or departments within your organization to determine the most profitable areas.
• Cash flow – Keep track of your cash inflow and outflow to ensure that you have enough funds for operations and investments.

By tracking these key areas, you can gain a better understanding of your financial standing and make data-driven decisions for the future of your healthcare organization.

Sunwave Health’s Financial Management Solutions

Our comprehensive financial management solutions are designed to help you streamline your processes, improve efficiency, and gain valuable insights into your organization’s financial performance.

General Ledger Segmentation Rules

Our financial management tools allow you to create customized rules for segmenting your general ledger. This makes it easier to track different types of expenses and income, providing a more detailed view of your finances.

Automated Adjustments

Say goodbye to manual adjustments and tedious calculations with our automated adjustment feature. Our system will automatically apply adjustments based on the payer’s contracted rate and configure auto-adjustments based on historical reimbursement percentages. You’ll also be able to set custom rules for auto-adjustments based on your knowledge and experience.

Journal Run/Period Closed Functions

With Sunwave Health’s financial management solutions, you can easily run journals and close periods at any time with the click of a button. Having a clear picture of your company’s financial health at any given time is invaluable for making informed decisions.

Call and Schedule a Sunwave Health Demo

Tracking your healthcare organization’s finances can help you deliver care to more patients and improve your overall financial performance. Don’t let manual processes and disorganized spreadsheets hold you back from achieving success. Call 561.576.6037 today to schedule a demo of Sunwave Health’s financial management solutions.