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A Key Strategy to Driving Operational and Financial Success in Healthcare Practices in 2019

01/03/2019

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Healthcare leaders are faced with a multitude of complex strategic issues from rising operational costs, lower patient volumes, the uncertainty of reimbursement, understanding federal compliance policies, and managing financial challenges.

In August of 2018, Morgan Stanley analysts reported that 8 percent of the nearly 6,000 U.S. private and public hospitals are at risk of closing, with another 10 percent considered in weak financial standing based on capital expenditures and efficiency. It’s no wonder financial management ranks amongst the highest concern for running a group practice.

One way that healthcare organizations can help overcome these financial management challenges, while driving efficiency and transparency, is by implementing cloud-based software solutions that can help their organizations:

  • Streamline healthcare operations
  • Improve operational efficiency and agility
  • Gain visibility into operations

Streamlining healthcare operations

Many healthcare organizations are growing rapidly, against a backdrop of exceptional regulatory changes. As organizations try to achieve scale, it’s challenging to monitor performance and keep financial processes running smoothly—especially across multiple locations. Sage Intacct healthcare accounting software enables you to automate for greater efficiency, plus provides the visibility you need to make operational improvements.

Automating financials

Many industry specific software solutions struggle to keep up with rapid growth, lack support for paperless financial processes, and fail to provide transparency into revenues, payroll, and expenses across different states, facilities or departments. With Sage Intacct, healthcare entities can automate key finance and accounting processes, including procure-to-pay and the monthly close. Multi-location organizations can centralize payables and eliminate manual processes for payments and intercompany accounting. Sage Intacct helps healthcare organizations save time, improve accuracy, and accommodate further growth without adding staff.

Respond with speed and agility

Help your whole team keep up the pace. With the ability to create consolidated financial statements or summary rollup reports at any time, not just month-end, healthcare organizations can quickly adjust strategies and operations to respond to performance trends. And with browser-based access, remote managers can access approvals and conduct transactions anywhere, anytime.

Gain visibility into operations

Get the visibility you need to make better decisions and improve operational and financial performance. Sage Intacct healthcare financial management software allows organizations to track financials as well as operational metrics and ratios, like available capacity and revenue per treatment. Customer dashboards can be created to provide quick and easy access to compare financial performance and ratios across locations and share best practices to improve performance.

Safeguard Protected Health Information

Healthcare customers can confidently leverage Sage Intacct’s financial solutions knowing that proper tools, security, and agreements are in place to support HIPAA compliance. Build in advanced audit trail enables customers to monitor and audit PHI access in support of HIPAA requirements. In fact, Sage Intacct has been certified as HIPAA and HITECH compliant by Sword and Shield, so customers can trust that their data has the appropriate security safeguards in place.

Confidently use Sage Intacct’s financial solutions with our:

  • Advanced Audit Trail to monitor access to PHI
  • Sword and Shield certified HIPAA solution
  • Commitment to your compliance through a BAA

To demonstrate their commitment to comply with HIPAA, Sage Intacct will sign a Business Associate Agreement with eligible healthcare clients giving you the peace of mind that you can meet your regulatory requirements.

To Learn More

To learn more about how you can leverage Sage Intacct to go beyond financial data to support operational reporting requirements and streamline healthcare operations, join us at the Sage Intacct Product Tour for Healthcare Organizations event listed below.

Sage Intacct Product Tour for Healthcare Organizations
January 16th, 2019 at 10:00AM PT / 1:00PM ET

Interested in speaking with one of our knowledgeable consultants? Contact us here: info@lbmctech.com.