Hospital financial control software
As a doctor owner / ceo, are you aware of the hospital financial control and performance of your organisation ? It is important for all hospital owners to take stock at least once a month through disciplined hospital finance planning.
Reasons for a monthly review could vary from tax planning to budget allocation, monitoring department peformance, expense variance and performance of new services of products you might have introduced in the recent past. We have seen many of the doctor owners insisting on performance reports that runs in to pages, which they hardly find time to study.
Ideally the smart hospital owner would keep in mind a monthly report that fits into a page, highlighting department wise income and expenditure along with the planned budget, outflows for the next 30 days, purchases and capital expenditure.
You could also think of assigning your chief of accounts to do a monthly manual audit of bills vs collections, payments vs vouchers and payments against purchases.
One of the most effective ways to slice and dice the financials of a hospital is by implementing Activity Based Costing.
Bottom line – let not hospital financial control and planning be confined to income tax aspects alone.