Citation:

Mr. Vijaya Bhaskara Reddy Mekala. "Facets Accumulator Synchronization: Enhancing Healthcare Financial Management" International Research Journal of Economics and Management Studies, Vol. 2, No. 1, pp. 314-324, 2023.

Abstract:

The subject of healthcare financial management systems has expanded greatly through the rise of improved information technology, but certain difficulties have arisen while handling it. The research focus of this work is on a novel method named Facets Accumulator Synchronization (FAS), which tries to make healthcare financial data processing more accurate and faster. FAS targets the coordination of accumulators in Facets, a healthcare administration software that accumulates data on service usage and expenses. The solution aims at solving persistent problems like accumulator mismatches, real-time data latency, and integration issues of the providers, payers, and third parties’ systems. FAS achieve real-time synchronization and the ability to audit by incorporating computational and distributed ledger systems and using cloud-based APIs. An analysis of one of the large hospitalises has proved the effectiveness of FAS, where 35% less time was spent on claim rework, and 28 percent more accurate audits have been noted. In terms of simulation and evaluation, this work proves that FAS has the ability to revolutionise the financial processes of healthcare units and related regulations.

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Keywords:

Facets System, Accumulator Synchronization, Healthcare Finance, Real-Time Data, Claim Processing, Audit Trail, Healthcare IT.