Personal Healthcare Saves $80,000 and 400 Man-Hours with Cloud Accounting

“Thanks to Sage Intacct, we’ve been able to bring more accounting in-house, and avoided hiring another 1.5 employees that we would’ve needed to keep up with our growth – at a savings of around $80,000 each year. Our staff can take on more new projects and financial analysis that they simply didn’t have the bandwidth for before.”

– Personal Healthcare

 

RESULTS WITH INTACCT

 

 

In Search of Multi-Entity Financial Management to Support Future Growth

Founded in 2008, Personal Healthcare manages senior care facilities that provide skilled nursing and rehabilitative care. In order to maximize operational efficiencies, the company’s business office manages accounting and separate financials for each facility so it can focus on providing the best possible service to its patients. As the organization expanded from one to eight individually owned nursing homes in just five years, it needed to improve its financial processes and visibility.

Previously, Personal Healthcare used outside accountants and an industry-specific software suite to manage its financials, but the software failed to keep up with the company’s rapid growth trajectory. The old software couldn’t support paperless financial processes or provide transparency into revenues, payroll, and expenses across different states, facilities, or departments.

“We chose Sage Intacct over healthcare industry solutions because it was immediately clear that it would be incredibly easy for all of our staff to use, and it allows us to configure the system to our very specific needs,” said Israel Ostrovitsky, controller at Personal Healthcare. “Sage Intacct gives us the flexibility to customize virtually any report and analyze our financial data using key operational metrics like cost per-patient-per-day – a measure that’s extremely important in a business as specialized as senior care.”

 

Flexible Financials Increase Productivity

Personal Healthcare worked with a Sage Intacct partner to transition the company’s general ledger and accounts payables processes onto Sage Intacct’s modern financial management and accounting solution. By moving to the user-friendly Sage Intacct system, the organization shortened its monthly close process from a week to only a day or two, and can now consolidate financials across its eight entities instantaneously. The partner also helped Personal Healthcare seamlessly integrate Sage Intacct with several other healthcare software solutions, including MatrixCare and Reliable Health Systems, which dramatically streamlined several inefficient workflows.

In addition, Personal Healthcare’s purchasing brokers send weekly or monthly reports as Excel or even PDF files with thousands of transactions, which can be easily uploaded directly to Sage Intacct for processing – saving the bookkeeper at least 20 hours of accounts payables data entry every month. And finally, the company imports data from its outside payroll company directly into Sage Intacct, which automatically manages bank reconciliations for salary checks and other payments.

 

Multi-Dimensional Reporting Delivers Greater Insight

The Sage Intacct partner also helped Personal Healthcare build a full range of industry-specific financial reports, eliminating several hours of tedious spreadsheet work for its finance team. The management team uses Sage Intacct’s big picture dashboards and granular reports to track and compare key metrics. With this information, Personal Healthcare can more easily identify areas of opportunity and spot negative trends quickly to take corrective action.

Sage Intacct makes it easy for the company to manage financials for its multiple entities and compare performance across each facility. In addition, the system’s multi-dimensional general ledger enables Personal Healthcare to slice and dice expenses across individual departments and categories. The company can more deeply analyze its costs against target budgets for each area, and gain visibility into things like monthly nursing expenses for different locations or annual spending with a specific maintenance supplies vendor.

Sage Intacct goes beyond financial data to support the company’s operational reporting needs as well, enabling each nursing home to analyze its revenues, expenses, and income on a per-patient-per-day basis. Incorporating the number of residents in each facility at any given time, Personal Healthcare’s regular monthly financial reports now provide profit and loss data for both the current month total and the current month per-patient-per-day, as well as six-month and year-to-date figures for comparisons.

Personal Healthcare also uses Sage Intacct to monitor department, entity and company-wide payroll and budgets, as well as account liabilities and vendor aging reports. “Because of Sage Intacct, we are now a much more agile business – making better, faster decisions about how to improve revenues or minimize expenses,” added Ostrovitsky.

 

7 STEPS TO A FASTER, BETTER CLOSE

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