At King’s College Hospital London, Finance Department is an integral part of overall organization and composed of 3 sub departments: Financial Management, Supply Chain Management and Revenue Cycle Management.
Financial Management not only handles daily financial operations such as accounting, cash management and costing, but also supports all levels of decision making within the organization to understand the actual performance and further opportunities to grow the business with an effective financial reporting system.
Supply Chain Management Department handles overall purchasing and stock management processes in line with defined company policies. Effective forecasting, planning and purchasing productivity achievements are vital in Healthcare.
Revenue Cycle Management Department manages the overall insurance empanelment cycle, from contractual and pricing processes to final billing and collections. Correct medical coding, timely charge management, denials by reason analysis, collection follow-up and utilization review are key tasks of the RCM department. Operational and financial KPIs are followed up effectively to ensure cost containment and accurate billing are executed at all times. With the help of the latest technology integrated ERP systems, the function has the visibility on any type of operational and financial data required to manage Healthcare.
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