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 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.
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.
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.
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 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 an ERP system can help manage your assisted living facility.