Building a Process Roadmap Part 2: Global Process Owners

For an organization to be able to achieve its goals, Global Process Owners (GPO) must be established. These Global Process Ownerswork together to ensure that practices and processes support not only business requirements but also long-term business objectives.

In a nutshell, GPOs are key to sustaining effective, standard, low cost processes and driving the Best in Class Roadmap.

The Role of the GPO

The Global Process Owner will oversee and own a process area, whether it is Purchase to Pay (P2P), Order to Cash (RTR) or Record to Report (OTC). They will manage all process change within their area of expertise. It’s important that these process owners be senior members, people with organizational authority that can make decisions and see that they are carried out.

In addition to the subject matter expertise, these GPOs have a deep understanding of the company’s goals, strategy and resources. They are unbiased, and can objectively institute initiatives based on what is most beneficial across the organization rather than within a singular silo.

The GPO vs The Operational Manager

There are distinct differences between GPOs and Operational Managers. These differences allow the GPO to create organizational-wide change while the Operational Manager ensures that delivery targets are achieved.

Here are some of the key tasks that outline the different roles between GPOs and Operational Managers:

GPO

Operational Managers

Process ownership Drive change Create and manage as-is process documentation and vision-state documentation Monitor metrics for process across all regions and businesses. Proactively address issues identified by leading metrics Resolve recurring crises, escalations and systemic issues. Determine root cause to prevent reoccurrence Solicit process change recommendations for stakeholders, and assess business benefits and priorities Present process change recommendations to governance

Process execution Adopt change Follow as-is process documentation and assist the GPO in reaching vision state Monitor metrics for operating team within area of responsibility. Balance workloads to achieve desired results Resolve one-off crises and escalations, and determine root cause to prevent reoccurrence Submit process change recommendations to GPO

In Part 3 of this Best in Class Roadmap series, I’ll examine the key steps to building the roadmap.

 

Global Process Optimization: Building a Process Roadmap

Company leaders often talk about the need to be agile and streamline processes across the organization. The truth is, it’s easier said than done.

Depending on a company’s structure, locations and organizational hierarchy, global processes are spread across a wide number of functional silo groups, each with their own benchmarks, practices and protocols. Without the right framework in place, trying to establish a global approach to business improvement is not dissimilar from herding cats.

In order to build a best-in-class global process, you have to build a roadmap that establishes the right framework to support global process optimization, which includes:

• End-to-End Process Improvement & Standardization
• Deployment of Tools
• Continuous Improvement Plans
• Standardization & Ratio Improvement

The first step is to establish the Global Process Owner Framework. These are subject matter experts by silo, who will be responsible for building the organization’s capacity via process improvement. They must have the authority to act and make changes. They must be committed to working together and seeing the big picture, and not just their area of expertise.

Tune into Part 2 of this series where we look at these key players as well as other required staff and their roles.

Finance & Accounting Outsourcing: Value and Maturity

In April, Everest Group released “The FAO Market: Signaling Toward Maturing”, a deep-dive report into the global FAO market including market size and buyer adoption trends, FAO value proposition, contract characteristics, and service provider landscape.

The new release notes that even at a growth rate of 11%, the FAO market is growing more slowly than 2010.

This is not a sign of concern for the FAO market, but rather, a sign that it is finally maturing. Everest Group states:

“As the FAO market matures, the value proposition expands beyond cost and consequently, the FAO solution elements change too. FAO adoption is now not restricted to traditional markets but extended to under-penetrated markets as well.”

Delivering Value Beyond Cost Reductions

Years ago, the FAO market was driven by single value proposition – using economies of scale to capitalize on labor arbitrage.  Let’s face it, simple cost reduction doesn’t drive value. To stay competitive and relevant, finance and accounting providers have to deliver much more. As the Everest Group report points out:

“Cost reduction is an important but no longer the only driver for FAO. Process excellence, standardization, access to technology and expertise, and greater focus on core activities are the other important drivers.”

This is evident in the way the FAO market is changing. While transactional functions like AP and AR are still important, there is a shift to more judgment-intensive processes, like financial planning and analysis, which was included in 61% of FAO contracts in 2010-2011.

 

 

 

 

 

 

 

 

 

 

 

 

This jibes with what we are seeing here at Sutherland.

Our clients look to us for finance and accounting insights. Customers want to drive compliance, set up a transparent end-to-end process and free up their finance people for higher value work. They want to access world-class accounting facilities and technologies that would be extremely cost-prohibitive to set up in their own organization.

Companies are now looking to FAO to not only streamline and standardize processes but also optimize best-in-class practices that are aligned with organizational objectives. In other words, it’s about sharing knowledge. That’s a long, long way away from simple labor savings.

(BTW, one of our experts, Steve Braud, will be posting a blog series on building a roadmap for process excellence and standardization in the weeks to come.)

Domain Expertise

Because of the shift away from siloed and single-function approach to FAO and toward end-to-end solutions, industry experience and understanding is now more critical than ever.

“Competition in the FAO market is gaining intensity,” said Saurabh Gupta, vice president, Everest Group. “The market share of the top three providers has reduced from 65 percent to 50 percent over the last five years. Over the past two years, providers have continued to build up scale and invest significantly across various F&A capability dimensions, most notably around technology. However, service providers’ ability to understand the client context continues to be a significant credibility gap.”

FAO is no longer a horizontal solution. In fact nearly 45% of FAO buyers consider F&A process as unique to their industry. Domain expertise is considered more important, especially amongst the service industry.

A New Market Emerges

Another one of the highlights of the Everest Group report is the emergence of the mid-market & SMB FAO market.

“Of the new FAO contracts signed in 2011, 60% were accounted by organizations with less than US$5 billion in revenues as opposed to less than 40% in 2008-2010.  While the mid-market (US$1-5 billion) continues to expand, the SMB segment (less than US$1 billion) accounted for nearly 20% of the new 2011 contacts – more than doubling in size.”

Everest Group then predicts that 2012 will see a stronger push for platform and Saas/BPaaS-based offerings (primarily catering to small and mid-market buyers) as service providers attempt to integrate them in their FAO value proposition. 

Earlier this year, Sutherland launched CLARITY es, an enterprise-wide business solution blending Microsoft Dynamics AX cloud hosting with Business Process Outsourcing (BPO) services, including finance & accounting. This solution is designed to fit both the needs of large companies but also be affordable to the mid-market and SMBs.

Going beyond simple cost reduction. Creating partnerships of shared knowledge. Making FAO more accessible to the mid-market. These just a few of the trends that are driving growth here at Sutherland as well signaling the maturation of the finance and accounting outsourcing market.

To read The Finance and Accounting Outsourcing (FAO) Annual Report 2012, visit Everest Groups’s website.

Evil Accounting Tools: Outlook

Let me start out by saying, I miss the days when someone just called you or walked into your office. Now we have email. It’s the KING of CYA. It’s the KING of “pass the hot potato”.  Today I can easily send an email, CC 30 people and take the hot potato off my plate and pass it to somebody else. Then, of course, that person passes it along. 

Before you know it days have gone by, hundreds of people have been interrupted by the same email and NOTHING got done. Before email we were forced to talk and resolve. Now we just shuttle the conversation back and forth, forwarding it and CC’ing it through the Internet.

Accounting departments around the world are e-mail heavy. In many ways, we have to be. We are constantly pushing out and receiving information and sharing strategies with our clients and peers. Some email surveys suggest that on average most people receive about 100 emails a day. The irony is that email was supposed to streamline our work lives, make communications simpler and more productive.

Whether you use PC-based tools like Outlook or online tools like Gmail, the result is the same: email overload and inefficiencies. Email (and by default, Outlook, F&A’s email of choice) is accounting’s biggest epic fail tool.

In addition to the sheer volume, email fails finance and accounting departmentsin its inability to track important tasks. Emails of various levels of importance are sent with little way to follow up to ensure the task got to the right owner and was executed. 

The only follow-up available through email is the secondary nag email (“Did you receive my first email and can you do what I asked?”), which adds another email to the tally of the 100 that we receive everyday. Great, just great.People are sick, emails slip through the cracks… there is absolutely no way to be 100% sure that your email was received and acted upon if the person does not reply. Email is simply not transparent.

The Email Alternative

Accounting departments need transparency and access to communications from across the department. To reduce email overload and ensure accountability and transparency, company portals are invaluable. With a portal, your accounting team can:

1.       Track important tasks

2.       Use a central repository of issues logs

3.       Use a central repository of contract information

4.        Contribute to a standard policy and procedure method

When you implement portals with workflow, it pushes the proper use of tools. Accounting departments are relying on Outlook for many things it shouldn’t – like project collaboration and management.

A portal will reduce email volume and increase efficiency. Of course, email is a necessary evil, but we need to slash the time we spend in Outlook so that we can focus on the work that really matters. Let me know what you think in the comments section.

And, by the way, I found this fun infographic that serves as a reminder before you hit that send button. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Created by: OnlineITDegree.net

The Finance & Accounting Weekly Roundup: May 7

For Finance and Accounting leaders, CEOs and Presidents and other industry executives and experts – the following links are opportunities to stay current on and engage in F&A industry discussions on trends, best-practices and emerging service and delivery models.  The Sutherland Global Services F&A team provides this information as a complimentary service to our clients, followers and industry peers.

This week’s links compiled by Dan McCue, Sutherland Global Services, Senior Vice President, Head of the Finance & Accounting Practice, Sutherland Global Services, and a Process Outsourcing Transformation Expert. Enjoy and feel free to share with your groups, contacts and networks.

Transactional Accounting

• Connecting Purchase-to-Pay Critical

Chief Financial Officers are concerned that the interdependency between suppliers, partners and customers resulting from increasingly complex supply networks is creating commercial risks for procurement operations.

General Accounting

• An (Almost) Unnoticed $497 Million Accounting Error

One telltale sign of a bull market is that investors don't care as much about dodgy corporate accounting practices. A case in point: the public reaction -- or lack thereof -- to a financial restatement disclosed late yesterday afternoon by Williams Cos.

Finance/Accounting And Technology

• Fraud detection technology cuts risks

You know what it’s like when you lose something, or, worse, when it’s stolen? Heading off the subway in Washington, D.C., I looked in my purse and noticed my bright red wallet gone.

• Top Ten Cybersecurity Trends for Financial Services in 2012

Booz Allen Hamilton, a consulting firm serving federal, nonprofit and commercial clients, recently had this report on the top ten financial services cybersecurity trends for 2012.

Finance/Accounting And Outsourcing

• Finance and Accounting Outsourcing to Rebound

The finance and accounting outsourcing market is expected to rebound this year, with 10 to 15 percent growth, following a slowdown last year, according to the Everest Group’s Finance & Accounting Outsourcing Annual Report 2012.

Accounting and Cloud

• Cloud Accounting: The Real Savings

ClearPath Accountants has been using cloud based applications for over five years, allowing us remote access that is unparalleled.

• How to make informed decisions when outsourcing cloud computing

Gartner analysts predict that 35 percent of enterprise IT expenditures will be managed outside the IT department’s budget by 2015.

Procurement and HR Outsourcing

• The last five years in outsourcing from three experts.

During the past few years, the HR outsourcing market has endured growing pains and enjoyed maturation. Misperception, followed by consolidation and reformulation has led to a new understanding between practitioners and providers.

 (Sutherland Global Services does not endorse, support, seek nor receive funds from any of these sites, companies or individuals.   We take all efforts to ensure quality destinations, however as these are sites completely independent of Sutherland Global Services we are not responsible for their content or any other visible or technical elements present on these locations.)

 

F&A Drives Healthcare Global Growth

In Part I of this series, I looked at how finance and accounting can drive healthcare growth by improving efficiencies, ensuring compliance and closing “revenue leakage.” Today, we’ll be looking at how F&A can really support healthcare organizations and life science companies as they consider markets abroad.In fact, some of the best opportunities may come from new markets and partnerships abroad, in particular, the Asian market, which shows future growth potential. Biotech, pharma and other healthcare sectors are eyeing the opportunities Asia presents.

Opportunities in Other Markets

Asia is home to 60% of the world’s current human population.Asia has the second largest nominal GDP of all continents, after Europe, but the largest when measured in purchasing power parity. As of 2010, the largest economies in Asia are China, Japan, India, South Korea and Indonesia. China alone is likely to be the world’s third-largest pharmaceutical market by this year, with sales of more than $50 billion

A recent JP Morgan report (Medicine for the Masses.) noted that Pfizer AstraZeneca, Sanofi, Roche, GlaxoSmithKline, Novo Nordisk and Johnson & Johnson all realized over 30% growth from their China operations in the early part of 2011. Novartis and Bayer Healthcare both achieved over 20%.

For new or emerging multinational corporations looking for opportunities in Asia –be it China, Japan, India or any of the 48 countries that comprise Asia– understanding the challenges of regulatory compliance and reporting can be daunting.

During the last 10 years or so, the International Accounting Standards Board, has been developing International Financial Reporting Standards (IFRS), in the hope that nations in the global economy still using their own country-specific standards will gradually move to adopt one common set.

F&A Can Overcome Challenges

The benefits of streamlined global reporting combined with this gradual adoption of IFRS can ease access to foreign capital markets and facilitate acquisitions or joint ventures.

As well, leveraging business and financial research in collaboration with marketing teams can improve strategy and decision-making through better alignment of culture and help pinpoint opportunities.

Financial research and due diligence can help:

• Establish which countries offer better opportunities,
• What are the requirements of each country, and
• What are the risks involved.

Emerging and new markets can help position a healthcare and life science company for robust growth. A streamlined finance and accounting process helps mitigate risks as well as explore whether a particular transaction is financially beneficial to your organization.

When exploring different markets there are not only cultural, multi-currency and multilingual challenges, but there is an entirely new set of reporting, tax and transparency standards. It’s much more complex.

Is your healthcare or life science organization considering partnering or acquiring a company in a new market? Sutherland’s Health Management Services can help guide your F&A processes.

The Finance and Accounting Weekly Roundup: April 30

For Finance and Accounting leaders, CEOs andPresidents and other industry executives and experts – the following links are opportunities to stay current on and engage in F&A industry discussions on trends, best-practices and emerging service and delivery models.  The Sutherland Global Services F&A team provides this information as a complimentary service to our clients, followers and industry peers.

This week’s links compiled by Dan McCue, Sutherland Global Services, Senior Vice President, Head of the Finance & Accounting Practice, Sutherland Global Services, and a Process Outsourcing Transformation Expert. Enjoy and feel free to share with your groups, contacts and networks.

BLOG & NEWS SOURCE LINKS

Finance/Accounting And Technology

• The world's five biggest cyber threats

Leon Panetta, the US secretary of defense, said this January that "the reality is that there is the cyber capability to basically bring down our power grid... to paralyse our financial system in this country to virtually paralyse our country."

Technical Accounting

• FP&A Peril: Too Much Data, Too Little Judgment

Financial planning and analysis (FP&A) teams that want as much data at their fingertips as possible yet insist on using only “perfect” data in their analyses are unlikely to provide the kind of actionable insight many CFOs seek from those teams, a new report suggests.

Transactional Accounting

• Procure-to-Pay Optimization – Are We There Yet?

There is no doubt that the technology exists to design a seamless, and paperless, Procure-to-Pay process within any organization. Once designed, the term “herding cats” comes to mind when describing the challenge of fine tuning the roles and responsibilities of people within the Procure-to-Pay process. However, when the roles of people within the process are well defined and the technology is intuitive, optimization, and all the benefits that come with it, is within reach.

General Accounting

• Profits come in many shapes and sizes… Just ask the dragons!

You’ve probably heard it on Dragon’s Den a thousand times. “Can you tell me your Gross Profit Margin?” asks Peter Jones, only for the pitcher to look back at them with a blank look! (Yes you know the ones we mean!) When you run a business no matter how small or large you really do need to try to get to grips with these terms, so here goes…

• The Best Accounting Firms to Work For

To celebrate Tax Day today, Vault.com, an online careers site, is unveiling its annual ranking of the best accounting firms to work for in the U.S. This year, Ernst & Young is at the top of the heap.

Finance/Accounting And Outsourcing

• Financial Services World Quality Report Reveals Cloud and Outsourcing Are Key for Testing1 Organizations to Deliver Value to Business

Capgemini, together with Sogeti, today released the findings of their second Financial Services World Quality Report, sponsored with HP. This in-depth report shows the challenges facing Financial Services (FS) organizations.

• Transforming Finance

A big priority for CFOs in today’s global economy is how they shape the finance function to drive business performance. There are three big priorities: reducing the cost of running the finance function in the first place; improving the efficiency of finance processes; and making finance more effective, a more able partner to the business. 

Procurement and HR Outsourcing

• Procurement Outsourcing Providers Manage Over $190 Billion for Clients

With more than 50 new contracts signed in both 2010 and 2011, the Procurement Outsourcing market has now generated over 300 engagements since 2002. Specialized procurement outsourcing providers are now procuring and managing over $190 billion in goods and services on behalf of their global clients.

• Why It Can Pay to Outsource Your HR Person

Small and medium-size businesses are showing a growing interest in turning over their hiring, firing and benefits administrations to outsiders, human resource industry experts say.

 (Sutherland Global Services does not endorse, support, seek nor receive funds from any of these sites, companies or individuals.   We take all efforts to ensure quality destinations, however as these are sites completely independent of Sutherland Global Services we are not responsible for their content or any other visible or technical elements present on these locations.)

 

Internal Controls - Why Worry?

Internal controls are a key part of any organization’s accounting and auditing process. Within the accounting industry, controls are nothing new. However, over the past five years, as the media covers more and more failure-to-disclose scandals, tales of employee embezzlement and falsified documents, internal controls in financial reporting have take on a whole new level of relevance and demand.

For virtually any company, these controls are critical to ensuring that the process is transparent, the financial activities are accurate and vendor relationships are positive. Robust compliance management, audits, risk management and all other aspects of internal controls are part of the DNA of any strong finance organization.

When company CFOs and financial leaders are reviewing their financial operations, they need to know that these internal controls are in place. At their most basic, internal controls ensure that the company can:

1. Mitigate financial risk.
2. Remain compliant with laws and regulations, like SSAE16 (SAS70) and Sarbanes-Oxley.
3. Be accurate in their financial reporting and disclosures.
4. Create an effective and efficient operation.

Lack of Internal Controls Creates Financial Risks

If an organization does not have strong internal controls, stringent practices and policies and protocols are not in place, it can contribute to the misstatement of company financials. In turn, these inaccurate statements may affect earnings, profit margins and, ultimately, share prices. Sadly, the ripple effect usually falls all the way down to the employee level and can include the loss of employment and/or retirement funds.

Failure to implement and maintain strong internal controls can lead to on-going operational problems.

Strong Internal Controls: Critical for Success

CFOs and financial leaders reviewing their operations must conduct rigorous due diligence, and ensue that they have the controls in place necessary to manage and mitigate risk.

To increase the likelihood of success, and lay the groundwork for a profitable future, a high-performing finance organization will follow these control practices:

• Undertake risk assessment reviews and implementation of internal controls, starting from the initial start-up period. To be effective, controls must be embedded in processes from the beginning.
• Implement an ongoing analysis of processes, which can help to identify long-term solutions, lead to process efficiencies and eliminate manual risks.
• Conduct structured periodic monitoring and testing of internal controls to reduce the risks of financial catastrophes.

Improving Internal Controls Improves Business

Consistent, robust internal controls are a proven strategy for creating positive checks and balances. Proper controls facilitate effective operations, reliable financial documents and regulatory compliance. All of these things play a leading role in the overall success of your financial organization.

For more information about internal audits, view this FAQ from the Institute of Internal Auditors.

The Finance & Accounting Weekly Roundup: April 23

For Finance and Accounting leaders, CEOs and Presidents and other industry executives and experts – the following links are opportunities to stay current on and engage in F&A industry discussions on trends, best-practices and emerging service and delivery models.  The team provides this information as a complimentary service to our clients, followers and industry peers.

This week’s links compiled by Dan McCue, Sutherland Global Services, Senior Vice President, Head of the Finance & Accounting Practice, Sutherland Global Services, and a Process Outsourcing Transformation Expert. Enjoy and feel free to share with your groups, contacts and networks.

LINKEDIN ANSWERS

• Hey CFOs, CIOs and others in the accounting world: What advice would you give to a business considering updating/upgrading their ERP system?

As a CFO, CIO, or ERP project manager, what advice would you give? What would you change? How would you have gone about it differently? What worked well? Thanks for your input!

Finance/Accounting And Outsourcing

• To compete, nonprofits must consider outsourcing accounting, tech operations

With dwindling resources and greater demand for transparency from the Internal Revenue Service and funding sources, nonprofits in New Jersey will need to invest in strategic planning and outsource accounting and technology operations to improve their financial performance in 2012, a nonprofit services executive with The Mercadien Group said.

Technical Accounting

• How To Combine Business Analysis With 10-Year Financial Data

(Blogger answers a question) I'm not sure if I'm looking for patterns where there aren't any or if this is because it takes time to receive the cash. Wondering about your thoughts, as you've mentioned AEY before, and whether I'm correct or incorrect with my assumption that CATV spending is a primary driver for them.

General Accounting

• Five Emerging Trends Defining Accounting Departments of the Future

Our economic environment has become one with diminished geographical boundaries. Increasingly, clients and customers are more focused on the caliber and quality of the work being performed- not on where it is being performed.

• 3 Best Practices for Accounting Process Change

When focused on getting a new, improved system in place, it’s easy to focus on the technological changes and the tactical steps to getting processes updated to meet deadlines. However, it can also be easy to forget some of the more basic essentials that are part of process change. Here are three best practices to keep in mind…

Accounting and Cloud

• Accounting in the cloud for mobile small business owners

Intuit has unveiled Quickbooks Online in Canada. Aimed at small business owners, the new cloud-based service from Intuit is PC and Mac-compatible and optimized for iOS (iPhone, iPad) and Android devices, to assist entrepreneurs with connecting with the business information they require, whenever they require it.

HR And Procurement Outsourcing

• Cost Benefit And Advantages Of HR Outsourcing For Start-Ups

Advantages of HR outsourcing for start-up businesses are numerous, although small businesses and entrepreneurs may be reluctant to consider outsourcing, thinking that it is too expensive. The reality is that outsourcing human resources may actually be a much more cost effective option in both the short run and the long run.

• Technology Changes Game for Procurement
According to a recent survey of more than 200 global finance executives, the use of business networks and the technologies underlying them is helping to transform procurement from a tactical function to a strategic contributor to company success.

(Sutherland Global Services does not endorse, support, seek nor receive funds from any of these sites, companies or individuals.   We take all efforts to ensure quality destinations, however as these are sites completely independent of Sutherland Global Services we are not responsible for their content or any other visible or technical elements present on these locations.)

F&A Improvements Drives Healthcare Organizational Growth

In 2012, the watchword for the healthcare industry is “uncertainty.” The potent mix of regulatory reform, economic upheaval and political strife has had a profound effect on healthcare providers, insurers and life science organizations.

While 84% of healthcare execs are optimistic about increasing revenues this year, they are also busy transforming their organizations. (Source: PWC, 15^th Annual Global CEO Survey.)

Another recent national healthcare survey, Annual Executive Industry Survey, found that 60% of hospital executives believe that revenue integrity is critical to their organization’s financial health. The three items topping this list were:

• Organizational efficiency
• Compliance
• Legitimate reimbursement

Organizational Efficiency

Increasingly, with healthcare marketplace challenges like staffing shortages, value-based purchasing (VBP) and pay-for-performance, it is the healthcare organizations that have the best financial management that attain greater clinical and business outcomes.

Streamlining and optimizing finance and accounting processes, which includes creating a structured, transparent end-to-end process, ameliorates both cash flow and payment revenue cycles.

More than half of the transactions within the US healthcare industry are still paper-based. Outdated manual processes bog down the system, and also contribute to slower revenue cycles. To improve organizational efficiency, CEOs and CFOs must either address internal infrastructure or look to a modern F&A provider, which offers instant access to world-class facilities.

Compliance

Lately, it seems, compliance regulations have been a bit of a rollercoaster ride, and increasingly both local healthcare companies as well as large multinational companies are worried about whether or not they are in compliance with federal, state, and local regulatory agencies. Keeping on top of regulatory compliance can be one of the most daunting and frustrating tasks faced by healthcare companies – both providers and payers. Issue like ICD-10 coding, HIPAA EDI Standards and payment reform have made an undeniable impact across the healthcare industry. 

While compliance regulations cut across all towers of an organization, finance and accounting can play a strong role in ensuring compliance, and ultimately supporting organizational growth.Many healthcare executives are examining their traditional financial process and looking at how managed accounting services can help them ensure compliance.

Legitimate Reimbursement

In these economic times, healthcare leaders are doing everything they can to stem “revenue leakage”, or the reimbursement between amount of revenue the healthcare organization is entitled to and the amount actually received.

Healthcare organizations can accelerate legitimate reimbursements by improving their finance and accounting processes and systems. Using a best-practices approach and access to proven technology results in enhanced reporting, and increased cash flow.

Healthcare F&A Transformation

The economic environment, tied with the latest healthcare reforms, has put pressure on healthcare organizations to improve compliance, reimbursement rates and financial outlooks.

Smart healthcare execs are looking at how finance and accounting can play a role in improving efficiencies, speeding up the revenue cycle and stemming revenue leakage.

Is your healthcare or life science organization looking to control costs and increase patient satisfaction? View Sutherland’s Health Management Services.