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Reporting in Healthcare Cash Management - Why it’s Important

December 17, 2021

In today's world, data can change within minutes, even seconds. With the current fast paced environment, it is important for healthcare organizations to use real-time dashboards to help make business and financial decisions, or measure key performance indicators (KPIs). At Fawkes Health, we integrate dashboards within our CAMS application to make it easier for our health system partners to reconcile financial transactions every month, easily see what accounting data is inconsistent within the general ledger (GL), and measure employee productivity across various finance and revenue cycle departments within the CAMS application. Below are five key reasons where reporting provides critical insights into business processes. 

1. Using the most up-to-date data, our dynamic dashboards allow our end users to make better informed decisions regarding their finances and productivity.  

2. Leveraging automation via daily file feeds from patient accounting systems and GL files, we are able to create reconciliation dashboards that will show if the bank and GL balance.

3. We are HIPAA and SOC2 (Type 2) compliant across our application, meaning our  integrated dashboards share the same high level of data security. 

4. For certain business processes that require user intervention (i.e. work queues), CAMS has the capabilities to measure user productivity. Managers can view productivity in our dashboards to better track operational performance. 

5. CAMS dashboards can be drilled down from the entire health system to individual departments to give clear KPI insights, such as percentages of reconciliations that were successfully auto-matched. 

Managing a hospital or health system's finances can be a stressful task to complete. We strive to provide up-to-date data to complete our health system partners’ financial needs. Adhering to HIPAA and SOC2 (Type 2), we use our automation capabilities to create dashboards that allow for quick reconciliations between the bank deposits, patient accounting, and GL activity. Although most of our application involves automation, user intervention may be required, and in those instances, we have the ability to track operational performance for managers to review.