Growing care providers now have access to the latest cloud technologies that enable high growth, whilst controlling costs and adhering to the latest legislation.
Care Homes and Healthcare organisations face constant financial and operational challenges, which often impede growth or restrict profitability. The emergence of advanced cloud-accounting systems has provided tools which can overcome many of these issues and enable improved management and financial performance.
The US has been the leader in this market, but these technologies are now arriving in the UK and ION is one of the leading financial-technology experts, capable of delivering the solutions.
The challenges faced in the Care Sector are not limited to any particular market or geographic; many residential care providers have the same challenges:
- Lack of visibility into patient profitability and care performance across entities
- Controlling costs across entities in an environment of low reimbursement rates and operating margins
- Lengthy close process, delayed budget to actuals, manual forecasting
- Lack of insight into receivables and financial performance
- Scaling processes when growth creates more touches for finance and more manual workarounds and integrations
ION’s Financial Transformation Framework has been built for Care Providers and utilises a unique framework to deliver a solution that resolves the challenges faced by organisations, and enables scalability without complexity.
FUND ACCOUNTING
Track costs based on funding and gain insights into care profitability. Use dimensions to track funds across organisational structure and gain increased forecasting ability and enhanced budgeting.
REDUCE TIME & COSTS
Automate manual processes with advanced workflows and reduce time spent on manual tasks. Increase productivity and remove the requirement for additional accounting staff. Invest further into care.
MULTI-ENTITY & LOCATION VISIBILITY
Consolidate finances across multiple locations and entities and reduce the risk of human error. Use dimensions to track specific costs across group structures and control them. Add entities as you scale, eliminating the need of manual reporting and decreasing close processing.
GOVERNANCE & CONTROLS
Help ensure compliance with regulations by keeping protected health information in their financial systems private and secure, in compliance with government regulations. Create approval processes and validation rules for purchasing and limit access to those for who it is required.
REPORTING & INSIGHTS
Use dimensions & tags to gain visibility into receivables and financial performance across your entire organisation, by analysing patient profitability and care performance. Report in a way that suits your organisation, be it across entities, locations or residents.
CLOUD ACCOUNTING
Use a platform that can scale with your business. Access data from anywhere, collaborate with members of the finance and management team, and gain access to a suite of additional marketplace solutions to add as and when required.
ION can tailor a solution that best fits your internal processes. Care Homes have seen huge gains in the US, with one care provider seeing over 400 staff-hours saved annually, a saving of $80,000 in salary costs, and a shortened monthly close from one week, to a single day.