Each year, more and more people seek healthcare services which means the healthcare industry operates in a state of perpetual growth. In order to remain prepared for industry advancements and ongoing operational scaling, healthcare providers need technology solutions which effectively address these unique challenges.
Many of the software solutions available to healthcare practitioners only add complexity and lack the streamlining capabilities offered by healthcare enterprise resource planning (ERP). Today, healthcare ERP helps more practitioners deliver excellent patient care while maintaining regulatory compliance and planning sustainable, deliberate growth.
Enterprise Resource Planning and Healthcare
Practitioners in healthcare need to stay in front of a number of challenges unique to their industry. As a result, medical practices are starting to invest more into ERP solutions for additional assistance toward business improvements.
Industry operators need to remain in constant compliance with shifting regulatory guidelines while maintaining a laser focus on the importance of offering a high level of patient care. Simultaneously, healthcare is still a business, which means that practitioners need to perform these massive tasks while operating a profitable business which maintains its growth in step with an ever-burgeoning market.
The complexity of healthcare arises from the intersection of regulatory compliance, patient care and management, and organizational resource management. A single patient can strain the processes that deal with insurance payors, appointment scheduling, as well as all of detailed operations across various departments to provide specific patient care requirements. Implementing a medical practice ERP solution helps to streamline all of these processes which bolsters operational efficiency helping to eliminate waste and save money.
Healthcare ERP pulls all of an organization’s processes into a single software solution which grants access and delivers insights through customizable criteria allowing you to track the flow of money and resources through your business as needed.
With the right ERP solution in place, you’ll be able to:
- Effectively manage your financial resources, budget for the future, and readily reorder material and supplies from vendors.
- Manage personnel through HR-specific processes, including document storage and search tools, as well as customizable payroll tools.
- Track and remain compliant with the dynamic landscape of regulatory guidelines with the implementation of dynamic compliance procedures.
- Save money on your day-to-day operations by improving organizational efficiency in regards to data collection, storage, preparation, and transmission.
While ERP solutions are often associated with other markets, the healthcare industry is discovering its utility more and more in our increasingly electronic business environment. Healthcare ERP is particularly valuable for the healthcare industry because of its unique complexities and the shifting landscape of healthcare.
Sage Intacct is the only HIPAA compliant cloud accounting solution. Due to the HIPAA regulations and data privacy, Sage Intacct is among the few technology solutions that support the healthcare industry.
Assisted living facilities have specific accounting requirements due to the unique profitability challenges they face. A deeper level of insight is needed to effectively administer and report on the financial performance of senior living facilities who have incorporated multiple locations and disciplines for growth initiatives and need seamless accounting, clinical and business management solutions.
When off the shelf accounting platforms fall short as standalone solutions, many LTC facilities connect separate systems resulting in tedious workarounds and disconnected data. Today’s assisted living facilities need modern Enterprise Resource Planning (ERP) to realize profitability goals from a unified, industry inspired solution.
Sage Intacct Cloud Accounting Software for Assisted Living
Sage Intacct is the cloud ERP solution that takes the pain out of accounting financial management for assisted and senior living facilities. By replacing out of the box and disconnected accounting systems with a single, more powerful solution like Sage Intacct, senior living facilities discover many efficiency and profitability benefits.
Here are some of the ways Sage Intacct Assisted Living ERP delivers:
Financial tools are ultimately about gaining insight into how well a senior living organization functions in order to give management the ability to make the best possible decisions about current and future business activities. Sage Intacct gives facilities the ability to customize their process tools for different user groups such as leadership, management, and other stakeholder groups. Tools can be organized and presented for these specific groups along specific organizational or operational needs, each with their own options for generated automated reports along identified key performance indicators.
Gaining key organizational insights now takes mere moments by targeting any performance criteria determined to be valuable, giving facilities the ability to make practical changes as needed.
Improved Accounting Practices
There are many operational hurdles facing long-term care facilities, such as how to differentiate their services in a crowded field or how best to deal with constantly shifting regulatory bodies and compliance concerns. Leadership, shareholders, and organizational stakeholders should receive clear, detailed, and complete financial data in order to make the best possible decisions for their business. With access to good data, facility leadership can adeptly strategize how to scale operations as the organization grows by tracking performance, ultimately improving revenues.
Sage Intacct offers a full suite of financial accounting solutions built specifically for the unique needs of managing one or multiple long-term care facilities, and includes hundreds of ready-to-use templates, specialized tools, and reporting options aimed at giving clarity to your operational processes. It is important for organizations in the long-term care industry to be as efficient in their accounting practices as possible so as to improve financial transparency, sharpen the detail of their financial
analytics, and deepen their understanding of their business practices.
Accounting Automation and Improved Reporting
Assisted living facility leadership often contends with not only the complexity of the different departments, processes, and systems, but also managing all of these different concerns across multiple facilities within their network. The sheer volume of information becomes nearly impossible to manage when it is all spread across different systems.
Sage Intacct offers the ability to customize financial reporting to include and exclude any metric, and then automate the generation of reports along standardized criteria. Reports can be made specific to certain operational processes, generalized for high-level organizational views, or focused on any other specific consideration of utility for a facility’s stakeholders.
Document management is one of the most important features of Sage Intacct. The long-term care industry typically generates a tremendous volume of documentation, and managing it can be challenging. You need a system to control and secure the management your physical and electronic documentation. Sage Intacct will help you collect all your documents in a secure centralized location made accessible to all appropriate personnel through a web portal.
Interface with Clinical Processes
A large number of long-term care facilities still use individual systems and processes to collect and store clinical, patient/resident, financial, human resources, and employee data. Sage Intacct offers assisted living facilities the ability to integrate all of their clinical data and information from other third party software systems into a single software solution that is designed specifically for use within the long-term care industry.
Sage Intacct lets facilities easily interface accounting software with other software solutions, set up automation for standard processes, streamline reporting processes, improve data transparency, and reduce operational waste by saving employee time and minimizing system errors.
e2b teknologies has a deep understanding of the unique accounting and financial management needs of assisted living and long-term senior care facilities and offers systems for senior living communities who want seamless accounting, clinical and business management solutions. Contact us to learn more about how ERP systems can move your senior living facility forward.