ERP Consultant Network Blog


Insights in Real Time with Hospital Management Software

Written by Adrian Montgomery on 09 Sep, 2019
Medical Practice Accounting Software

Achieve a faster close, provide ad hoc reports in real-time, and distribute visual dashboards with the only HIPAA-compliant Hospital Management Software.

You can avoid the nightmares that often plague busy medical practice finance leaders using outdated hospital management software. If you have felt the anxiety of keeping your executives waiting for your report to make a very important decision, you’re not alone, but there is a better way.

Achieve a faster close, provide ad hoc reports in real time, and distribute interactive dashboards securely with the only HIPAA-compliant healthcare accounting software, Sage Intacct. Here’s what other companies like yours do to close the books faster and save time:

Sage-Intacct-Dashboard-Healthcare-Equation-TechnologiesContinuous consolidation

Are you relying on spreadsheets to complete your consolidations? Is it easy to calculate Revenue by Location or by Customer? With Sage Intacct, the system is continuously and automatically consolidating so if you have multiple currencies, or multiple locations, you can finally be free of that web of spreadsheets.

With one-click consolidation, you’re accelerating your close process and getting a detailed journal entry report for easy audits. More importantly, because you can proactively reconcile on a more frequent basis, you no longer have to wait until the end of the month to start closing the books and providing reports.

Single source of truth

Frequently, companies rely on several spreadsheets for their analysis because they have data in different places. Using a spreadsheet outside of your accounting system with no connection to the underlying sources of data puts accuracy in jeopardy in 3 key ways:

  • Data entry errors
  • Formula/calculation errors
  • Incorrect cell-references that aren’t obvious

Ideally, you want to integrate your systems via live connection which continuously updates in real time. Here are the benefits you can expect to see immediately:

  • Create and use templates for analysis/reporting you do repeatedly, saving you even more time.
  • Analyze aggregated data in a single reporting tool without the need to redo the setup or reconcile the information between different sources.

Dashboards for decision-making

Enable your executives to adjust plans or take advantage of new opportunities more quickly with dashboards and reporting that’s updated in real time and available on demand. Consolidated financial statements or summary rollup reports aren’t just for month end anymore.

With Sage Intacct, you can track your financial and operational data to give you a more holistic picture of your firm’s overall health. Your executives can review built-in reports of your unique key performance indicators, or using the intuitive report builder, design a new one that answers their question with just a few clicks.

Here are a few more examples of the benefits you’ll see:

  • Review summary roll-up figures for multiple entities (even when it’s the middle of the month)
  • See if your metrics land within pre-defined ranges easily with color coding
  • Look back with visual, line graphs to see which metrics are trending correctly

All of Sage Intacct’s dashboards and reports offer full drill-down capability. Your managers and auditors will appreciate the ability to dig into the details, going all the way down to the transaction details.

True insights - not just “reports”

Would it be nice for each clinic manager to have their own dashboard that shows cash balances and spending? What if they could easily tag transactions so they can analyze data by customer, geography, service, or clinic type? The data visualization features provide a “macro perspective” inside Intacct that could easily be missed when your data points are spread out over countless systems, spreadsheets, or reports.

You can enable faster, better decisions in your medical practice with the only HIPAA-compliant, hospital management software, Sage Intacct.

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

Another version of this blog was posted on June 18, 2019 - Healthcare Accounting Software: Better Decisions With a Faster Close.

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