Hospital Financial Management Benefits
Financial management in hospital. Helps you enhance hospital financial management and services, hospital management software modules like patient accounting software, indoor asset tracking, pharmacy inventory prediction, etc ease up your workload and help you meet statutory compliance.
Improve Patient experience with hospital accounting software
Ease of doing Business: – Vikas web version eases your daily task management of managing hospital accounts payable, accounts receivable, purchases, and sales. Not only that it automatically posts accounts from different departments reducing the workload and hence enhancing employee engagement (one of the biggest challenges faced by African healthcare departments) and morale as they get to work on more important tasks like building strategies.
Easy Payment Options for Patients: – Patients can easily do payments via the integrated payment gateway for the patient portal. It induces instant payments and enhances your hospital’s supplementary services thus improving patient satisfaction.
Cost savings & hospital financial management
Keeping track of money: – Vikas 2.0 keeps account of the outstanding bill statements of suppliers of inventory /equipment thus reminding timely payments, and monitors profitability of doctors and departments for better resource allocation. With the implementation of VIKAS, our customers have been able to save 0.5% on Bank Overdraft.
Cost Accountability: – Lack of accountability of expenses due to lack of human resources often end up in high costs for the hospitals in countries like India. Congo, Zambia, Zimbabwe and Botswana. Vikas 2.0 links the medical record management for maintaining the activity based costing so as to keep record of the spendings, which would enhance the budget allocation process.
Competitive advantage with healthcare accounting software
Integration with the leading finance packages
Vikas’s hospital Financial Management System provides services from leading financial packages such as Tally, Sage etc through the means of integrating operations. These are the best packages available in the market which offers proper advisory services on payment on taxes and other statutory activities done by an organization. Incorporating this can put your organization ahead your competitors in following ways:
Better control over cash flow – help you to get paid faster as well as managing payment timelines, facilitates easy and efficient stock movement, making it possible to optimize the cash flow. Deploying machine learning in healthcare certainly helps in predictions.
Enhanced business efficiency
Get to know irregularities and odd details by generating periodical reports
Tax compliance made easy – your books are maintained properly and accurate
Hospital financial management fraud & error reduction
Enhancing Standards: – Incorporating Vikas 2.0 hospital management software ensures that your hospital complies with all the financial statutory needs of a reputable hospital, thus helps in attaining best class accreditations like COHSASA and other international accreditations.
Increase revenues & with hospital financial management
Consolidation of Accounts: – An average African hospital has 20-22 operational and accounting sections. Our Hospital Financial Management module has a flagship feature of integrating all the accounts and modules at a one-click away in a single platform. This allows the consolidation of the performances, credits, debits of all the accounts in a hospital in a single integrated gateway. It helps in several ways like faster billing, faster discharge, reduced workload, monthly financial analysis, and understanding the hospital performance in terms of revenue. Our clients have recorded a 20% increase in bed occupancy just by reducing the financial operation time. Thus, having a flawless, integrated financial management in hospital planner surely can help in many ways to yield revenue.