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DanmarkConsolidated reporting provides real-time access to key care statistics, such as occupancy of beds, individual sites analysis, and much more. But how can care groups access real-time data? We explore the benefits of unlocking real-time insights for care home organisations.
Care Homes in the UK juggle multiple funding streams, with income coming from local authorities, private donors, fundraising events, and government funding. Each fund has distinct spending terms, which is where the difficulty begins.
In 2024, A DHSC study showed that only 63% of care home providers registered with the Care Quality Commission (CQC) have adopted some form of digital care record system. This is a positive figure; however, adopting a system doesn’t guarantee that organisations are using the system to its full capacity.
The Health Foundation stated that, “Digitisation should enable transformation. Too often, however, technology is simply ‘bolted on’ to existing processes and pathways rather than used to improve them.” [1]
Bolted-on technology cannot support the level of financial visibility that care homes need to operate. And, without financial visibility, finance staff cannot identify and allocate funds, care homes are forced to close, and resident and staff well-being suffers.
We discuss how consolidated reporting can transform care homes’ financial data and ensure they have complete oversight of key statistics, such as occupancy of beds.
Contact Xledger to book your free demo or click here to learn how our accounting software for Care Homes can benefit your financial management.
What is consolidated reporting?
Consolidated reporting combines the financial data of a group company and its entities into a single report. It’s essential reporting for multi-entity organisations as it provides a comprehensive view of the company’s financial health.
The outcome of consolidated reporting often leads to:
- Informed decision-making across the group
- Better risk management
- Compliant reporting and auditing packages
What is holding care home organisations back?
As a care group grows in complexity, so do its consolidation and reporting needs. Each location may have its bookkeepers who perform finance tasks and balance accounts, but without robust reporting tools, the group can struggle to consolidate data across all locations, individually and as a whole.
As the years pass, and each location becomes more entrenched in its unique income streams, invoicing, and care management workflows, it becomes increasingly difficult to access central, unified data at the group level.
Eventually, the group becomes highly complex, consisting of several entities, but without a unified finance system that provides access to consolidated reports about each entity and the group as a whole. At this point, the group is often inundated with the following headaches:
- Inaccurate, outdated, and duplicated data
- Various disconnected on-premise systems that are spread across locations
- Offline spreadsheets that limit visibility and slow data reconciliation
- Lengthy closing periods that end with inaccurate, outdated reports
- Lack of cost control and financial oversight of the whole group and of single entities
- Inability to gain group funding as a result of uninformed financial decision-making
It’s no surprise that with such obstacles, Care Home found that 39% of organisations in the private adult care sector closed in 2024, only a 1% decrease from 2023. [2] Despite more care home organisations adopting digital recording, these figures show care home organisations are not optimising their digital recording systems to provide real-time oversight into costs, budgets, and financial risk.
Why do care home organisations thrive with consolidated data?
For multi-location care homes, consolidated reporting is crucial to providing quality resident care, the ultimate mission for any care home group.
With complete visibility, the organisation’s back-office finance function can allocate the correct restricted funds to the appropriate entity, supporting them in their care mission across their community.
How does Xledger provide consolidated reporting to care home organisations?
Xledger ensures care home organisations have access to flexible reporting tools, allowing for income and expenditure analysis of residents, occupancy of beds, and care services across individual sites and the group.
Leveraging Xledger’s unique hierarchical structure, care home organisations can:
- Access and analyse real-time group performance dashboards
- Ensure budget holders have complete oversight and control
- Reduce the inaccuracies of Excel-based reporting
- Consolidate across multiple levels in the group structure
- Trust the numbers are correct with one single source of truth
Providing a depth of insight into organisational performance with a simplified and user-friendly view, to help you empower your team to offer high-quality resident care.
With a depth of insight into organisational performance, Xledger ensures group leaders can access unified data across all homes with enhanced clarity, cash visibility, and control.
If your complex, multi-site care home organisation could benefit from Xledger’s group reporting software, get in touch with our dedicated team today.
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