HEALTH CARE

Transforming Financial Management in Home Healthcare: A Faster, Smarter Accounting Solution

Industry

Health Care

About The Project

Project Overview

Holistic Healthcare Platform Redesign A North American home healthcare SaaS provider improves its all-in-one solution by integrating EMR and ERP functionalities, making it easier for agencies to manage finances and patient care efficiently.

Revamping the Accounting Module for Efficiency A massive overhaul of the accounting module addresses defects, gaps in logic, and inefficiencies, resulting in streamlined processes and enhanced financial accuracy.

Boosting Financial Accuracy and Reporting The redevelopment of the accounting module delivers automated invoicing, expense tracking, and claim payments, ensuring precise financial records and easy reporting for home healthcare agencies.

Accelerated Project Delivery Through Agile Methodology Thanks to agile project management, the revamped accounting module was delivered 30% ahead of schedule, optimizing accounting workflows for healthcare agencies.

Real-Time Financial Insights for Healthcare Agencies The updated module offers real-time reporting, enhancing financial health visibility and eliminating manual reconciliation, so healthcare agencies can focus more on patient care.

Scalable Accounting System for Future Needs The new accounting module is designed with scalability in mind, ensuring it adapts to the growing needs of healthcare agencies and stays aligned with industry best practices.

Reducing Manual Effort, Improving Operational Efficiency Automating key financial tasks, the new system frees up valuable time for healthcare agencies, enabling them to prioritize patient care and improve overall operational efficiency.

Close Collaboration for Tailored Solutions eSparkBiz worked closely with the client’s team throughout the development process to ensure the accounting module met specific requirements and solved the client's unique challenges.

Enhanced Financial Processes for Home Healthcare The overhaul of the accounting module delivers improved bank reconciliation, accurate financial reports, and a simplified account management process, all contributing to operational efficiency.

Key Phases

Planning and Analysis

Requirement Gathering
User Research
Information Architecture
Wireframing and Prototyping
Technology Stack Selection

Design and Development

UX/UI Design
Front-End Development
Back-End Development
API Development
Testing

Deployment and Maintenance

Deployment
Monitoring and Security
Continuous Improvement
Maintenance and Support

Challenges we had

The Problem

Several critical issues were identified during the initial audit of client's home healthcare software suite that fell under accounting modules directly affecting the overall efficiency in conducting financial management at a level of home healthcare agencies.

The reconciliation of the bank statements with other financial records was very manual and very time-consuming before redevelopment, thus prone to errors and matched transactions. The financial close was often delayed, thereby causing errors and mismatched transactions before financial periods were closed.

Invoices were done by hand, a process that not only consumed much more resources but also resulted in inconsistent billing. The lack of automated invoicing created even more administrative burdens, resulting in delayed and inaccurate client financial operations.

Financial reports were often in error due to inconsistent data input, lack of system checking, and manual intervention. Such a scenario leads to a fact that often home healthcare agencies often could not obtain a precise, reliable view of their financial health. Managers often could not make the correct decisions in time.

Managing multiple bank accounts was cumbersome, with limited support for integrating accounts automatically. This lack of integration forced manual updates and added complexity to the management of daily transactions, leading to potential errors and inefficiencies in recording account balances.

It was slow in processing transactions, meaning that the financial data was not updated in real-time. The delay in processing payments, expenses, and invoices thus affected the client's home healthcare agencies' financial operations efficiency.

Transforming Financial Management in Home Healthcare: A Faster, Smarter Accounting Solution

See what we solved

The Solution

The company redeveloped the accounting module in order to streamline essential processes and enhance the overall functionality of the system to cure the problems identified. Its solution was based on the three main aspects:

We integrated real-time automated reconciliation of the bank statements with financial transactions, which reduced reconciliation errors and delays while improving the financial close-out speed.

We automated billing while ensuring that, in a constant and timely fashion, invoices were prepared and ready to submit. Another feature that has been useful to the agency includes the provision of making standardized billing templates customizable to a particular form or specifics.

We created an auto-reporting system which, without the human error in numbers, provides real-time reports with filters on a demand basis. This provided an interface to access several kinds of reports, like balance sheet and profit and loss accounts. Thus, the correct information enables proper decision-making within timelines.

We included automatic feeds from the banks, which enabled the system to update bank transactions regularly without any human intervention. This simplified the management of multiple accounts, reduced the risk of human error, and ensured that bank account records were always up to date.

The redevelopment optimized transaction processing, ensuring that transactions were recorded instantly. This eliminated the delays, allowing for accurate and real-time financial data that, in turn, increased efficiency in operation for home healthcare agencies

Transforming Financial Management in Home Healthcare: A Faster, Smarter Accounting Solution

Final Milestone

The Result

This has significantly enhanced the home healthcare SaaS platform's financial management capabilities by redevelopment of the accounting module. The solution has streamlined accounting operations and improved operational efficiency through solving core issues of automation, accuracy, and speed. The result came much sooner than initially estimated, showing that the approach adopted by eSparkBiz is effective.

This module will continue adding value to the client in the long term through faster financial reporting, reduction of the risk of human errors, and freeing up more time for strategic tasks. Agencies offering home healthcare services, through their SaaS platform, will improve their financial visibility, better regulatory compliance, and an effective management of operations. This redevelopment has also aligned the client with future scalability as the module is developed to accommodate more data and broader functionality.

This portfolio has represented the success of eSparkBiz by providing a high-performance automated accounting solution that not only met major challenges but also greatly enhanced the financial operations of the client.

Technology Stack

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