Hospitals are facing increased pressure to operate more efficiently and reduce cost by streamlining their processes for non-purchase order transactions made outside of the Purchasing system. Oracle’s PeopleSoft ERP Payment Request feature supports this effort by creating a self-service option for filing non-purchase order invoices that is scalable and more efficient. Using the Payment Request feature, professionals outside Accounts Payable …
Healthcare Reform Initiatives and Hospital Financial Management
These days, the news often carries stories of how state and federal governmental entities are altering the way they pay for citizens’ medical bills. Among the discourse are buzzwords like Medicare, Medicaid, and Obamacare. The frequency of change in healthcare reform implementation has made it more important than ever that hospital financial management be up to date on how these changes affect their financial statements. And …
ERP Changes in Hospital Financial Management
While ERPs are often seen as a fancy software system for managing different aspects of your operations, sometimes events happen in the industry which bear in mind the need to remember that an ERP is an enterprise resource planning system. For hospital financial management teams, the industry-wide ERP changes motivated by the 2010 ACA are creating several new pain points creating innovation …
5 ERP Tips for Hospital Financial Management
In hospital financial management, an ERP (Enterprise Resource Planning) software system is one of the most valuable parts of managing your finances and accounting processes. While an ERP is extremely valuable, proper financial management is a quality process which your organization must engage in continually; the software you use is a supplement to your core processes, not a replacement for them. …
HR Management with Peoplesoft ERP: How to Manage Well
For those familiar with Belmero’s services, Peoplesoft ERP is known as a valuable resource for hospitals, one which can be improved with proper implementation, integration and training. In the area of HR Management, Peoplesoft ERP’s solutions give hospitals the ability to automate processes, increase quality control, and reduce the cost of employee management. Your Peoplesoft ERP implementation needs to be fulfilling the following …
The Future of Hospital Supply Chain Management in 2015
According to reports from The Health Industry Distributor Thought Leaders Initiative, healthcare providers are expecting cuts in reimbursements during 2015 that will reduce operating margins by up to 30%. This can significantly impact profitability and their ability to sustain and grow in the future. With this challenge, hospital supply chain management will have to factor in new ways in which they can continue to provide quality products for patient care and come up with …
Getting Bigger Returns in Hospital Financial Management
Hospital Financial Management professionals need to get a new perspective in order to see how PeopleSoft can continue to give them bigger returns on investment. A hospital can sometimes appear to operate like a retail consumer business by being expected to constantly identify cost saving opportunities while using the same resources they have over and over again to achieve better results. PeopleSoft ERP has excellent solutions …
Hospital ERP is the Foundation of Quality Patient Care
It is well understood that the bottom line for a hospital is that it delivers excellence in patient care. What happens behind the scenes in human resources, supply lines, financial management and all the other myriad details is where a hospital must function like any other corporate structure.Resource management software, such as PeopleSoft ERP, is a vital tool in making integrated …
Hospital Financial Management Has Never Been So Important
A report released by Moody’s Investor Services early in the fall of 2014 painted an alarming picture of the financial health of nonprofit hospitals. They have posted their second year of revenue declines and have experienced record-breaking low rates of growth of revenue. Median revenue growth has historically been around 7%; in 2014, it has dropped to 3.9%. Reasons for the low …
The Affordable Care Act and Hospital Financial Management
The Affordable Care Act has had a tremendous effect on hospital financial management. For instance, the Act has required an increased amount of evolution in order to meet the expanding needs of consumers. Some of these changes are related to reimbursement, expenditures, and cost of care. Each of these are discussed below: Reimbursement Reimbursement is important to hospital financial management. Since …
