The Sunwave team is excited to announce the official launch of our new financial management tool for treatment providers. The latest module of our comprehensive platform, Sunwave Financials, will help your team manage and track accounting activities. Whether you’d like reports for management to receive insights that drive better decisions or for lenders or investors to secure additional capital for future growth – the Financials Module will offer many benefits.
Check out the initial financial features on Sunwave below:
With Sunwave’s Financials Module, you can define any accounting period you’d like. Ultimately the periods will match your company’s financial calendar – whether that’s monthly, quarterly, annual, 4/4/5 weeks, or any other custom periods. Once periods are defined, your team will be able to post transactions, make adjustments, and perform period closing.
Chart of Accounts
The chart of accounts lists your company’s general ledger accounts. When creating an account, your team can define the name, the record type of charges (credit or debit), and any GL segmentation rules.
General Ledger Segmentation Rules
General Ledger (GL) segmentation rules determine which transactions are applied to an account. These rules contain transaction types such as claims, adjustments, or payments and a set of segments. The segments are defined by your team based upon how your accounting system expects accounts to be summarized.
For treatment centers to look at balances on an accrual-based system, adjustments will need to be applied. When a claim is made to a payer that has a contracted rate with you, adjustments are quite simple and automated. When a payer is out-of-network, adjustments can be a bit more complicated; however, Sunwave Financials Module can be configured to apply auto-adjustments based on historical reimbursement percentages or custom rules your team applies.
Journal Run & Period Close
With Sunwave EMR, your team can execute a Journal Run at any given point in time. This will present a list of all transactions that have not been posted to an account, as well as any adjustments that were posted in prior periods, and your team can run a trial balance. After reviewing and verifying all the transactions for the period, it can be closed, ultimately giving you a clear picture of your company’s financial health.
To learn more about our new financial management tool for treatment providers, schedule a demo with one of our platform experts by calling 844-786-9283. They will be happy to go over the module capabilities, your unique needs, and how this module might help you grow your business.