In fiscal year 2018 alone, the Prevention and Public Health Fund allocated more than $586 million of its $800 million budget to state and municipality healthcare systems. That fund is not the only way healthcare systems are receiving important grant dollars.
Transparency leads to accuracy. This is especially important when only a few people are actively working with the grants. When the grant management process is more transparent, there is more oversight and, in turn, less mismanagement.
As Michael Wood, former Executive Director of the Recovery Accountability and Transparency Board, stated, most of maintaining accurate reports is making sure your books and accounts are in order.
Therefore, maintaining proper progress reports for now and the future is all about having a strong understanding of your reporting standards and building your record-keeping processes around those.
Acquire a centralized hub for your grants. Your organization should have one organized location for all grant, sub-recipient, and community partner information.
This is especially helpful for dispersed healthcare systems. Instead of using disparate systems, consolidate your information in one system to keep everyone from your team to your sub-recipients on the same page.
Since healthcare systems have a lot of variables to manage, it’s imperative they devise a grant management process that they can customize, whether through tools or otherwise.
By customizing tracking and reporting through specific field types, it’s easier to provide each funder the information and data they need.
According to feedback from users of grant management software, administration time can drop by 72 percent following the adoption of grant management software.
By automating and bringing efficiency to many of the administrative elements of grant management, healthcare researchers can spend their time conducting important research initiatives.
Specifically, healthcare systems who have procured grant management software have seen an improvement in the following grant management practices:
Everything from the number and types of grants you manage to the tools you are currently utilizing will influence if software is right for your organization. Fill out our grant management software readiness to see if evaluating software options is the right next step for improving grant management.