Financial Consolidations for Multi-Entity Healthcare Organizations 5
Unfortunately, as any healthcare CFO can tell you, even with excellent communication, process, and
structure, this multi-stage consolidation process is time-consuming and error-prone.
In a recent study by Financial Executives Research Foundation and Robert Half, 58% of companies manually
reconcile accounts. Only 22% of companies in the US use so ware to reconcile accounts
1
�
58% of
companies
manually reconcile
accounts
22% of
companies in the
US use so ware
to reconcile
accounts
1
Significant difficulties arise when you must respond to late entries or other adjustments–necessitating
a repeat of this process. As a result, consolidated results are o en unknown until the very end of the
close process�
It's clear that healthcare organizations need a smarter way to consolidate their financial results with
greater speed and lower risk. Unfortunately, spreadsheets and manual procedures have held back many
finance teams from playing greater strategic roles in their organizations. While the manual processes and
spreadsheets of the past may be comforting and familiar to many finance people, they no longer support the
fast pace of today's healthcare industry.
1
2017 Benchmarking the Accounting and Finance Function, Financial Executives Research Foundation and Robert Half.
