Various Boston Area Hospitals
Financial Reporting

Challenges

Hospitals have a need for consistent and timely financial reporting in several dimensions that include reporting by provider and practice, by project (life-to-date) and special purpose funds, and by any number of organizational levels. Reports need to be understandable to non-financial users, many of whom are crucially interested because of the way that compensation plans are set up. More and more, reporting needs to be online and on-demand, with tight security ensuring that people see only the departments / providers / projects to which they have rights.

Key Features

While requirements vary by hospital, a typical suite of reports includes:

• P&L, Balance Sheet, AP and AR aging and transaction, Inventory issues and Equipment purchase reports.
  
• Both accrual-based and cash-based reports.
  
• Trending, variances, and drilldown to more detail.
  
• Financial and non-financial statistics and ratios.
  
• FTE labor reports which distinguish between base and overtime.
  
• Project and fund encumbrances, and support for draws against Letters of Credit.
  

Results for Our Clients

We have worked with six different groups at three different hospitals, and have successfully assisted in designing and implanting comprehensive sets of reports. Our clients report:

• Improved availability of information for effective budgetary control and decision-making.
  
• Reduced time by accounting in preparing and distributing reports.
  
• Reduced calls from end-users, asking for supporting detail. Also, significantly reduces instances of inconsistent reports.