5 Benefits of Cloud-Based Accounting Software for Assisted Living Facilities

Data management and storage as it relates to healthcare accounting is among the most important considerations for modern assisted living facilities. Software solutions that seek to solve this problem can be housed locally onsite or it can be managed offsite and in the cloud.

While both options have their merits for assisted living facilities, let’s look at some arguments for going the cloud-based route with accounting and data management software options:

The Software-as-a-Service (SaaS) model has become increasingly prevalent across many industries as it demonstrates many benefits associated with cost. Business process software can be expensive. Consequently, purchasing software outright can result in sticker shock once the upfront hardware costs commonly associated with on-prem systems are considered.

Sage Intacct, a cloud-based accounting solution, alleviates the need for IT infrastructure by operating on a monthly subscription basis where you pay for only what you need. Many facilities find it easier to manage along the software-as-a-service model because of the reduced upfront purchasing costs and removing the hassle of locally host software or data on company servers.

Because Intacct’s cloud-based accounting platform is accessed via the internet, it’s accessible from anywhere with an internet connection. As a result, users can work on the go without being tied to a designated workstation in order to participate in standard workflows. This makes it far easier for teams to collaborate because all authorized personnel have access to the same information in real-time. Any changes and updates to any relevant information can happen much faster, improving overall efficiency.

Just as in the rest of business, if your assisted living facility isn’t growing, it’s dying. Cloud-based software options offer more scalability options than on-premises options because they are more dynamically reconfigurable. Keep up with your needs related to growth by going the cloud-based route and you’ll likely save money versus local hosting.

With Intacct, facility management, shareholders, and organizational stakeholders receive clear and complete financial data in order to make the best possible decisions for their practice. With access to good data, facility leadership can adeptly strategize how to scale operations as the organization grows by tracking performance and improving revenue.

One of the biggest benefits of Sage’s cloud accounting solution is the collaborative, real-time access it grants healthcare facilities and staff. Rather than struggle with locally hosted software that requires manual syncing, cloud-based software offers real-time data access to users irrespective of their location or device used for access. Real-time access to data is particularly important for practitioners in healthcare and assisted living facilities where having up-to-date information can make or break excellent patient care.

One of the major costs associated with on-premises software and data storage is the cost associated with maintaining in-house IT professionals to service locally managed systems.

Cloud-based solutions like Sage Intacct, on the other hand, outsource these IT needs to the software vendor or host. As a result, assisted living facilities that switch to cloud-based accounting reliably see a reduction in costs as associated with IT professionals. Additionally, cloud-based software tends to offer superior security protocols. Because of the sensitivity of medical record information, it is important to implement enterprise-grade, HIPAA security measures.

Sage Intacct cloud-based accounting solution seamlessly integrates into a facility’s business processes as well as the key clinical applications needed to run your practice. By giving you the flexibility to select and deploy only what you need, Sage Intacct delivers a comprehensive, fully integrated solution, which meets the needs of a growing healthcare facility. Contact us to learn more about cloud-based solutions for you assisted living facility.

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