In the health care industry, one thing you can count on is change. As you keep up with the latest developments in everything from medical devices to patient experience, you need an accounting system that can support the unique challenges of your health care business or nonprofit. Sage Intacct, a cloud-based accounting solution, can help your organization flourish in the face of constant change.
Sage Intacct is flexible and can be customized to fit your health care business needs, whether you’re running a single office or a multi-location system. Using Sage Intacct can help your organization improve everything from its financial health and data security to employee productivity and patient care.
Here are 8 benefits Sage Intacct can offer your health care business:
- Security safeguards that are HIPPA-compliant. When you use Sage Intacct, you can always be assured of protecting patient privacy, whether you’re working in accounts payable and receivable or adding lines to the general ledger. Sage Intacct is the only cloud financials vendor that will sign a Business Associate Agreement with eligible companies in the health care industry.
- Streamlined automated processes. Your company can stop relying on time-consuming manual data entry, allowing time to focus on big-picture growth.
- Faster month-end close times. For example, one health care company cut its close time from one week to one day.
- Ease of tracking industry-specific key performance indicators (KPIs). You can look at costs by payer, treatment charges and insurance processing time, for instance. Monitoring these KPIs can help your organization spot inconsistencies and deal with them promptly, which can lead to more effective budget planning. You’ll also gain insight into potential cost-cutting measures.
- Effortless data integration from third-party systems, such as medical billing, accounts payable, payroll and requisition and procurement.
- Accessing up-to-date information on demand. Because Sage Intacct is cloud-based, you can see data at any time from any location. You don’t have to wait for reports to be produced at the end of the month or quarter. Instead, you can see them whenever you want.
- Custom reporting capabilities. Take a look at broad views or detailed drill-downs with dashboards that show only the metrics you want to see. When management or board members ask specific questions, you can quickly find answers, producing easy-to-understand reports illustrated with bar graphs, pie charts, and other graphic elements.
- Sharing information between multiple entities. Businesses that extend their operation over many locations can consolidate payables and processes to improve employee efficiency without adding extra staff. You can also compare performances by location and see exactly why one may not be operating as effectively as the others.
Want to find out more about Sage Intacct can help your health care business thrive? Schedule a call with one of the experts at RSM today.