Theft / Embezzlement is currently costing the Healthcare Industry about $25 Billion per year,
according to the Association of Fraud Examiners (ACPE).
Here’s just one example of alleged theft:
The other common path to loss of funds are common every day mistakes. Any transaction that requires the user to perform calculations, such as discounts, taxes, multiple transactions in one sale etc. opens the door for error and loss.
The best way to combat loss (shortage on transactions) is having a good payment management system in use by every employee who handles payments. We created NetTerminal specifically as a Hospital POS; it doesn’t need to track inventory but controls the workflow for payments and creates audit trails that control and report on key financial factors, such as:
- Date/time of every transaction
- Cashier ( Uses their Windows Sign in password)
- Detail of service provided (from a drop down list)
- Amount Paid
- Method of Payment (Cash, check or charge)
- If cash, the correct change, if applicable
- All Voids and Refunds. Ability to do refunds can be controlled by individually designated PC’s.
- Discounts and any applicable sales taxes are calculated automatically
- Manages multiple cash lock bags per terminal, so each cashier for their individual over/short at the end of the day or shift.
- Every Service or item can be specified or input by the cashier
- No completed transaction can be changed or deleted. It can be financially offset by creating another transaction, e.g. void, refund etc. The original AND offsetting transaction will always be part of the audit trail.
This is far from the complete list of every NetTerminal feature; we understand that every facility has different requirements, so we have made it flexible enough to record your transactional behaviors your way. The main and most important feature is control and central reporting of every financial transaction by every employee who handles cash, checks or credit payments.