HHS LEVERAGING TECHNOLOGY TO REDUCE COST HHS Overview Mission Statement Our mission is to enhance the health and well-being of Americans by providing for effective health and human services and by fostering sound, sustained advances in the sciences, underlying medicine, public health and social services. Oracle Hyperion Financial Management HHS represents almost a quarter of all federal outlays and it administers grant dollars than all other federal agencies combined. As the Nation’s largest health insurer, HHS’ Medicare programs handles more than one billion claims per year. Medicare and Medicaid, together, provide health care insurance for one in four Americans. Agency Benefits HHS works closely with state and local governments, and many HHS funded services are provided at the local level by state or county agencies, or through private sector grantees. Twelve operating divisions (OPDIVs) administer more than 300 programs, covering a wide spectrum of activities. In addition to the services they deliver, HHS programs provide for equitable treatment of beneficiaries nationwide and enable the collection of national health and other data. Decreased Cost of compliance – Financial Management with a flexible workflow, process control, intercompany balance and transaction eliminations, commentaries and electronic questionnaires help organizations to focus on value added tasks Confidence in the numbers – One integrated solution (FDM+HFM) for all data improving processing time and accuracy with complete audit trails and validation processes Speed and agility – Improved the closing process with Finance owned workspace, a centralized system support to implement and maintain the application to meet changing financial reporting requirements Benefits of the HHS Consolidated Financial Reporting System Cost Benefits Automated preparation of Departmental level consolidated and operating division financial statements. Reduced audit costs – new audit contract costs were reduced due to a decrease in the number of hours needed to audit financial statements and notes Eliminated the Material Weakness in financial reporting in the Audit Report Reduced staff hours during critical processing periods Reduced manual process for compiling operating division activity Provide extensive capabilities for research and analysis to support financial management and the audit Support intra-agency parent-child accounting Data is used to support other managerial reporting requirements Allows for additional audit reviews of balances at a detailed level Leveraged the system to support new Treasury GTAS requirements