Many healthcare organizations are expanding into new locations and growing rapidly to meet demand. However, with every expansion comes a new set of challenges and a host of compliance and security issues that need to be met head-on. That’s why the cloud has become one of the most important technology trends of our time -- not just in healthcare, but in organizations of every type and scope.
According to Forbes, 73% of companies are planning to migrate to a fully software-defined cloud computing environment in the next two years. For healthcare providers and organizations that process data on their behalf, the cloud offers many benefits, particularly when it comes to streamlining financial processes. That’s why companies are turning to Sage Intacct, a fully cloud-based financial management system.
Automate Financial Processes
As healthcare organizations grow, so do their need for centralized systems that allow financial teams to work with data gathered from multiple locations. No longer is it possible to rely solely on manual processes for managing finances, particularly when your practice is opening new branches. Laborious processes like month-end closures are facing increasing need for automation to improve efficiency.
Being a cloud-based system, Sage Intacct makes things much easier for healthcare providers serving any number of geographical locations. Instead of having to transfer data between different offices and departments, this centralized method of managing payables helps reduce the need for complicated manual processes without having to enroll new staff.
Make Smarter Decisions
Modern organizations are becoming increasingly reliant on digital data to the extent that storage requirements are rising all the time. What’s more is that the vast amount of data can be extremely useful if it’s analyzed in the right way. However, with data sets growing constantly, a manual approach is no longer practical. That’s why organizations need systems that feature automated reporting and analytics.
Intacct helps healthcare organizations make more sense out of their financial data by providing everything they need to track their financials and operational metrics. This way, you don’t need to wait until the end of the month to make important decisions. With its data visualization tools, Sage Intacct helps reveal the critical insights that you’ve probably been missing up until now.
Improve Disaster Recovery
Back in May, organizations all over the world suffered the biggest ransomware attack of all time. Britain’s state healthcare provider the NHS was one of the victims, but the most sobering revelation of all is that it could have easily been prevented. Aside from making the grave mistake of relying on outdated and, therefore, insecure systems, the NHS also lacked a reliable disaster-recovery plan.
One of the most important benefits of the cloud is that it’s inherently more secure, at least if you opt for a reputable vendor. By migrating your accounting over to a fully cloud-enabled system like Sage Intacct, your data will be stored in multiple physical locations on redundant servers. Also, because everything is accessed online, there’s no need to rely on your in-house computing resources.
Integrate Your Systems
With more businesses migrating to fully cloud-based computing environments, there is no longer any need to implement and maintain many standalone systems to carry out different tasks. Not only does this make life easier for your staff – it also helps you meet compliance regulations, disaster-recovery goals and maintain complete visibility into your data.
Sage Intacct is just one component of a rapidly expanding cloud ecosystem. Offering seamless integration with health record management systems, you can tailor the system to the precise needs of your medical practice. You can further extend your cloud-based infrastructure by adding more integrated modules from the Sage Intacct Marketplace, thereby making your accounting department flawlessly efficient.
Organizations that have yet to implement a cloud-based infrastructure will be missing out on many opportunities to grow, improve efficiency and enhance security. That’s why WhiteOwl is here to help healthcare organizations through strategic planning and process automation. Connect with us today to find out more.