Protection from unnecessary financial loss is key to your success
The need to reduce costs and find efficiency gains in all NHS Trust’s financial operations is unrelenting; the pressure to take out cost and protect against incorrect payments and fraud increases every year.
Trusts are challenged by reducing resources and the need to find and prevent incorrect payments in a constantly evolving environment. As systems are changed and processes updated in and adjacent to the finance team, the risk of undetected erroneous payments increases and fraudsters take advantage of the lack of clear insight.
Fraud costs the NHS £1.29bn a year, with invoice fraud being “vastly under reported.”
- NHS Counter Fraud Authority
Drivers that increase risk and fraud in NHS finance departments include;
- Widening budget deficit
- Reduction in financial operations headcount
- Adopting new technologies to improve efficiency
- Consolidation of finance functions to reduce costs
- Increasing process automation and staff cuts reduce human oversight
FISCAL solutions use forensics and artificial intelligence to check every transaction with a battery of tests that identify possible errors, compliance issues or fraud. Armed with this insight, public and private healthcare providers can protect their supply chain, safeguard working capital and reputations, drive cost efficiencies and protect margins.
Our healthcare customers include
"Within a few months we had discovered high value duplicates and the overpayments retrieved more than paid for the cost of the software"
Healthcare NHS Trust
Over 15 years, FISCAL has built up an in-depth understanding and appreciation of how NHS Trusts customers need to protect their organisational spend.
To find out how you too can benefit, contact FISCAL Technologies here to discuss a no-cost, no-risk demonstration of the protection enjoyed by over 250 organisations.
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Case Study: Imperial College Healthcare NHS Trust
Prevention of over £1m in erroneous
payments from leaving the organisation.
Brochure: Procure-to-Pay Best Practice Assessment
Assured agile, streamlined, and best-in-class Procure-to-Pay processes.