In this episode Scott Becker talks with the EVP of Velocity Consulting at VisiQuate, Sean Kirby. Tune in to learn about reserves, keeping your auditors happy at the sub-atomic level, how to test that you’re operating in the sweet spot, and more. This episode is sponsored by VisiQuate
Summary
Get More Accurate Reserves: Tips from VisiQuate's Sean Kirby
The Goldilocks Approach
VisiQuate's Executive Vice President of Velocity Consulting, Sean Kirby, suggests that organizations take a "Goldilocks approach" to reserves. This means analyzing each line of an organization's accounts receivable and revenue at a subatomic level to avoid underbudgeting or undervaluing reserves. By doing so, organizations and auditors can have complete command over their assets, which is a positive response from both parties.
Big Data for Historical Performance Perspective
VisiQuate's technology uses big data to provide historical performance perspectives for healthcare organizations. This helps organizations to gain a better understanding of their assets and financial statements, leading to more accurate closing processes. With more accurate data, organizations can stay in good standing with their financing partners, and identify anomalies quickly, enabling teams to solve issues in real-time.
Easier Closing Processes
By using VisiQuate's technology, healthcare organizations can benefit from easier closing processes that are more accurate. With VisiQuate's help, healthcare organizations can keep their auditors happy, ensuring that they operate within the sweet spot of their reserves, and ultimately guaranteeing that they stay in good standing with financing partners.
Sponsorship from VisiQuate
This episode is sponsored by VisiQuate, an industry leader in providing big data analytics and business insights. VisiQuate uses big data to take all the disparate data silos and provide organizations with historical performance perspectives. With VisiQuate's help, healthcare organizations can get a better understanding of their assets and financial statements to stay in good standing with their financing partners.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 10/18/2022 and can be listened here.
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