South Tees Hospitals NHS Foundation Trust says it has been able to achieve better reporting and savings since deploying a new asset management accounts system.
South Tees says it has enjoyed more accurate, detailed and automated financial reporting since deploying Real Asset Management’s (RAM) capital accounting technology, leading to "an increase in overall efficiencies and time savings".
South Tees Hospitals NHS Foundation Trust is the largest trust in the Tees Valley in the North-East with a workforce of almost 9,000. The trust’s services are delivered across two acute hospitals with a variety of services also available in community hospitals, resulting in a significant number of assets spread across various sites.
The trust’s objective of improving asset management led it to search for a more comprehensive and multi-functional system.
Sally Leonard, capital accountant at South Tees Hospitals NHS Foundation Trust, said: "One of our acute hospitals, The Friarage Hospital, was already using RAM when we merged with them and they provided positive feedback on the solution.”
South Tees implemented RAM's Asset4000 in 2009. Since then, the system has contributed to improving the accuracy of reporting, automatically calculating depreciation and ensuring the trust complies with official reporting standards, whilst saving time and costs.
Leonard said: "Since implementing Asset4000 we have been able to pull reports from the system as and when we need them and we can automatically upload them into our general ledger, which is based on the Oracle E-Business Suite.
"This enhances the speed and accuracy of our financial reporting and ultimately helps us to comply with the reporting requirements we must adhere to as a trust."