Every hospital and health system has a portfolio of key financial resources — cash, credit, leverage, and invested assets — that Finance leaders seek to deploy in a way that balances growth opportunities, risk management strategies, and financial health objectives. Especially in a time of volatility and transformation, healthcare leaders should establish a high-functioning treasury platform that succeeds at both a tactical and a strategic level to manage these objectives.
The following best practices can help organizations prepare for volatility changes to address treasury operations challenges.
- Increase cash position and forecasting efficiency
- Leverage available data to determine liquidity
- Track bank fees and identify variances
- Extract maximum value from Accounts Payable