Logibec FMS - Financial Management System

Supporting administrative staff in managing healthcare facilities and ensuring their financial performance

Developed in close collaboration with hospitals, the Logibec FMS - Financial Management System is a complete administrative solution that adapts to the structure of each healthcare facility. It is an integral part of the Logibec Espresso software suite, and an integrated set of modules that drive information usage and exchange. This facilitates the automation of several financial workflows like accounting, budget management, accounts receivable and accounts payable management, and much more.

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93 %

Percentage of healthcare institutions in Québec that trust Logibec FMS.*

23,2 G$ 

Amounts processed by healthcare institutions using Logibec FMS.*

60 % 

Average ratio of receipts processed electronically, without human intervention.*

* Average rate of health establishments using the FMS solution and the Espresso suite.

Get quality financial data in real time

Logibec FMS provides healthcare facility managers with up-to-date information based on quality real-time financial performance data. This valuable information helps managers maximize the effectiveness of existing processes and provides support for financial decisions. 

Prioritize financial tasks that add value to patient services

Logibec FMS adds incalculable value to the daily lives of healthcare workers by automating interfaces and workflows. It easily captures financial transactions and ledger statistics, processes and pays invoices electronically, uses character recognition while scanning documents, and much more!

This allows administrative staff to maximize time spent on more valuable operational activities and focus on financial tasks aimed at optimizing patient care pathways.

Ensure compliance with complex legal requirements

Logibec FMS is built to accommodate the most complex requirements stemming from laws, claims, specific issues, etc.. It guides healthcare institutions through financial processes such as for collections, payments, and administrative follow-ups that must be carried out in greater depth.

Rely on real time updates for meticulous financial audits

With automatic updates compliant with the latest tax regulations, Logibec FMS minimizes the effort associated with changes in provincial taxes and charters. Healthcare organisations are therefore assured of generating accurate entries (interfund and reversals) that conform to current administrative and tax laws.

Access cutting-edge management reports and analytical tools

With its cross-referenced real-time data warehouse and analytical dashboards, Logibec FMS provides authorized managers and stakeholders with access to high-performance management reports, as well as multiple budget scenarios and the support they need to make strategic financial decisions.

Simplify data mining

With powerful and flexible access control, Logibec FMS simplifies administrative work by allowing staff to quickly and intuitively review financial results, to mine statistical and financial data directly, as well as to access budgets and detailed transaction entry screens.

General Ledger Management

Assists in the production and daily management of financial statements (LPRG, related party transactions, etc.) and automates bank reconciliations. 

Incorporates the administrative structure of the healthcare facility and adapts to various charts of accounts to ensure the accurate and compliant entry of financial and statistical transactions in the general ledgers. 

Managed access features to direct statistical and financial data mining, budgets and detailed transactions are included for optimal financial control.

Budget Preparation and Tracking

Facilitates budget preparation and monitoring, including salaries, revenues and other expenses, while integrating actual general ledger data.  

Provides access to features such as management reports and trend projections of the institution's financial performance. 

Makes financial reports available on screen, on paper, via email and in Excel, PDF and HTML formats. Allows for the creation of unlimited scenarios for budget analyses and makes it possible to define secondary scenarios for budget decentralization and attendance-based budgeting required, for added flexibility. Versatile control settings ensure the secure management of user profiles and the financial performance of the institution. 

Controls software usage parameters according to the mode of operations and confidentiality of the data specific to each institution.

Accounts Receivable Management

Controls invoicing and revenue receipts from users, government agencies, insurance companies, and any organization or individual, in accordance with the most recent legislative requirements. 

Generates all invoices for long-term and acute care, outpatient clinics, RAMQ, CSST, SAAQ claims, etc. 

Supports the institution in managing receipts, pre-authorized withdrawals and bad debts, printing receipts and deposit slips, managing refunds (including printing refund cheques), and more.

Accounts Payable Management

Automates invoice, rebate (taxes, federal and provincial self-assessments, related parties, etc.) and payment processing, in Canadian and foreign currencies. 

Issues payments through electronic funds transfer and electronic cheque deposits via an interface connected to financial institutions. 

Enforces of tax compensation laws. Prints cheques with electronic signatures and MICR ink. Makes it possible to change signatories according to organizational changes in your institution.

EDM – Financial and Material Management (FMS and MMS)

Integrates with Logibec FMS and MMS (Material Management System) 

Digitizes payable invoices using a character recognition and invoice processing automation system (PDF or paper) integrated into the same electronic processing and approval workflow as the EDI (Electronic Document Interchange). 

Features a digital invoice approval process and continuous monitoring, without purchase orders. 

Provides simplified access to digitized Accounts Payable documents to maximize discounts and reduce costs.

Fixed Asset Management and Centralisation of Registers

Integrates with Logibec FMS and MMS. Simplifies and centralizes management of the fixed asset register to standardize new item creation, work in progress monitoring, and depreciation and disposal calculations. 

Facilitates the production of financial reports and can drill down to source transactions. 

Developed upstream with the Project Management module to optimize the management of fixed asset projects.

Project Management

Integrates with both FMS and MMS.  

Allows stakeholders to plan and monitor the financial aspect of projects, regardless of their nature (fixed assets or other) over several fiscal years. 

Simplifies requests to backers to maximise cash inflow. 

Instantly monitors the progress of ongoing projects in various forms (includes one dashboard per project). 

Makes data available in real time to facilitate mining to source transactions. 

Provides centralized and refined management of the budget, commitments and financial implementation of projects. 

    In general, accounting staff is satisfied with the various aspects of the Logibec Espresso FMS suite. Those who use it most say that they have access to more information than with our previous solution.

     

    - Zilda Heusinkveld d’Avamere, Auditor 

More about Logibec

Logibec announces the acquisition of Knowlegde4You Corporation

Dec 16, 2019, 16:11 PM by Emilyse Roy

Logibec Inc. (Logibec) today announced the acquisition of Knowledge4You Corporation, a Markham, Ontario-based company. This transaction will bring e-learning and medical education offerings to Logibec’s broad suite of clinical, financial and administrative healthcare market solutions.

With increased requirements in healthcare for workplace performance and skills development, “competency-based educational tools are in demand,” said Logibec CEO, Marc Brunet. “This milestone will allow us to expand our offerings into medical schools as well as provide our core hospital and health system customers with innovative cloud-based solutions that address the growing needs of their learners and staff”, he added.

 

Contribute to the development of students in the health sector

Currently used by Canada’s leading hospitals and universities to manage medical and nursing educational programs, the Knowledge4You software platform – MedSIS 3C – helps education administrators at every step of the learner life cycle and delivers tangible benefits along the way.

“This is the beginning of an exciting chapter for Knowledge4You clients that will build upon the strong relationships we’ve developed over the last 20 years,” said Giovanni Salas, co-founder of Knowledge4You and new general manager of the business unit. “Our customers will continue to receive personal attention and will benefit from enhanced resources. These resources will also help us further develop our leading educational software services to meet or customers evolving needs.”

Being one of the largest healthcare education software companies in Canada, Knowledge4You joins with Logibec that develops, since almost 40 years, high-performance solutions that enable care providers to optimize their processes and thereby offer better quality care to patients.

The Knowledge4You team will continue as a distinct brand within Logibec, and will remain at its headquarters in Markham, Ontario. Integration of Knowledge4You and its products will begin immediately, enabling customers of both companies to leverage the synergies from this acquisition.

 

About Logibec

For more than 37 years, Logibec, a portfolio company of GI Partners, has been offering innovative solutions paired with expert clinical and financial performance analysis that optimizes processes in the healthcare industry. Its software systems and consulting services are aligned with the current and future needs of healthcare facilities. 

 

About Knowledge4You

Since 1999, Knowledge4You has been a Health Science Education Solution provider. Their products were designed in collaboration with faculty and administrators from health science schools with the goal to streamline the management and administration of education. In addition, the products improve compliance with school, faculty, and government policies and regulations.

Intelligence & Analytics

Have access to predictive scenarios and strategic recommendations based on your healthcare facility’s Big Data to support your daily decisions and drive the achievement of your operational objectives related to patient services quality and efficiency.

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Continuum Health

Optimize the patient journey at every stage of the care trajectory with in-depth analytical reports and real-time visual representations of objective achievement through performance indicators presented in a single, user-friendly interface.

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