- Software Implementation : Set up the hospital’s accounting software (like Tally or QuickBooks) and integrate it with the hospital management system (HMS).
- Chart of Accounts : Design a customized chart of accounts tailored to medical, surgical, and optical revenue streams.
- Tax Compliance : Register and manage hospital tax obligations, including GST, TDS, and corporate tax fillings.
- Statutory Compliance : Ensure the hospital meets all local healthcare financial regulations and licensing fees.
Revenue & Cash Flow Management
- Daily Reconciliation : Verify and cross-check daily cash, card, and digital collections from the reception and optical counter.
- TPA & Insurance Claims : Monitor and track outstanding dues from Third-Party Administrators (TPAs) and health insurance companies.
- Refund Management : Establish clear, secure procedures for processing patient refunds or advance treatment deposits.
- Banking Operations : Manage the hospital's bank accounts, execute daily deposits, and handle regular bank reconciliations.
Vendor & Expense Management
- Payables Processing :
Verify and process invoices from surgical equipment suppliers, lens labs, and pharmaceutical vendors.
- Doctor Share Calculations : Compute and distribute revenue-sharing payouts or incentives for visiting consultants and surgeons.
- Payroll Processing : Manage the monthly payroll, deductions, and salary disbursements for all clinical and non-clinical staff.
- Petty Cash Control : Overlook petty cash reserves for minor daily hospital expenses like cleaning or office supplies.
Budgeting & Financial Reporting
- Cash Flow Forecasting : Monitor daily cash burn-rates and inflows to ensure the current hospital maintains sufficient operating liquidity.
- MIS Reporting : Generate weekly and monthly Management Information System (MIS) reports on profitability, revenue per doctor, and optical shop sales.
- Cost Audits : Audit surgical material consumption to identify and reduce waste in the operation theatres.