Healthcare consolidation is today’s reality, and consolidation naturally triggers a need to report from multiple billing systems. And even when all new partners are migrated onto a single practice management system, combining the original system data with the new system data is key for YoY and pre-migration vs. post-migration performance reporting. Unfortunately, each practice management system stores and reports on billing data differently, and practice management system vendors NEVER migrate financial data, leaving you with multiple systems to manage and report from until the old systems’ AR is worked down.
As a result, reporting on business performance becomes increasingly time-consuming, difficult, and fragmented with each additional practice added to the acquisition mix, forcing your FP&A team to spend more time gathering and organizing data than actually leveraging their expertise analyzing the data for important business trends.
Having your data fragmented across multiple systems ultimately limits a business’ timely vision into the depths of its operational workflows, forcing leaders to lean more on the art of management than on data-driven decisions.
