Finance
Empowering Financial Teams: Cost Savings and Data Intelligence with 314e’s Muspell Archive
For healthcare finance teams, efficient data management is crucial for cost control, regulatory compliance, and strategic planning. 314e, a Healthcare IT company founded in 2004 with an exclusive focus on the healthcare sector, introduces Muspell Archive – a cutting-edge, FHIR-native data archival solution designed to streamline financial operations and unlock the value of your legacy data.
The Financial Imperative for Strategic Data Archival
Managing a multitude of outdated legacy systems for historical financial records incurs significant costs and operational headaches. Muspell Archive provides an affordable, secure, and compliant solution to retire these systems, transforming your approach to financial data management.
Muspell Archive: Your Financial Data Command Center
Muspell Archive effectively ingests and archives a comprehensive range of non-clinical and financial data:
- Financial Data: Manages accounting, receivables, and financial data seamlessly. This includes patient-related financial data such as claims, remittances, and invoices.
- ERP Data Archival: Ingests relational tables from various Enterprise Resource Planning (ERP) systems like MEDITECH, Lawson, Oracle, and SAP ‘as-is’ into a modern data lake, eliminating the need for unnecessary transformation or data modeling.
- Human Resources & Supply Chain: Archives data from critical operational areas such as Human Resources, General Ledger, and Supply Chain systems.
Realizing Tangible Financial Benefits
By partnering with 314e for data archival, finance teams can achieve significant cost savings and operational efficiencies:
- Decommission Faster and Cut Costs Sooner: Muspell Archive’s secured archival process allows organizations to retire outdated hardware with confidence. This eliminates expensive maintenance and licensing contracts associated with legacy systems, leading to reduced costs sooner.
- Avoid Hidden Costs: Traditional approaches often separate archival and data conversion, leading to delays and additional expenses. 314e streamlines both processes into a single, unified workflow, ensuring one partner, one contract, and zero inefficiencies, thus avoiding hidden costs.
- Increased Staff Efficiency: By providing accessible legacy data, finance and other administrative staff can boost their productivity by spending less time searching for information.
- Cost-efficient Deployment: Muspell HDP, which complements archival, ensures lower ongoing costs and maintenance through pre-built connectors, templates, automated updates, and minimal infrastructure requirements. Tufts Medicine, for instance, reported cost savings of more than $1.2 million and the elimination of over 60 legacy systems through 314e’s work.
Empowering Financial Insights and Reporting
Muspell Archive and 314e’s broader data capabilities provide finance teams with powerful tools for analysis:
- Web-Based SQL Interface: Analysts can explore and query archived non-clinical data using an easy-to-use web-based SQL interface, without requiring specialized engineering dependencies.
- Customizable Web-Based Reports: 314e can develop customizable web-based reports and interactive dashboards for HR, Finance, and General Ledger teams using tools like Apache Superset, or integrate with existing enterprise BI platforms such as Tableau and Power BI.
- FHIR-Native Data Platform (Muspell HDP): For advanced analytics, Muspell HDP harmonizes disparate clinical and financial data into a unified, standards-based format, offering out-of-the-box healthcare analytics, including curated reference datasets like Hospital Price Transparency.
- Audit Trails for Accountability: Detailed audit logs provide transparency into who accessed what data and when, including financial sections, which is crucial for internal controls and accountability.
Ironclad Security & Compliance for Financial Records
Protecting sensitive financial data is paramount. Muspell Archive integrates robust security features and adheres to stringent compliance standards:
- SOC 2 Type II Certified: 314e is a SOC 2 Type II certified company, demonstrating a strong commitment to managing customer data securely. Annual external audits verify these controls, and all 314e data centers are located in the United States.
- HIPAA & 21st Century Cures Act Compliant: The solution is fully compliant with HIPAA for secure data storage and access, and aligns with the ONC’s 21st Century Cures Act, promoting data transparency and patient access to health information.
- Granular Role-Based Access Control (RBAC): Access permissions are tailored at both user and service area levels, ensuring that only authorized finance personnel can access specific financial data.
- Comprehensive Audit Trails: Detailed user-level audit logging, including filters by username, patient name, source system, and duration, provides transparency and accountability for all data interactions.
- Patient Data Purge with Certification of Destruction: Muspell Archive offers flexible options for purging patient data, including financial records, to comply with state laws. A certification of destruction can be generated on demand, detailing the date, time, user, and reason for record deletion, providing undeniable proof of compliance.
Why Choose 314e?
Contact 314e Today!
Unlock greater financial efficiency, reduce operational costs, and gain deeper insights from your legacy data with 314e’s Muspell Archive. To learn more or book a demo, visit www.314e.com or reach out to us at info@314e.com or +1-510-371-6736.
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