Healthcare facilities often struggle to find growth opportunities while providing exceptional patient care and adhering to regulatory bodies along the way. Many healthcare organizations are feeling the growing pains against a continuous backdrop of regulatory changes. New regulations have hospitals taking on the challenge of bringing down operating costs while improving the quality care and services offered.
In the hospital environment, healthcare enterprise resource planning (ERP) is becoming increasingly common for its capabilities in managing all of these aspects of healthcare management.
Sage Intacct is the only HIPAA compliant cloud accounting solution that combines medical practice ERP operational benefits with powerful accounting capabilities. Here are more ways Intacct helps healthcare finance professionals maintain excellence within their facility:
Data Integration
Sage Intacct integrates disparate data from multiple systems into a single unified and cloud-based accounting platform to make healthcare accounting processes considerably easier. Intacct also eliminates painful spreadsheet-based financial consolidation processes and accelerates monthly closes. The ability to automate the flow of financial information within the organization and auto-generate reports improves the overall experience of financial management within the hospital, which inevitably frees up finances to focus on other elements of the hospital’s operations that are more crucial to its mission of providing excellent healthcare to patients.
Operational Efficiency
The adoption of new technologies creates many opportunities for hospitals to improve care, but it also creates new headaches for the accounting department. With new technologies come new expectations. Different departments need varying reports, but generating these without the right software solution is time-consuming and often frustrating. Ensuring compliance with regulatory bodies while efficiently delivering financials requires the right software solution to face those challenges.
Access to real-time, cloud-based financial data helps executives to uncover much more than the immediate solvency of the hospital, and Intacct can be used to root out operational inefficiencies, too. By tracking the flow of money through the organization in a way that is broken down department-by-department and process-by-process, accounting professionals can quickly and accurately determine where waste most often occurs. Eliminating this waste frees up funds to be used toward furthering the mission of providing excellent care.
Business Intelligence
Practitioners gain new insight into the financial and operational performance of their growing healthcare organization. Predictive analytics feed into the hospital’s overall business intelligence and bolsters the strength of leadership decision-making capabilities.
Sage Intacct does more than provide hospital staff with a wealth of relevant data, it helps illustrate the relationship between data points within the set and even between data sets. With these relationships clarified, the executive level of the hospital will be better positioned to guide the hospital through the ever-changing healthcare industry landscape.
Compliance
Compliance with all federal and state laws requires that a healthcare organization have ready access to high-quality data. By collecting and storing data from all departments and processes under the same system, Intacct interfaces with accounting processes to offer the best possible data to understand the business. Knowing that the data is sound, financial professionals are able to safely and confidently trust that their compliance practices align with all regulations, ensuring the hospital’s future.
Sage Intacct improves medical accounting
Finance professionals in the healthcare industry rely upon Sage Intacct and the benefits it provides them. From general ledger and accounts receivable to cash management and reporting, Sage Intacct’s medical accounting software provides all of the management, support, and security a healthcare organization needs as it continues to grow.
