Bound by strict regulations, healthcare providers need timely and precise statutory reporting. With Oracle Modern Best Practice, you can leverage mobile, social, analytics, and the cloud to create financial statements that are compliant with regulatory requirements—in days instead of weeks. Optimize reconciliation cycle performance with approval exceptions and properly qualified reconciliations. Control the close status by monitoring and interacting with the entire institution. Review and confirm statutory and management reports for each subsidiary and government agency. Modify forecasts and financial plans based on variance explanation (department manager over or under budget), volume (number of procedures or patients over/under budget) and financial trends (accounts consistently over/under budget across periods). Securely socialize the period close and narrative reporting with your extended team.
Monitor the institution-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.
Prepare and review preliminary financial statements, such as balance sheets, income statements, cash flow statements, and responsibility reports. Prioritize outstanding transactions based on initial results.
Automate reconciliation tasks to streamline and optimize reconciliation cycle performance. Collaboratively manage approval exceptions and gain real-time visibility into reconciliation performance. Ensure that prepared reconciliations are properly qualified.
Automatically route close tasks to task owners. Collaborate to streamline the close for each entity. Monitor close status throughout the organization.
Transform the results for each entity (such as region or service type) to the consolidation chart of accounts. Eliminate intercompany activity and minority interest.
Distribute financial statements and responsibility reports to internal interested parties. Use a collaborative, process-driven approach to define, author, and review variance explanations and to incorporate feedback.
Analyze variance explanation (such as department manager over/under budget, volume (such as number of procedures or patients over/under budget), and financial trends (such as accounts consistently over/under budget) across periods. Modify forecasts and financial plans based on the results from the just-closed period.
Publish financial and management report packages (such as the board package) and narrative reports (such as annual and community benefit reports).