Lifetrenz Hospital - Finance Process

Lifetrenz Hospital Management System has a strong and reliable Financial Management module covering the important processes of Billing and Accounts Receivables management. Lifetrenz Hospital Management solution is built on Patient-Centric Business Process Workflows. The advantage of this design is that, all Processes are linked to the services rendered to the patient, right from the time the patient checks in to the hospital to avail any service to the time they check out of the hospital. This end-to-end process oriented design captures all the billable activities for each patient.

Lifetrenz Billing Module can be configured to handle all insurance payers/ receivers as well as all Corporate and other Contractual billing modes comprehensively and accurately. The Billing process in the Finance Module takes its inputs from the various processes in the Operations and Clinical modules and generates accurate and reliable bills. Lifetrenz Billing Module has a provision by which Hospitals can set the business rules based on which the Service Tariffs can vary to bring in the right revenues. Lifetrenz Billing Module provides an efficient and error-free process to capture all the billable services rendered for a patient, without any data loss, thus ensuring that no revenue is ever lost. Lifetrenz Hospital Management System recognizes that capturing all charges accurately, ensuring integrity of financial data and flexibility to accommodate different billing scenarios based on the business rules of each hospital, should be the core focus in the billing function of any Hospital. Therefore the Lifetrenz Solution auto generates bills based on pre-set business rules and operational and clinical actions, thus reducing discretion at the billing desk and ensuring that all charges are captured.

Lifetrenz Solution is built based on our unique "Patient-Centric Workflow" methodology, in which all the activities performed on the patient in all care settings are captured "Then and There" accurately and the billing is auto-updated. This dynamically builds a highly accurate and verifiable patient accounts ledger. Lifetrenz Hospital Management System's unique approach makes the billing process an error-free and smooth operation, generating correct revenues and ensuring that no billable service ever goes unbilled.

There is a patient level ledger that is maintained for each patient and the ledger is updated in real time based on the various financial transactions captured for the patient in the system. During a patient visit, the billing personnel are alerted if there is any previous patient payable outstanding and they have ready access to the patient ledger to see the details of previous bills and payment history. The ledger can be exported to Excel and pdf formats.

While the billing module generates and dynamically updates the patient ledger and shows the Credit or Debit balance against the Patient, the Accounts Receivables Module provides a One-Stop information source to see all the receivables from different payers, at any point of time.

Lifetrenz Hospital Management System has a robust Accounts Receivables process, to help manage the Revenue Cycle efficiently. Keeping track of account receivables and timely follow up and realising the outstanding payments contribute greatly to healthy financial management of a Hospital.

This activity becomes very critical for Hospitals, as majority of the patients avail healthcare services through health insurance. Also there would be large billing with other payers such as corporate employers or independent third party organisations. It is extremely important to keep regular track of Accounts Receivables to avoid any payment realization complications after a prolonged delay in recovery action. Lifetrenz Hospital Management System has a reliable and user-friendly Accounts Receivables process to maintain the integrity of financial operations and also timely realization of dues.

Lifetrenz Hospital Management Accounts Receivables module has a built-in process to perform follow-up on Account Receivables for recovery of dues. All the actions taken are recorded and next required action and date are also captured. Users are reminded of due actions on a regular basis. The System also records payments received and reconciles the same against Bank Statements. The users can generate customized AR Aging Reports as and when needed.

The entire finance function can be integrated seamlessly with the Lifetrenz ERP or any other third party ERP the client chooses.