Rural health providers face a unique set of challenges.
Limited resources, staffing shortages and a widely distributed patient population are just a few of the hurdles these providers face daily. However, the intersection of finance and technology has ushered in a new era of possibilities, notably through cloud financial management applications.
With a cloud-based ERP or financial management application, you get the access to deep financial analytics and real-time reporting you need to reduce costs and ensure sustainability — all without compromising patient care.
Here are seven ways rural health providers can leverage modern cloud financial management:
1. Integrate mission-critical applications
Integration is the watchword for modern cloud systems.
They allow rural health providers to choose and combine software that aligns with their needs, acting as the center of a strong technology foundation.
You can choose the human capital management solution, materials management application and other solutions that work with your processes instead of having to work around the software. And with a software selection that’s tailored to your organization, you’ll be better equipped to see the efficiency gains and other benefits you need.
2. Automate workflows
Staffing shortages are especially pronounced in rural health.
Modern financial systems allow you to automate routine tasks, helping alleviate administrative burdens.
From report generation to invoice processing, automation expedites tasks, reduces errors and allows staff to prioritize patient-centric activities. Integrated materials management further ensures optimal resource allocation, directly contributing to enhanced care.
3. Access real-time financial and statistical analytics
Unlike legacy financial systems, cloud platforms offer instantaneous analytics. For rural health providers, this means the power to make rapid, informed decisions about resource allocation, operational efficiency and cost management.
They make the reporting process more effective by helping you:
- Consolidate reporting: Modern cloud applications' dimensional chart of accounts provides granular insights into financial metrics across multiple units, paving the way for enhanced strategic planning.
- Get on-demand access to financial data: With modern financial management, your financial team is empowered to access the data they need on demand. Dashboards give them a real-time look at data without the need for manipulation. And reports can be published automatically and tailored to suit specific roles, whether that’s the financial department, the board of directors or the executive suite.
- Save on operational costs: On-demand reporting eliminates the IT department’s role in reporting, helping you reduce costs and freeing up your IT staff to focus more on key areas like digital strategy and cybersecurity.
4. Streamline billing
Integrating your EMR or EHR with your financial management application helps you streamline the operations between billing and finances. Seamless billing integrations can lead to fewer errors, more prompt collections and a more transparent financial and statistical experience for patients — ultimately driving higher satisfaction.
5. Achieve scalability and flexibility
Rural healthcare organizations can ebb and flow in their operational needs. Cloud financial management systems can scale accordingly, without significant hardware investments.
Whether you’re catering to seasonal patient influxes or expanding service offerings, these systems ensure your financial management remains streamlined.
6. Manage regulatory compliance
Navigating the maze of healthcare finance regulations is challenging. With modern financial management, your organization can stay audit ready.
Cloud financial applications auto-update product releases, helping ensure you’re always capable of meeting the latest compliance standards without the need for manual interventions. And on the cloud, those updates are happening behind the scenes, so your organization faces less disruption.
Additionally, a strong financial application empowers users to build custom reports on demand, allowing for an agile response to compliance changes and updates.
How Wipfli can help
Wipfli is ready to help you apply the right solutions to navigating an increasingly complex healthcare environment. We bring clarity to your digital strategy, helping you understand how you can apply solutions like telehealth, ERP, EMR, and data and analytics to improve your care delivery and financial health. Contact us today and start getting more from your solutions.