RSMUS.comProducing accurate, detailed financial reports may be the single most important capability for today’s healthcare organizations—no matter their size or specialty—to excel at.
Why? Because economic uncertainty is high throughout healthcare. Everything from the pandemic to staffing shortages to supply chain delays has decision-makers wondering if their financial position is strong enough to sustain the organization. And if so, for how long? Financial reporting answers those questions. Just as importantly, it points leaders toward smarter, safer, and more strategic decisions. Without great reporting, financial mistakes and accounting issues can sink a provider.
But the opposite is also true: strong financial management has been correlated with better patient outcomes. That’s logical when you consider that providers that handle money better probably do the same with patient care. It’s also logical that superior financial management involves superior financial reporting—it requires it, in fact.
How healthcare providers streamline their reporting
Healthcare providers reap incredible rewards when they streamline the reporting process. But for many, the financial management software currently in place only makes reporting more complicated, time-consuming, and underwhelming. The tools are the problem.
Sage Intacct doesn’t have that problem. Among the many impressive features included in this financial management platform are financial reporting and tracking tools that raise the bar for what’s possible. Healthcare organizations learn more about their present (and future) financial position while investing less time, money, staff, and energy into preparing reports. Here’s what Sage Intacct does better:
Built-In HIPAA Compliance
Sage Intacct includes an Advanced Audit Trail feature built specifically for healthcare organizations that apply all relevant HIPAA controls to the financial data in the system. Automatic compliance eliminates the risk of non-compliance and the work it takes to stay within regulatory requirements—time that can go to preparing, distributing, and analyzing reports, instead.
Comprehensive Reporting Capabilities
Users can report on financial and statistical data (or both) in Sage Intacct, bringing the whole organization into focus. Reporting doesn’t require expertise or IT assistance, either, thanks to an intuitive Report Writer tool that empowers anyone to build DIY reports with whatever design, depth and detail they want. Every question has an answer in the form of a report.
Real-Time Dashboard Monitoring
Dashboards integrate KPIs, charts, graphs and more into a single view to keep decision-makers focused on the performance indicators that matter most. With Sage Intacct, dashboards are easy to create and customize. They also update in real-time so that users always have the latest numbers in front of them when deciding what to do. Financial tracking essentially runs on autopilot.
Simple and Scalable Consolidations
As healthcare organizations grow, consolidations become more time-consuming and more complex, raising the risk that reports will be delayed or inaccurate. Sage Intacct allows accountants to consolidate all entities (or customized groups of entities) almost automatically. Financial data is always ready to be reported on. Just as important, getting it to that state takes little to no effort at all.
Synchronized Data from External Systems
Sage Intacct integrates with a long list of other software through API, creating a deep link between finance, accounting, and the rest of the organization while serving as a central hub to assess organizational performance. Reporting improves immensely since users can bring data from external systems into reports or else compare reports against that data. Data silos and splintered perspectives are not issues any longer.
Sage Intacct solves what made healthcare financial reporting such a chore in the past and introduces exciting new ways of tracking and utilizing data. The benefits compound from there as decision-makers see more, choose wiser, and learn to build on their success. Upgrading reporting and dashboards leads to so much more—and it starts by switching to Sage Intacct.
See how reporting works in Sage Intacct by scheduling a demo with RSM.
