The following describes the scope of services provided by the Financial Services department:
- Finance: The finance Department is comprised of the Accounting Department, Accounts Payable, Payroll, Cashiers, Treasury/Insurance, Patient Accounting and Faculty Practice. The scope of the operations includes Wyckoff Heights Medical Center and its related entities.
- Financial Planning Department: Financial Planning includes the functions of Reimbursement, Decision Support, Budgeting, Benchmarking, Business Plan Evaluation and Managed Care Contracting. The Department negotiates arrangements with managed care providers as well as evaluates the impact of Federal and State Budget Proposals on the Hospital. In addition, the Department maintains the necessary systems, and provides administration and department managers with cost accounting and budgeting services throughout the year. The Department also conducts operational and financial audits, and reports recommendations to Administration.
- Audit: The Finance Services Department coordinates the annual audit with the Hospital’s independent outside auditing firm. The results of the audit are reported to the Hospital’s Audit Committee. In addition, Finance performs ongoing internal control and operational audits.
- Accounting Department: Oversees the accounting function for Wyckoff Heights Medical Center, and related entities, maintains all financial books and records, accounting computer systems, and reports the financial results monthly to Administration and Department Managers. Monitors the disbursement and collection of funds throughout the organization, and funds due to/from affiliated institutions.
- Accounts Payable: Responsible for detailed invoice-to-purchase order matching to ensure that goods ordered were actually received, and the appropriate approvals are obtained prior to payment. Generates all payments and maintains all invoice records.
- Payroll: Coordinates the payroll for Wyckoff Heights Medical Center, maintaining the payroll system and payroll historical archives. Responsible for all time clock maintenance and paycheck distribution throughout the organization.
- Cashiers: Provides Wyckoff Heights Medical Center with cash receipt controls, and the distribution of petty cash.
- Treasury/Insurance: Provides the Medical Center with asset management services including bank account controls, investments, evaluations of leases, etc; and also responsible for the review and acquisition of all insurance.
- Patient Accounting: Responsible for the maintenance of the patient accounting system and the accurate billing to third parties for patient services for both inpatient and outpatient services. Maintains all records relating to the patient billing function. Provides patient representatives for billing inquiries.
- Faculty Practice: Responsible for third party billing and follow-up of “Part B” Physician’s billing for both inpatient and outpatient services and maintenance of all records relating to the patient billing functions. Also business management of Wyckoff’s Professional Corporations.