Become a more strategic CFO with Crowe Finance Suite

By Andy Suhy; Jay Sutton, FACHE, CNRA; and Andrew S. Holloway, CHFP, CNRA
| 1/12/2021
Become a more strategic CFO with Crowe Finance Suite

The current economic climate – which has organizations facing lower patient volumes, reduced revenue, and an overall unknown future – calls for healthcare finance executives to be even nimbler and more strategic financial managers. With the complexity surrounding understanding and explaining net revenue, managing margin, and reducing risk, executives need accurate information to make sound decisions. They require a set of tools and solutions to help them succeed now and into the future.

Addressing today’s challenges

The COVID-19 pandemic is changing the world and how we interact and work in it. Sticking to “the way things have always been done” will not get healthcare organization executives far in the current industry climate. As the world evolves, so too must healthcare finance leaders. What do CFOs need to help their organizations thrive in a new and challenging environment?

  • Trusted data. Becoming a better financial manager means taking advantage of technology that allows leaders to better understand various net revenue and cost drivers. CFOs need access to relevant, timely, auditable, and actionable data that allows them to make quick and informed financial decisions.
  • The ability to do more with less. Finance departments are a strategic asset, but they are being forced to operate with fewer resources than ever before. Amid the COVID-19 crisis and a struggling economy, CFOs have to manage capital spending, labor cost and productivity, and supplies, and they need to keep track of how revenue is being generated, just as they always have. But they now must do so more efficiently and with fewer resources at their disposal. Finance departments can benefit from technology and automation that increase staff efficiency and strategic impact.
  • Greater focus on strategic issues. External disruptors to the healthcare field, including the proliferation of nontraditional competitors and rising mergers and acquisitions activity, continue to threaten traditional provider organizations. The CFOs of these traditional organizations need to be even more strategic today as they make financial plans for the future, taking into consideration a constantly changing healthcare landscape. Simply put, there is a need for simple, relevant, and actionable analytics and insights that allow CFOs and their finance teams to be more strategic and less transactional.
  • Automation. Automating repetitive and routine manual tasks frees up CFOs and their team members’ time so they can focus on value-added analytics and strategic work.

The bottom line is that to be as efficient as possible, CFOs need a reliable set of tools and trusted, relevant data that serves as a single source of truth across their organizations. We designed the Crowe Finance Suite to meet these needs.

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What is the Crowe Finance Suite?

The Crowe Finance Suite is an enterprisewide business intelligence solution that provides healthcare finance professionals tools and analytics needed to reduce risk, improve margin, and increase financial reporting accuracy across the organization. It uses the patented Crowe Revenue Cycle Analytics (Crowe RCA) solution to establish a single source of truth for net revenue.

The Crowe Finance Suite brings together the following components into one well-integrated, comprehensive package:

  • Net revenue analytics help organizations understand the nuances driving net revenue, down to the patient level of detail. What CFOs thought might happen and what actually is happening might be two different things. Crowe RCA lets financial leaders analyze and project accrual-based net revenue any day of the month during the current reporting period. And it lets them do that separately from any changes in prior estimates for the same period.
  • Ad hoc reporting and dashboards help CFOs move beyond “canned” financial reports to provide clarity and insight into their net revenue and margin. In-depth, interactive dashboards allow for more detailed and flexible reporting, including scenario analysis and insights into denials, patient responsibility trends, and changes in payer yield.
  • Performance analytics and insights include key performance metrics that drill down to the peer level. Near-real-time benchmarking data is pulled from a network of more than 1,500 hospitals.
  • Asset optimization helps CFOs better manage their organizations’ assets and their underlying cost structure using asset-level performance analytics. These allow for the immediate identification of cost-reduction and performance-improvement opportunities. Assets are a healthcare organization’s number one cost driver, and use of asset-level performance analytics helps eliminate excess spend and waste.
  • Automated cash reconciliation helps organizations tackle large, unapplied cash balances – which historically have been managed manually – and shift employees from manual cash reconciliation to more value-producing activities.

The Crowe Finance Suite components work together to help CFOs increase accuracy, reduce risk, gain better clarity and insight into their balance sheets, and improve margins without sacrificing quality standards. These tools assist CFOs in making quick decisions when needed to keep up with an accelerated industry and, ultimately, help their organizations provide the best patient care at the lowest total cost.

Become a more strategic financial manager

For today’s healthcare CFOs, simplifying the business of healthcare means letting technology help automate manual, time-intensive tasks and allowing finance departments to shift their focus to more strategic efforts.

Contact us to learn more about how the Crowe Finance Suite can help simplify your business.

The Crowe Revenue Cycle Analytics (Crowe RCA) solution was invented by Derek Bang of Crowe. The Crowe RCA solution is covered by U.S. Patent number 8,301,519.

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Learn more about how Crowe can provide industry-specific financial, regulatory, and technology expertise for your healthcare organization.
Andy Suhy
Jay Sutton - social
Jay Sutton
Andrew Holloway
Andrew S. Holloway
Principal, Healthcare Consulting