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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:
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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.
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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.
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Accounts Payable: Handles the processing of invoices and payments within the
hospital.
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Accounts Receivable: This provides support for and the maintenance of the
records of all clients, invoices and payments.
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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.
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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.
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Claims Management: Manages all claims that are made to insurance companies
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Contract Management: Keeps track of all ongoing contracts.
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