Financial management software for healthcare businesses
Healthcare organisations have unique requirements, which can sometimes lead to finance teams having to find work arounds due to the limitations of their accounting software. These work arounds take up valuable time, increase the risk of mistakes and can stunt growth.
Sage Intacct is built for businesses with more complex requirements and can be customised to fit your specific needs. In this article, we’ll take you through how Sage Intacct can help businesses in the healthcare industry.
Dashboards & Reporting
Forget about manually gathering data and manipulating it in spreadsheets for reports. With Sage Intacct, all the information you need is right at your fingertips. The dashboards and reports have a multi-dimensional structure which enables you to drill down and get specific insights quickly and easily. For example, you can track statistical data such as available beds or revenue per treatment to influence strategic decisions.
Another issue with building reports manually in spreadsheets is emailing them out to management, stakeholders or governing boards. This can take up precious time, and before you know it, the information becomes outdated. With Sage Intacct, you can easily build custom dashboards and reports, scheduling them to send to key people at specific times.
Planning & Budgeting
If planning and budgeting gives you nightmares, then Sage Intacct’s Planning module is the solution for you. It helps you with your budgeting, planning, what-if scenario modelling, forecasting and more, so you can see the full financial picture and always trust the numbers. Getting set up is quick and easy. The wizard will guide you through the set up within minutes.
The pre-built functionality, guided tours, built-in calculation logic and familiar spreadsheet-like formulas will be your guiding hand from there. You can collaborate with your colleagues and budget holders anywhere in real time. For example, you can see the impact that a key decision will have on your business and quickly steer the ship in the right direction, taking into account any changes in conditions.
Billing & Subscriptions
Billing for healthcare organisations can bring unique challenges. For example, where private medical insurance is involved, or you have different specialists with varying fees and pricing policies. The billing capabilities in Sage Intacct can help you streamline and automate your billing workflows, saving you time and preventing mistakes. You’ll also gain more visibility through the smart revenue recognition tool.
Sage Intacct’s Subscription Billing module eliminates labour-intensive manual calculations with built-in tiered pricing and usage-based billing. As a result, you can save time and ensure accuracy. For example, Intacct can handle complex billing cycles for nursing homes and residential homes – with resident fees paid by the NHS, local councils, or by self-funding.
Auditing & Compliance
Healthcare organisations, especially those which deliver NHS services, have additional regulations which they need to comply with. Sage Intacct is built for businesses with complex requirements and can help you to manage your compliance and regulatory obligations.
Being audited can be a stressful experience, you’ve got to be ready for anything. Sage Intacct builds a full audit trail in the background while you work, so if you need to produce information for auditing purposes, you can be assured that all the information you need is readily available.
Multi-Entity Consolidations & Inter-Entity Transactions
If you’ve got multiple offices, clinics or care homes, Sage Intacct can help you to manage them all efficiently. You can easily switch between entities within the platform, and can have access to them all through just 1 login, so you don’t need to keep logging in and out of different accounts. You can also compare data across all your entities and control what certain users can see. For example, this could be useful for groups of care homes, where you can give each care home manager access to the data they need, without giving them access to each other’s data.
The automated multi-entity consolidations and inter-entity transactions make managing all your entities a breeze. When you enter an inter-company transaction in Sage Intacct, it automatically posts journals in both entities to save time and prevent mistakes. Automated consolidations can also help save you a significant amount of time at the end of the month.
Benefits of Sage Intacct for Healthcare Businesses
There are also some more general benefits of Sage Intacct for healthcare businesses, including:
- Improved Financial Visibility – seeing data pulled together from across an organisation can empower you to make more informed financial decisions.
- Cloud-Based Deployment – having your accounting data in the cloud can loosen your geographical restrictions, so you’re free to hire the best talent wherever they are.
- Robust & Secure – keeps your data secure through a combination of the latest security methods, including access control, encryption and regular backups.
- Scalability & Customisation – whether you’ve gained more patients or opened up a new location, you can easily add new features to the system as the company grows.
- Faster Month End Close – reduce your time to close by up to 70% through advanced automation features and faster, more accurate reporting tools.
- Seamless Integration – the open API allows you to integrate with your existing systems, such as your appointment system or CRM.
- Cost Savings & ROI – businesses have seen up to a 250% return on investment when using Sage Intacct. Additionally, the software pays for itself in less than 6 months.
The healthcare industry’s unique challenges require equally specialised solutions, and Sage Intacct is a powerful tool to address them. We have existing clients in the healthcare industry, such as care homes and hospices, who we have helped to implement Sage Intacct in their business.
If you have any questions about Sage Intacct, complete the enquiry form on this page.
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