By Keith O’Leary, Director of Product Marketing, VFA, Inc.
The Healthcare Financial Management Association (HFMA) held its annual Healthcare Finance Conference in Orlando last week. Our client, Catholic Health Partners, one of the largest nonprofit health systems in the U.S., spoke about the fact that in today’s economic climate, numerous trends and pressures exist that are driving organizations to rethink the way they budget, allocate and track their capital.
Chief among them are:
- scarcity of capital
- enhanced analysis and justification of expenditures
- pressures to demonstrate greater returns on capital investments
- and the need for greater visibility and control of spending across the organization.
It’s important to find ways to turn capital into a source of strength by streamlining requisition processes and reconciliation of expenditures, strengthening enforcement of business rules and fiscal policies, managing unapproved and unplanned expenditures, and reducing capital purchase costs.
How are you handling these capital spend management challenges?