PRESS RELEASE
University Hospitals Bristol goes live with Advanced Business Solutions finance system to improve financial reporting and streamline processes
2 August 2010 – University Hospitals Bristol NHS Foundation Trust (UHBristol) has implemented a financial management system (FMS) with integrated business intelligence functionality from COA Solutions, (now Advanced Business Solutions). The system went live in April 2010 with the second phase of the project, involving the implementation of integrated electronic document imaging, invoice data capture and workflow software, to follow in the near future.
COA Solutions’ FMS, which is tightly integrated into UHBristol’s existing COA Solutions electronic procurement system, EROS, is ensuring that an accurate and real-time view of its finances is maintained. This financial transparency and the expected improvements in process efficiency from the second phase of the project will prove key to UHBristol moving forward because, like all NHS organisations, it is tasked with delivering cost reductions in order to help secure 15 to 20 billion NHS savings by 2014.
UHBristol’s previous finance systems, predominantly locally developed applications, although serving the Trust well, were clearly falling behind the latest, functionality-rich software systems and were at risk of becoming unsupported in the short to medium term. To ensure the Trust continued to operate effectively and efficiently as a NHS Foundation Trust, the decision was taken to replace its general ledger, accounts receivable and accounts payable applications with an integrated suite of financials.
Chris Noble, Financial Systems and Process Analyst at UHBristol, says, “We knew that there were better systems on the market which could deliver the improved reporting and process efficiencies we were seeking. We needed to select the best of these from a supplier with whom the Trust could confidently move forward.”
UHBristol selected COA Solutions after the company came out on top following a rigorous tendering and evaluation process through the Official Journal of the European Union (OJEU).
Chris comments, “COA Solutions’ offering was the only response received which appeared to offer truly ‘real time’ operations and the level of advanced, yet intuitive and user friendly functionality we required.”
Chris adds, “COA Solutions’ extensive NHS customer base, strong reputation and sound strategic links with other key suppliers, together with our already successful use of its electronic procurement system, gave us real confidence that this was a supplier with whom we could successfully work.”
COA Solutions’ FMS is streamlining UHBristol’s financial reporting. By using the integrated business intelligence solution, SAP BusinessObjects, key financial information can be easily extracted from the FMS and interrogated at will.
Chris comments, “COA Solutions’ FMS is providing us with the opportunity to greatly enhance reporting and forecasting. A comprehensive review of our reporting strategy, to ensure that we grasp the full benefits of the integrated business intelligence solution is in progress. With an in-depth, real time, understanding of our financial position readily to hand, we will be able to respond in a timelier manner to fluctuating external and internal influences, which is key for us as a Foundation Trust in these challenging economic times.”
Using the integrated data capture and document imaging functionality (which incorporates Version One’s technology), over 150,000 purchase invoices received by UHBristol every year will be scanned and the data on the invoices automatically captured and verified before being uploaded to the finance system. All imaged invoices will then be electronically stored and those requiring authorisation automatically routed to the appropriate members of staff for approval, significantly improving purchase-to-pay process efficiency.
Chris adds, “The added document imaging, data capture and workflow functionality will significantly improve the quality of information available to users and invoice processing efficiency, helping us to quickly identify blockages in our purchase-to-pay process and further improve payment performance. Manual data entry and hence data entry errors will also be reduced, as will the need for document storage space.”