Health Care

The primary role of financial management in healthcare organizations is to manage money and risk in a way that helps to achieve the financial goals of the organization. When a healthcare organization has strong and organized financial management plans, they're able to provide efficient healthcare to all their patients.

Our financial management team and processes are focused on one thing – the long-term success of our clients. Timely and accurate accounting and reporting enable CHY and our clients to accurately control resources and know exactly where they are now and how they are doing.

Benefits of Financial Management

Although financial management in the healthcare sector exclusively deals with financial matters, it offers various benefits across the healthcare industry for providers and their patients.

Analysis and Reporting

Investing in medical research and specialized equipment through a financial management company allows practiceowners to more effectively track and analyze their expenses and the overallcost of related patient outcomes.

Risk Management

Though the healthcare industry has an acute focus on preventing patient-related risks, healthcare risk management makes ita priority to monitor other threats beyond patient-related concerns.

Quality of Care

As healthcare providers implement value-based payment models, caregivers are paid based on the health outcomes rather than the services that doctors performed. This model allows health care providers to assist patients in reducing their risk of chronic disease and reducing the long-term cost of care by improving their immediate health concerns.

New Revenue Sources

Hospitals should be cautious about the new revenue streams they can—and should—invest in as the healthcare market place continues to grow and shift. Through healthcare investment management systems, new strategic revenue opportunities are developed per the following guiding principles:

  • Alignment with the healthcare facility’s broader mission
  • Respect towards the facility’s core business capacity
  • Delivery of a strategic advantage
  • To discover new revenue sources, hospital facilities must follow the current trends dominating the healthcare industry.

Emerging Healthcare Trends

Trends like artificial intelligence (AI)and big data can assist in developing digital health tools for preventativecare and technology-based services for enhancing access to patient care andsatisfaction.

As we see a decline of in-patient hospital admissions, outpatient service models allow for additional revenue growth by influencing hospital facilities to partner with or buy out physician practices to deliver outpatient services.

Demographic trends are also a source for potential opportunities to develop programs, products, and strategies to serve specific populations. Similarly, telemedicine and the increasing prevalence of digital healthcare apps also help drive patient growth and create value for investors by rendering their services to elderly patients or patients in remote locations who cannot visit a hospital.

The Healthcare Industry—A Growing Market

As the American population continues aging, the healthcare industry grows faster than any other in the United States. By2030, there will be a critical need for medical professionals who specialize in the distinct needs of the elderly as we observe a 50% shift in age demographics with 72 million Americans aged 65 or older.

The importance of financial management in healthcare organizations should not be discounted. Although financial management is a challenging task that faces new financial difficulties each day, providers remain diligent in improving patients’ lives. With strategic cost-reduction efforts and unconventional revenue-generating ideas, healthcare facilities have an opportunity to increase profitability, improve patient care, and provide ample job opportunities within the following years.

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