Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement.
Hospitals can often struggle to manually reconcile cash flow coming from multiple sources. Crowe is addressing this friction with the rollout of its Crowe Automated Reconciliation for Healthcare tool, providing hospitals a three-way match solution between their general ledgers, patient accounting systems and banking providers.
In a statement, Crowe Principal Jay Sutton said the company aims to combine "technology with practical expertise" to address hospitals' financial and cash management issues.
"While a number of reconciliation solutions have been created for hospitals, until now, none of them combined the general ledger, patient accounting system and bank account," he said. "We saw a real need for a comprehensive automation tool that could bring together the disparate systems while reducing some of the time-consuming data entry tasks."
In addition to automated bank account reconciliation, the solution enables professionals to identify exception items, track and transfer payments, generate documents for auditing and record cash deposits to the proper ledger.
"By automating some of the day-to-day tasks, hospital finance staff can free up time to focus on higher-value tasks, such as analysis and risk mitigation," continued Sutton.
The financial services sector is promoting innovation in the area of healthcare financial management. TD Bank introduced a new financial service in Canada last month that targets the particular needs of the healthcare space, linking professionals to customized solutions in the tax, insurance, finance and banking spheres.
Commercial payments technology company WEX revealed earlier this month that it reached an agreement to acquire employee benefits administrator Discovery Benefits, a move that will also see WEX strengthen its position in the healthcare space.