There’s no denying that modern tech is now applicable in almost every industry you might think about. From manufacturing and transportation to logistics, you will always come across different applications of modern tech. Things are not any different when talking about the healthcare sector in Singapore and beyond.
Now more than ever, healthcare facilities in Singapore are leveraging modern tech to improve their offering. One notable area that seems to be benefitting a lot from what tech innovations offers is financial operations. Actually, it is now easy to see why companies such as 1FSS are focusing more on healthcare financial operations.
In a nutshell, 1FSS Pte Ltd is a member of MOH Holdings Pte Ltd, the holding company of Singapore’s public healthcare clusters. Since they are a captive shared service team, they support a suite of finance services for Singapore’s entire public healthcare system, including public hospitals, polyclinics and community hospitals.
That aside, this article will look into the role of modern tech in improving healthcare financial operations.
One Account for Everything
You’d be surprised to learn that cash collection remains to be the biggest hurdle in the healthcare industry. Most healthcare revenue teams undertake their financial operations manually through approaches, such as spreadsheets, binders, or other project management tools. However, these approaches don’t offer a holistic overview of the organization’s process or a complete control framework.
In instance where huge influxes of transaction are placed inside this clustered and uncontrolled environment, it is possible for transactions to slip through menial cracks. For this reason, healthcare accountants should ensure their financial processes boast proper controls and tracking to stay abreast in an uncontrolled environment.
Centralized Cloud Database
Every patient treated by healthcare centers has their own set of information, like insurance data and other types of information. When this voluminous information is available for one patient, imagine how complex the process gets when multiple facilities are factored in.
Fortunately, putting this data in a safe cloud environment with appropriate financial controls not merely ensures HIPAAA compliance but de-clutters the financial process in a way that the time-saving benefit is invaluable to an accountant in a healthcare organization.
Of course, there are many other remarkable ways in which automation is constantly transforming healthcare financial operations in Singapore. Be sure to research more about these technologies to perfectly drive optimal performance.