Sage Intacct Makes Healthcare Financial Management and Accounting Painless
Growing Healthcare Companies Leverage Intacct to Streamline Financial Processes, Shorten Month-End Close, and Drive Greater Operational Insights
As healthcare companies grow, it is challenging to monitor performance and keep financial processes running smoothly using traditional, on-premises financial software
– especially managing multiple locations, multiple services, and multiple types of patients. More and more, these organizations are moving their accounting software to the cloud with Intacct, a leader in cloud financial management and accounting software. Intacct enables these healthcare companies to automate processes for greater efficiency, plus gain the business visibility they need to make operational improvements.
The top challenges healthcare companies struggled with prior to switching to Intacct included limited access to reports and information to drive decision making (64%), inefficiencies due to a reliance on spreadsheets to support financial processes and reporting (55%), difficulty in adapting their existing financial software to new business requirements (36%), excessive manual data entry/re-entry (36%), and inadequate controls around their financial processes (27%). [Source: TechValidate. TVID: 7C8-811-609]
These organizations needed a way to eliminate those issues and moved to Intacct’s cloud financial software. When evaluating Intacct against other competitors, including FinancialForce, Microsoft, NetSuite, and Sage, the TechValidate survey found that the top reasons healthcare organizations selected Intacct were ease of use (82%), the depth of Intacct’s accounting and finance features (64%), scalability and ability to support growth (45%), Intacct’s multi-tenant cloud delivery model (45%), and the ease of integrating Intacct with other applications (36%). [Source: TechValidate. TVID: 623-FFF-D39]
Once they make the switch
Intacct enables healthcare organizations to automate key finance and accounting processes, including procure-to-pay and month-end close. Intacct also helps multi-location companies to centralize payables and eliminate manual processes for payments and intercompany accounting. Intacct’s reporting and analysis functionality enables these organizations to gain the visibility they need to make better decisions and improve business performance. With Intacct, healthcare companies can more easily track their key financial and operational metrics, like available capacity used and revenue per treatment or payment type, and then compare performance and ratios across locations to identify best practices.
Successful healthcare organizations have learned that turning to cloud financial management enabled faster and better scaling of financial operations
Sage Intacct offers:
- Instant visibility in a single system
- Multi-dimensional reporting leads to depth insights
- Customization to your specific needs
- Automation of Accounts Payable
- Grows with your business
Leveraging Cloud Financials to Support Growing Healthcare Organizations
What you will learn about:
- Turning to the cloud for financial management to cost-effectively scale your business
- Modern-day accounting using ‘dimensions’ with greater visibility and transparency of data
- Renal Ventures: streamlining financial processes, improving business reporting that led to the dialysis service organization doubling in size in 3 years
- Keeping up with financial viability in an era of healthcare transformation
Healthcare Organizations Showcase Their Success with Intacct
Since making the switch to Sage Intacct, CareATC has optimized its accounts receivable and payable processes, including complex pass-through client transactions. The finance team can now easily upload data from suppliers, as well as the company’s Concur and Paylocity systems, directly into Sage Intacct, which saves around 40-60 hours of data entry each month and ensures more accurate financial information. In addition, the team halved its monthly close and saved even more time by using Sage Intacct to automate expense allocation for shared-site clinics that serve multiple clients.
After working with RSM to design a new dimensions-based chart of accounts in Sage Intacct, integrate it with Bill.com for accounts payable (A/P), and add Tallie for expense automation, the company greatly streamlined its time-consuming monthly close and achieved several other benefits. Accurate Neuromonitoring went from needing the support of three outsourced accountants, to managing its own financials with a single in-house resource – increasing efficiency by 66 percent.