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In-House Banking for Treasury Management
A well-structured and integrated in-house bank (IHB) can drive efficiencies and cost savings for your entire organization.
Strategic Roadmap
St. Elizabeth Healthcare is one of the oldest, largest, and most respected medical providers in the Greater Cincinnati region. For more than 150 years, St. Elizabeth has been the heart and soul of healthcare in Northern Kentucky. Founded with one small hospital in 1861, St. Elizabeth Healthcare now operates five facilities throughout Northern Kentucky – St. Elizabeth Covington, St. Elizabeth Edgewood, St. Elizabeth Florence, St. Elizabeth Ft. Thomas, and St. Elizabeth Grant. St. Elizabeth Healthcare is sponsored by the Diocese of Covington and provided more than $104 million in uncompensated care and benefit to the community in 2015.
This project was a result of the Strategic Roadmap project that Elire completed in late 2015. One recommendation was to implement the Cash Management module (which Elire successfully completed) and to re-evaluate some of the key business processes primarily within revenue and accounts payable. The starting goal was to review Procurement Cards, Check Process (including stop/void), Virtual Credit Card (VCC) reconciliation, Recording Revenue and satellite cashier processes.
The most significant challenge at St. Elizabeth is it’s large divide between two of its units. St. Elizabeth has grown very much through merger and acquisition, and has two ‘halves’ of business that do things very differently.
With the aim to solve as many of the 124 disconnects identified in the original strategic roadmap, we began the project by leveraging the PPMI (Plan-Pilot-Monitor-Implement), Elire methodology, conducting deep dive facilitated mapping sessions to obtain the detail we needed to solve the problems. Elire conducted over 45 hours of work sessions and developed future state designs for all in-scope business processes with implementation guides to implement the change. In some cases, such as cashier revenue recording, new tools and processes were able to be implemented. In others, Elire provided detailed recommendations/roadmaps.
In addition to the process improvements facilitated by Elire, the future processes that will leverage the implementation of the Expense module, implementation of Purchasing Card functionality and an overhaul of how patient, insurance and internal refunds will be processed were designed. A primary success from the client’s perspective is this initiative provided the first opportunity for the two sides of the business to merge business practices and develop standardized processes in a meaningful way.
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A well-structured and integrated in-house bank (IHB) can drive efficiencies and cost savings for your entire organization.
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