How Automated Financials Drive Streamlined Healthcare Accounting Practices

The software available in the healthcare industry is an investment that must be heavily considered. Pros and cons must be weighed, as well as adhere to the plethora of rules and regulations of the industry. This often leads to it being difficult to make a purchase decision given all the factors already hindering it. 

While an investment like a new financial management system shouldn’t be taken lightly, it should also not be overlooked by healthcare organizations looking to scale and grow. With the right system in place, automated financial systems can streamline the back office to the point where the business can look to the future and make better, more strategic business decisions. 

If you’re having a hard time seeing the value, here are some of the main drivers for most healthcare organizations when considering automating their financial systems:

Shared Chart of Accounts

When assessing business expenses, business leaders need streamlined access to high-level insights to understand how the business is doing. With separate, disparate accounts being difficult — and time-consuming — to pull together manually, automated financial systems become a clear solution to the problem that have multiple entities to report on. 

Separate charts that can be easily rolled up and presented in a single dashboard are valuable for financial leaders who want to gain a holistic view of each account’s performance. All the while, end users can still dive into their specific reports and gain the insights they need in real-time. 

Insights into Physician Profitability, Performance

This is straightforward: business leaders need to have access to high-level key performance indicators (KPIs), as well as the option to drill down into reporting to measure performance by a specific doctor’s office or even an individual doctor. 

Automated, streamlined financial reporting offers deeper insights that allow you to motivate physicians to appropriately track billing to insurance companies, identify gaps in performance, and clearly understand where revenue is coming from. 

Better Visibility into Accounts Receivable

Clear visibility into whatever is related to money received from your customers is the backbone of healthy finance practices at a company. Without it, the business’ wellbeing is speculative at best for most of your colleagues — as well as the business’ leaders!  

Whether it be outstanding balances, late payments, or other accounts receivable matters, a streamlined healthcare accounting practice alleviates the pain of manually aggregating all that information and displaying it in a digestible manner to your higher-ups. 

Conclusion 

An automated financial system like Sage Intacct can tie up all the convoluted loose ends in your back office to better your business for the future! Reach out to us to learn more about how we help guide healthcare companies on their financial management journeys. Also, check out this eBook if you’d like to learn more about how to keep your financials in good health.