The advantages of medical practice management software are numerous, and if you’re a busy accounting leader, you’ve probably heard about a lot of them by now. But your path from here to there might not be clear and may be preventing you from taking the first steps.
If you’re also struggling with keeping up with the demands of a growing medical practice, including multiple locations with different currencies, decentralized accounts payables and receivables, and a manual monthly close that takes weeks to complete, read more about how companies like yours have changed for the better with Sage Intacct.Identify the Bottlenecks
In this phase, the goal is to identify and document your manual processes, disconnected systems, and tools you lack entirely that are causing long nights and lost weekends. It’s a good idea to obtain input from your organization, and from as many levels as possible.
Example questions to ask:
- Where do we rely too heavily on spreadsheets?
- Where do we lack automation or integration that could make our jobs easier?
- Where do we have to enter data several times?
- Do we have a trustworthy, easily audited, single source of truth? What’s missing?
Baseline the Return on Investment
Next, you’ll need to clearly understand the impact of choosing to “do nothing,” and that’s where Return on Investment (ROI) baselining comes in. The rapid growth of medical practices through acquisitions and mergers is increasing the complexity of modern healthcare accounting at a pace not before seen.
Start by aggregating your current costs to utilize your manual processes, add the IT expenses you likely bear, the staff you’ll need to ramp up to keep up, and you’ll have a rough idea of your current total cost of ownership as well as what you’ll need to support upcoming growth. You’re most likely going to be unpleasantly surprised at how much it’s actually costing.
The benefits of automation with the only HIPAA-compliant medical practice management software, Sage Intacct, are numerous. Here are just a few examples of what Sage Intacct users said they love about their new solution (and why 85% of Sage Intacct customers surveyed stated they “wished they had switched sooner”:
- Data in real time: Dashboard and financial reporting are constantly consolidated across multiple entities, locations, and currencies.
- Closing is faster: Provide your decision makers with the data they need to make decisions in minutes, not weeks, because you no longer have to wait for the end of a period to close the books.
- Accounts Payable automation: No more manual coding; streamlined approvals; easy payment scheduling.
- Integrations with clicks: Sage Intacct automatically collects data from your existing or upcoming systems of preference, including CRM, budgeting, travel and expense, and payroll systems.
- Streamlined workflows: Expense reports, timesheets, and purchasing can be automated, saving your team time.
You can finally stop struggling with manually managing multiple locations, shorten your monthly close, and centralize your payables and receivables with Sage Intacct, HIPAA-certified medical practice management software.
Contact Equation Technologies to learn how Sage Intacct helps streamline business processes.
Another version of this blog was posted on May 21, 2019 - Healthcare Financial Software: How to Automate Healthcare Accounting.