There are many challenges faced by healthcare organizations as they work to grow their operations profitably. The challenges can include limited access to reports and information needed to drive decision making, inefficiencies due to a reliance on spreadsheets, excessive amounts of duplicate data entry, and inadequate controls surrounding financial processes. To combat these challenges, many healthcare companies are looking for healthcare financial management software designed for the way they work, and they’re finding it in Sage Intacct. What makes Sage Intacct such an effective healthcare financial management solution for medical practice groups?
1. Account for Multiple Entities and Locations
Today’s healthcare practices are increasingly complex, often comprising multiple entities functioning under a single corporate umbrella, operating from multiple locations. For healthcare companies with these types of complexities, Sage Intacct is an ideal fit.
Sage Intacct was designed to streamline multi-entity accounting. You can create user profiles to restrict user access to the specific entities and transactions relevant to their job. You can share vendor, customer and item lists, and charts of accounts across entities to speed new entity creation and facilitate cross-entity reporting and analysis. Notably, accounting users won’t need to log in and log out of each entity to perform their work – with Sage Intacct you can work in multiple companies at the same time.
Sage Intacct automates intercompany transactions, even tracking the intercompany balances and automating the due to/due from entries, keeping the accounting transparent, efficient, accurate, and auditable.
2. Streamline Consolidations
In addition to tracking financial data for individual practices, practitioners, and office locations, you’ll certainly want and need an overall consolidated view of your operations, which can be hard to get. With some healthcare financial management applications, you will typically have multiple instances of the software running in parallel, one for each entity, or have each entity in a separate database. When month-end comes, you’ll need to export the relevant reports from each entity into a spreadsheet, where you’ll need to aggregate the data and manually account for any intercompany elimination that may be required. Of course, with all that manual entry and manipulation, there’s ample room for errors, and those reports you created will only be available in Excel.
Sage Intacct provides continuous one-click consolidation, speeding your closing procedures and delivering improved accuracy and better visibility. Plus, every global consolidation includes a detailed journal entry report for easy auditability. Reporting across entities is easy and intuitive, giving you the insight, you need. Plus, you won’t need to wait for month-end processing to see the results of your intercompany transactions – Sage Intacct delivers an accurate, up-to-date view at any time.
3. Centralize Payables
Many healthcare companies gain efficiency by centralizing the payable function across locations and practice groups. While centralization is an efficient approach, without healthcare accounting software designed for the task, the manual data entry can quickly eat away at the efficiencies.
Sage Intacct makes it simple to centralize payable functions across the organization, eliminating the manual processes typically associated with payment processing and intercompany accounting. Sage Intacct allows you to track your financials as well as operational metrics and ratios – things like available capacity and revenue per treatment. With information like this easily at hand, you can compare financial performance across your locations and departments and ultimately share best practices to improve performance at every level of the organization.
4. Allocating Expenses
Whether it’s vendor invoices containing expenses that should be shared between practices, or overhead and operating expenses that should be distributed across multiple locations, most healthcare organizations are performing allocations. Without a capable healthcare financial management solution, you’re working within a single company, and all the transactions you enter and maintain are specific to the single company that’s active. Allocations are typically handled as general ledger entries in each of the affected company files. It’s a manual, tedious, repetitive process.
Sage Intacct provides a sophisticated and elegant solution to allocations, allowing you to allocate transaction amounts across multiple practices, multiple locations, and multiple dimensions, at the point of data entry. If you have routine, monthly allocations, a standard allocation function makes quick work of these types of transactions.
A Prescription for Sage Intacct
Complex healthcare organizations require simple solutions that enable them to focus on delivering quality care in the most effective and efficient ways. Sage Intacct can relieve the pain healthcare companies face, delivering targeted functionality that addresses their challenges and keeps them on a healthy financial footing. Talk to one of BT Partner’s specialists to learn more.