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Thursday, March 02, 2006

Medicare's new accounting system is good for the bottom line

"Cash flow improvements generate more than $1 million per month, officials report

Cash flow improvements from a new financial management system at the Centers for Medicare and Medicaid Services have generated $9 million in interest for the Medicare trust fund in just seven months of partial operation.

CMS officials said the system has other benefits as well, including more accurate reimbursements and faster reporting to agency officials. Although CMS is not yet claiming that the system has speeded payments to health care providers, agency Administrator Mark McClellan said that that might occur in the future.

The new system, known as the Healthcare Integrated General Ledger Accounting System or HIGLAS, is based on Oracle Federal Financials, a commercial product. It is part of the Unified Financial Management System being installed in Health and Human Services Department agencies."

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