For a government grant received by an agency, there are numerous guidelines and criteria to comply with. Failure to comply can prevent grants in subsequent periods from being approved. Grants are paid only when data submitted to the State Registry meets the qualification criteria.
For a community service board or behavioral health center, being paid on time and for the full amount is essential to maintaining patient services. Delays or errors in reporting grant-level data lead to invoicing delays. Data upload and reconciliation are challenging; they involve ensuring the accuracy, consistency, and completeness of large volumes of data from the Health Information System and uploading it to the state system.
This requires expert knowledge to integrate and manage large-volume datasets across diverse platforms. Data uploads must occur at the expected frequency, with regular reconciliation. Backlogs, if not cleared, become unmanageable by month-end.
During COVID and after, staff attrition increased, leading to loss of valuable experience, higher recruitment and training costs, and potential workflow and invoicing disruptions. Despite these challenges, efficient and robust data exchange is required to accelerate invoicing and ensure prompt grant payments.
Years of uploading grant-level data have allowed us to distill key success factors into a proven methodology for accelerating cash through accurate, timely data exchange.
To unlock faster access to cash and strengthen working capital, businesses must focus on key operational and financial levers. Below are six strategic areas where targeted improvements can drive significant results.
For a grant size of 1 million, approximately 30,000+ data elements may be reported monthly. Verify that every element is successfully accepted by the State Registry.
For all element drops, triage the issue and assign a reason for each type of drop. Publish statistics by error type and outline remedial actions for each category.
Invoices can be raised when data flows to the State Registry are stable. Define timeboxes during which data can flow unhindered. Once the timebox closes, Finance can raise invoices accurately and on time.
A successful implementation of a data exchange streamlines data flows, reduces errors, and accelerates invoicing. This leads to faster payment cycles, improved cash flow management, and stronger financial health for the organization.
A robust data exchange not only facilitates efficient Accounts Receivable but also supports innovation and growth in an increasingly data-driven environment.
Daily monitoring of data drops allows trend analysis. Over time, the percentage of drops can be predicted, enabling Accounts to provide reliable revenue forecasts to management.
Data cleansing mechanisms and automation are implemented wherever possible. Users are engaged and trained to handle issues. Efficiencies are maximized across all processes to mitigate potential risks.
Daily resolution of surprises, combined with a knowledge bank built over years, ensures the fastest invoicing cycle. Design, process, and technology work hand in hand to accelerate cash flow for grantee organizations.
