Sphaira | Enterprise Resources CARE
Finance, Assets & Costing
Strategic Financial Management
Count of Patient Visits and Physician Revenue Sharing
- Managing a hospital's financial resources so as to achieve its business objectives and maximize its value. Strategic financial management involves a defined sequence of steps that encompasses the full range of a hospital's finances, from setting out objectives and identifying resources, analyzing data and making financial decisions, to tracking the variation between actual and budgeted results and identifying the reasons for this variance.
- The financial module comprises of features such as:
- General Ledger
- Account Receivable
- Account Payable
- Fixed Asset
- Cash Management
- Bank Reconciliation
- Memorial Journal Entries
- The values of the system are:
- Simplified chart of accounts
- Subsidiaries account full controlled
- Full Accrual Basis
- Auto generated journal
- Financial information or reports at anytime
- Profit and Loss drilldown into departments and/or service units level
- 2 ways tracing capability (transaction to journal vv)
Simplified COA, Subsidiaries Control Account
- A general ledger is the master set of accounts that summarizes all transactions occurring within an entity. There maybe a subsidiary set of ledgers that summarizes into the general ledger. The general ledger, in turn, is used to aggregate information into the financial statements of a hospital business; this can be done automatically with system compiling financial statements from the information in a trial balance report (which is a summarization of the ending balances in the general ledger).
- The general ledger contains a beginning balance, debit, credit and ending balance for every transaction recorded within it.
- The general ledger is comprised of all the individual accounts needed to record assets, liabilities, equity, revenue, expense, and profit and loss transactions of a business.
- The uniqueness of the system Chart of Accounts is:
- Simplified chart of accounts.
- Subsidiaries fully controlled account. It provides 2 way tracking function (transaction to account vice versa)
- Drillable into Departments and Service Units without defined complexity in chart of account.
A/R, Aging, Dunning Letter
- Accounts Receivable (A/R) is short-term amounts of money owed by customers (individual or corporation) who have purchased goods or services that have been delivered or used, but not yet paid for.
- A periodic report that categorizes a hospital's accounts receivable according to the credit terms an invoice has been outstanding. A/R Aging is a critical management tools as well as an analytic tool that helps determine the financial health of a hospital's customers, and therefore the health of their business.
A/P Suppliers, A/P Physicians, Aging, Payment Plan
- Accounts Payable (A/P) the opposite of A/R, are debts that must be paid off within a given period (credit terms) of time in order to avoid evasion.
- In hospital, the practice is known with 2 types of A/P, first as a payables to suppliers and the second is payables to physicians for revenue sharing.
- A periodic report that categorizes a hospital's accounts payables in accordance to the credit terms of an outstanding invoice. A/P Aging is a critical management tool as well as an analytical tool that helps determine the financial responsibility of a hospital to the suppliers and physicians to ensure proper business operations of the hospital.
- A/P Payment Plan used by hospital to arrange the payment program. The payment plan supports all standard payment methods such as checks, postdated checks and transfers in printed form as well as wire transfers.
- The planner can fill the amount that will be allocated for the payment process and system will list down the invoices by priority of due date or discount for early payment.
- Cash Management is used to manage incoming and outgoing cash, representing the operating activities of an organization.
- In finance, cash flow is a process of collecting, managing and investing or borrowing (short-term) cash to ensuring financial stability and solvency.
Auto Generated Journal
Improve the Productivity
- The impact of any transactions occurs at front office where the system will automatically generate the accounting journals to the back office in a time-sorted record (chronological order) with a reference number so that the transaction can be tracked.
- The technique of journals refers to "real" accrual basis and it will give a chain of journal.
- Periodically (daily or hourly), the journal can be posting into the accounts in the general ledger and or subsidiary ledger.
Accounts Information Views
- Account Balance is a dynamic tool to support for any accounts inquiry with multiple functions such as:
- Filtering data with period, department, service unit, voucher and registration number.
- Drillable into departments or service units level.
- Account data or chart for last 2 years.
- Matrix account data with service units.
- List out the journals.
Depreciation, Asset Tracking and Asset Utilizations
- Assets Management is used to manage fixed asset, depreciation, asset tracking, and asset utilization.
- Presently, the hospital calculates the asset depreciation into direct and indirect cost using some criteria, to sharpen and control the "realistic" direct cost calculation based on system provide the data of asset utilization.
Cost and Budget
- Cost management is a process of planning and controlling the budget that allows predicting of expenditures.
- Cost management provides the detailed cost information into 5 components like:
- Material Cost
- Overhead Cost
- Labor Cost
- Burden/Service Cost
- Sub Contract Cost
In term of costing methods, it applies "periodic weighted average" and "standard costing" and at the end of periods monthly can be converted into the "actual-based costing".