Accounting could not be more important in an industry like healthcare where costs and revenues are both substantial and the payment process can be extremely complicated. Effective financial management keeps a healthcare provider – from a small office to a major hospital network – solvent, stable, and scalable in the midst of unpredictable economic conditions (like a sudden global pandemic). Conversely, poor accounting can sink an otherwise promising provider at worst or cause daily hassles and setbacks at best.
One thing that distinguishes exceptional healthcare accounting teams from the rest is the software they utilize. As the toolkit for all aspects of financial management and planning along with the repository of all financial data, accounting software determines how productive, efficient, and intelligent the team is. The right software is a huge asset. To the same degree, however, the wrong software is a liability and limitation.
That makes it critical for healthcare accounting teams to be always evaluating whether their software is serving their needs and upgrading as soon as necessary. When that time comes, however, there are an overwhelming number of vendors, products, and features to consider, all claiming to be the best choice available. How do you find the right option? By selecting healthcare accounting software that can do this:
Create a Single Source of Truth
Having all financial data (plus operational data) together in one location makes it simple for anyone to search for and find exactly what they need. Breaking down data silos and integrating information improves communication, collaboration, and coordination throughout accounting and across departments. It also eliminates inestimable amounts of waste, redundancy, and errors. Any worthwhile accounting software will do everything in one place (no Excel necessary).
For healthcare provider to navigate the challenges and complexities of this industry while seizing on the many opportunities it has to offer, accounting teams need to be efficient, error-free, and exceptional at the basics. More than that, they need to digitize work they used to do on paper, automate work they used to do manually, and focus all that newfound time on long-range, high-value activities instead. New accounting software should streamline operations in meaningful and measurable ways.
Reduce Overall Costs
Accounting gets expensive once all the costs – labor, technology, services, office space etc – add up. And then there’s the cost of accounting mistakes of noncompliance, which also gets expensive fast. Even though new accounting software represents a new and probably larger cost, it should provide cost savings and other returns that far exceed the investment.
Improve Planning & Forecasting
Both competitive and constantly changing, the healthcare industry requires agility and adaptation, now moresoe than ever. Planning and forecasting are instrumental to that effort: the farther you can see and the more detail you can discern, the better you can plan/prepare for what’s coming. Great healthcare accounting software will make planning and forecasting more sophisticated and accurate, but it will also make it more intuitive and accessible so that it happens more often among more stakeholders.
Scale With Growth
When the accounting software can’t keep up with the volume, speed, or sophistication of the work required, things go downhill fast. Select software that can fully meet present requirements and scale to meet future requirements as quickly or extensively as necessary. Cloud accounting software is a huge help in this regard since it can scale easily and according to a predictable cost structure.
RSM – A Partner to Healthcare Accounting Teams
Selecting the right software is just the first hurdle. Next comes the implementation, where a lot can go right or wrong, followed by continuing service and support. Having one partner for every phase streamlines the upgrade process and ensures the best possible outcome, so pick a partner with equal expertise across accounting, technology, and healthcare. Pick RSM.