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FINANCIAL INFORMATION SYSTEM

Financial Information Systems (FIS) are computer systems that manage the business aspect of a hospital. While healthcare organisations’ primary priority is to save lives and not making profits, they do acquire running costs from day to day operations; including purchases and staff payroll.

Healthcare business activities can be quite complex and the introduction of Financial Information Systems aims to ease that daunting task that faces hospitals.


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Some of the features of Financial Information Systems are:

  • Payroll: Handles all the recurring and non-recurring payments and deductions for employees. All recurring transactions can be automatically generated each payroll period with non-recurring transactions such as overtime added to the payroll upon approval. It is also possible to maintain employee pay rates, entitlements, full salary movements and payroll histories.

  • Patient Accounting: This concentrates on financial transactions generated during a patient’s visit to the hospital. These include inpatient and outpatient charges, doctors’ fees generated across the hospital, the cost of procedures, operations and medications.

  • Accounts Payable: Handles the processing of invoices and payments within the hospital.

  • Accounts Receivable: This provides support for and the maintenance of the records of all clients, invoices and payments.

  • General Ledger: This handles the collection, processing and reporting of financial data generated by all transactions, enabling a current, accurate and instant view of the financial status of the hospital at any point in time.

  • Fixed Asset Management: This deals with asset data retention and depreciation forecasting. The transfer of fixed assets between locations, cost centres or departments; reclassification of assets and reassessments of asset values can functions that can be done by the Financial Information System.

  • Claims Management: Manages all claims that are made to insurance companies

  • Contract Management: Keeps track of all ongoing contracts.


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QUICK LINKS
International Medical Informatics Association
American Medical Informatics Association
UK Health Informatics Society
Healthcare Information and Management Systems Society


Knowledge Center
Biomedical Informatics
Bioinformatics
Health Informatics
Healthcare Technologies
Software
Hardware
Networks
Hospital Information Systems
Healthcare Information Systems Topics
Clinical Information Systems
Financial Information Systems
Laboratory Information Systems
Nursing Information Systems
PACS
Pharmacy Information Systems
Radiology Information Systems


Last Updated: 10 August 2006.



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