A True Financial Package: What is it & Why Have One

A true financial package is having the ability to track revenue, cash, adjustments, volume, and accounts receivables data, while being able to easily retrieve that data at a variety of searchable criteria, including at the payor, client, patient, and procedure code level.

It empowers users to quickly run customized, fully auditable reports that are as detailed or as high-level as the user chooses them to be.

All information provided in a true financial package is necessary for medical billing companies, laboratories and healthcare informatics companies to streamline and consolidate end-of-month closing packages, which should include but are not limited to the following documents:

With this data, users of all levels—from accounting clerks to a CFO—can gain a 12-month overview of their financials, quickly seeing possible trends or outliers and easily drilling down into those datasets for an in-depth analysis.

I get satisfaction knowing that after I present the financial reporting aspects of XiFin, they’re immediately better equipped to understand their business both at a high-level and a detailed-level.

Roger Newman
Financial Analyst, XiFin, Inc.

Furthermore, a true financial package outputs data that is general ledger ready, meaning users can easily apply and customize the output data for input into their general ledger.

A financial snapshot in time, for balance to the penny.

End-of-month reports that provide an accurate snapshot in time—the numbers, the data does not and will not change. This is key when relying on reports that contain fully auditable data, and it provides users with the ability to check a given month’s financials at any point in time with the assurance that those numbers have not fluctuated, maintaining data integrity and consistency.

To learn how XiFin can optimize your lab’s financial system, by providing a true financial package, speak with a revenue cycle management expert.