Why Healthcare Organizations Are Streamlining Accounting Practices

Why Healthcare Organizations Are Streamlining Accounting Practices

Healthcare organizations’ main priority is to provide excellent patient care. But because the healthcare industry is undergoing a significant change, medical practices face greater pressure to improve services as well as lowering costs. One way to lower costs is by streamlining financial management and accounting practices.

Now more than ever, healthcare finance professionals need an efficient and secure financial management and accounting solution that optimizes operations and boosts revenue. That’s where a cloud-based financial management solution like Intacct steps in.

Access useful data

In many cases, you already have the data you need to make better business decisions, but it's all hidden under disjointed databases and processes.

Aside from seamlessly integrating healthcare systems, Intacct solves numerous challenges faced by healthcare financial professionals today. It eases the process of consolidating data such as expense allocation reports, tax files, payment approvals, and other information that could help significantly improve vendor management processes. It also lets you identify cost-cutting opportunities, and gather valuable insights that help in decision-making.

Eliminate manual reporting

Determining your company’s overall financial health requires an efficient cash and liquidity management processes. But relying on spreadsheets to manage cash and working capital is tedious, error-prone, and often results in time-consuming multiple data re-entries.

Moreover, there’s greater pressure to increase protection against fraud. According to a recent study, a health insurance company might end up spending at least $50 billion on fraudulent transactions in a single year without the right safeguards.

A cloud-based cash management solution simplifies these processes with automated account reconciliation features that identify bank report errors and detect fraud.

Consolidate multiple entities’ books with ease

Healthcare organizations grow their business by acquiring a new entity, expanding into new locations (domestically or globally), or doing both. Although expansion is an exciting time, there are plenty of accounting and financial management challenges that must be addressed, such as:

  • Consolidating multiple locations’ financials
  • Centralizing payables
  • Ensuring security of data being transferred across all locations
  • Guaranteeing company-wide compliance

These challenges can be solved with an automated accounting solution designed for business with multiple entities. To meet new business requirements, it’s imperative to replace outdated financial systems with one that offers faster month-end closures, seamless multi-currency financials management, and ease in adding new entities in your chart of accounts.

Enhance financial reporting

Managing large volumes of data often poses a huge operational obstacle to many organizations. In fact, one recent study revealed that one of the top challenges of healthcare businesses is inefficiencies resulting from over-reliance on a spreadsheets.

As your business grows, so does the complexity of your financial data. And when you use old methods of financial reporting and obtain reports from disparate systems, you encounter countless issues involving data timeliness, accuracy, and presentability. You need a solution that lets you present data in REAL-TIME!

Intacct’s Reporting and Dashboard lets you run reports that show financial and operational metrics relevant to different business departments such as operations, IT, HR, and marketing. With Intacct’s intuitive systems, you can easily search for missing timesheets, identify outstanding invoices, and gain better insights on your company’s operational and financial gaps -- all in an easy to use platform.

Sage Intacct Cloud Accounting is an intuitive financial reporting system that eliminates the complexities of spreadsheet-based reports. Whiteowl can help set up a solution for your business -- call us today.