OneCFO partnership with Britana

OneCFO x Stash PH: Ushering in Efficiency and Strategic Growth in Healthcare

August 15, 2023 | 11:00 pm

OneCFO partnership with Stash PH

Jay Olos, OneCFO’s Founder and CEO, and Ernani Omar Cruz, Stash PH’s Founder and CEO during the partnership signing.

OneCFO, an innovative CFOtech firm, has forged a strategic alliance with Stash PH, a prominent leader in healthtech solutions in the country. This dynamic partnership combines financial expertise with claims management excellence to redefine the healthcare sector's financial management approach.

Claims management solution

Stash PH, started in 2015, is the healthcare industry’s primary partner in claims management. It has helped hospitals, 100 and counting, all over the country collect and maximize reimbursement with a quicker turnaround time from hospital and health insurance, HMOs, and Philhealth.

Ernani Omar Cruz, Stash PH’s Founder and CEO, sees the importance of expanding their solutions to bridge the gaps in the healthcare industry. Dealing with different hospitals, he saw the need to streamline the finance function for more effective financial management and improve financial stability.

Stash PH believes that hospitals play a crucial role in our society. “They help us be in better shape of health. They help us get better from sickness or injuries. However, they are one of the most financially inefficient institutions in the Philippines. They lose, on average, about 60%-70% of their claim revenues via outright denials, Return To Hospital (RTH), and delayed claim payments. While the RTH and denial claims are relatively small (~5–15%), they suffer most from delayed payments. The average claim payment turnaround time is more than 120 days. That meant hospitals couldn’t recoup their expenses for more than three (3) months and would need to finance themselves elsewhere. It is one of the reasons why many hospitals in the Philippines are ill-equipped, and nurses/staff are underpaid”, explained Cruz.

This is where Stash PH’s technology solutions come to help mitigate these challenges.

Tech-enabled finance and accounting solution

Digital transformation is vital to efficiency, and coupled with finance acumen, medical institutions can revolutionize how they handle their finance function.

Jay Olos, OneCFO’s Founder and CEO, sees this partnership as a way to harness the power of world-class financial expertise to help hospitals develop robust financial strategies aligned with their goals and boost profitability.

“In my early career as an auditor for Big 4 firms, I audited some big hospitals and clinics in the country for years. I know by heart the gaps in their back-end financial processes, systems, and policies. So, when Stash PH approached us about this potential collaboration, we immediately said yes to them because we believe it’s about time to help revolutionize the healthcare industry through empowering the back-end claims and financial processes with smart technology and expertise”, explained Olos.

In this era where speed, accuracy, and data-driven decision-making are equally important, automated back-end finance and accounting processes give hospitals a competitive edge and ensure sustainability.

With automated operations, hospitals can use data-driven insights to assess billing and revenue cycles and plan significant investments like medical equipment or facility expansion. In addition, OneCFO can help medical institutions with in-depth analysis of financial structures, identify cost-saving opportunities and optimize budget allocation.

Benefits of digital solutions in healthcare

The Universal Healthcare Law allows more Filipinos to access healthcare without out-of-pocket expenses. This law also paved the way for modernizing claims processing with PhilHealth's Electronic Claims Submission System.

Enhance Efficiency

Stash PH leveraged this development to connect different healthcare systems in their cloud-based Claims Analytics Platform. They have been successful in this endeavor and continue to streamline the claims processing and management to remove bottlenecks and improve efficiency.

The streamlined process has improved efficiency in workflow and collection, thus paving for improved cash flows for hospitals to sustain operations.

Stash PH’s solution ensures the timely collection of claims bringing in much-needed money to support the hospital’s operations. While, OneCFO brings in effective cash flow management - forecasting periods of surplus and deficits and planning accordingly.

Furthermore, OneCFO’s tech-enabled services allow hospital operations to be digitally connected, making it easier to monitor financial transactions, from billing to payroll and procurement. Manual handling of these processes can lead to errors, inefficiencies, and delayed decision-making.

Real-time Insights

With improved finance and accounting processes, hospitals can harness the power of data analytics to make informed decisions. Gain real-time insights into your financial performance to quickly make operational strategies to thrive in the ever-evolving healthcare landscape.

Automated finance operations make managing accounts receivables and payables easy, quicker turnaround times in processing patient billing, and up-to-date tracking and monitoring of revenue and expenses.

Cost Optimization

Digitalization also reduces paper-based overhead and optimizes resource allocation. It also minimizes labor hours to process claims, maintain the books, and manage cash flow leading to significant cost savings.

This collaboration empowers the healthcare industry to embrace digitalization and optimize financial management, ushering in efficiency, growth, and profitability.

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