I’m in Finance, what’s in it for me?

To date healthcare finance has been driven by public sector commitment accounting – this means that granular costing information has been difficult to achieve for the finance managers of today. Understanding what stock was on the shelves was only achieved through costly and difficult manual processes. Linking products on the shelf to what they cost, or the patient they were used on was near impossible. Procurement could give information on what was purchased, but finding out what the real cost drivers in the organisation are is a headache for any finance professional or department manager. Driving efficiency and savings running blind in a cash strapped NHS is not a task for the faint hearted.

Ingenica’s 360 solution is a step to providing the missing data for the healthcare finance professional; our aim is to ensure that managers have the information they need at their fingertips to make informed decisions.

With proposed statutory costing standards to be published in England by 2018, the case for patient level costing is heightened; understanding the true costs of care by calculating all interactions with a patient achieves even greater financial efficiencies.

Through implementing new processes our solution eliminates heavy dependency on manpower and provides better cost information to interpret.  Finance teams can therefore access reliable and transparent data to facilitate price comparison and more strategic financial decisions.  It also means that resources are managed more efficiently and products are purchased at the right price and at the right time.