4 Advantages of Healthcare Financial Software

Sage Intacct Medical Practice Accounting Software

The growing complexity of modern medical practice accounting is a massive challenge without the right healthcare financial software. Many medical practices or medical clinics have multiple locations which makes it difficult to manage visibility. It takes countless hours using manual processes for consolidation. 

The good news is that you can now automate these processes with HIPAA-certified medical practice accounting software, Sage Intacct. For instance, now you can easily manage decentralized payables and receivables across multi-locations. This solution will shorten your monthly close time and more. Here are the top 3 challenges companies face with outdated software and the top 4 advantages of using Sage Intacct.  

Top 3 Challenges of using Outdated Medical Practice Software 

1. No Centralized Data - You have no way to centralize your multi-location medical practice financial data and have far too many manual processes and spreadsheets. At the end of the period, your monthly close takes too long and is prone to inaccuracies or errors.
2. Billing is Difficult and Time Consuming - Billing takes too long and usually requires a team of people. The timeframe from invoice to payment takes too long with you existing accounting software or manual processes. Being “caught up” is a concept that no longer exists.
3. Lack of Real-Time Consolidated Reports - You’re providing the same information to your executives and managers frequently because there is no self-serve option available. This causes you to drop everything to aggregate and prepare it. Your data is often already out of date by the time you present it.

Fortunately, there is a better way forward!  Sage Intacct is the only accounting solution that conforms to HIPAA’s guidelines. It has the functionality and flexibility to support your growth. Here are the top 4 major advantages your finance team will gain nearly immediately after implementing Sage Intacct medical practice management software.

Top 4 Advantages of Sage Intacct

1. Faster monthly close - With intelligent automation, it’s possible to shorten your monthly close by up to 100%. No more errors or duplicated entries when you eliminate manual processes for payment processing and intercompany accounting. Sage Intacct’s detailed audit trail illustrates your HIPAA compliance with data security.
2. Better cash flow - Obtain payment sooner with billing and collections automation. What once took 3 people to do is now streamlined and only requires 1 person to complete with Sage Intacct’s automation which emails invoices that include payment options. Once payments are made, Intacct then updates revenue recognition and your general ledger automatically, not with manual processes or spreadsheets. Sage Intacct can speed up your accounts receivable cycle by 100%.
3. Make better, faster decisions - Your execs need real-time, accurate data your spreadsheets and other manual processes can’t provide. Sage Intacct has built-in Dashboards and Reports that are easily customizable to fit your business and your users. Impress your busy executives with high-quality insights in real-time they can self-serve using a secured Website from any device they prefer.
4. Simple and seamless use - Even with increased revenue or transactions, Sage Intacct makes everything so seamless and simple that you may not need to grow headcount to keep up. And Sage Intacct is the only accounting solution recommended by the AICPA, so you can be confident in the accuracy while enabling data-driven decisions that ultimately improve profitability and performance.

Contact Equation Technologies to learn how Sage Intacct helps streamline business processes.

Another version of this blog was posted on April 22, 2019 - 3 Advantages of Healthcare Accounting Software.