Healthcare Accounting Software for Your Organization

Medical practice accounting is unlike any other industry's accounting functions. Your practices have to be flexible enough to handle payments from a mix of public and private entities. Your accounting department also needs to be able to tackle receivables with various fee schedules since you are often dealing with multiple insurers. These are just a couple of examples of the complexity that is hospital accounting.

Health care accounting isn’t just about your bottom line, however. Each decision you make in your organization has an impact on your patients, and accounting is no exception.

For that reason, it’s important that you find a software that understands your business’s unique needs. Fortunately, you don’t have to look far to find Sage Intacct. It continues to be a top pick for many medical practices, and if you keep reading, you’ll find out why.

Tools for Your Medical Accounting Processes

Sage Intacct was built for medical practice accounting, so you can expect several tools designed to fit your business processes. While there are many you stand to benefit from, the following are just a few of our favorites:

• Accounts Payable/Receivable
• Allocations Management
• Budgeting & Planning
• Cash Management
• General Ledger
• Fixed Assets
• Inventory Management
• Order Management
• Spend Management
• Time & Expense Management
• Vendor Payment Services

The Benefits of Using Sage Intacct for Health Care Accounting

Over the years, we have seen more and more organizations take advantage of Sage Intacct medical accounting products. The software continues to be popular for many reasons—from efficient reporting to HIPAA compliance. Read on to learn more about the benefits of using their hospital accounting tools.

Improve Accounting Process Efficiency

Healthcare providers just like you have reported as much as 80% increases in their medical accounting efficiency since using Sage Intacct. The software has also helped medical practices remain flexible within an ever-changing health climate.

How does Sage improve efficiency?

Instead of relying on multiple programs and manual reporting, you can accelerate reporting and decision-making by automating all of your key accounting functions. With the push of a button, you can have access to information that would've taken you hundreds of hours to put together on your own. 

That means you don't have to waste human resources on any more accounting processes that your software can handle. Instead, you can redirect your employees' attention to other matters to get more done.

Maintain Compliance with HIPAA

You are responsible for more than accounting compliance when you manage a healthcare organization. You also have to make sure that all of your record-keeping processes comply with HIPAA to protect the patients you serve. Many people don't realize how HIPAA compliance and financial management go together, but Sage Intacct was designed to meet both of these needs.

Since Sage Intacct stores protected health information (PHI) through invoices, reports, and other financial documents, the software goes above and beyond to keep it safe and secure. This data can include:

• Patient Billing Information
• Names
• Contact Information
• Medical Record Numbers
• Admission Data
• And More!

In addition, the hospital accounting software has an Advances Audit Trail that is certified HIPAA-compliant. Sage even offers to sign a Business Associate Agreement (BAA) to give your healthcare organization added peace of mind when it comes to the safety and security of your patient's private information. 

Gain Insight from Healthcare-Specific Financial Dashboards & KPIs

The healthcare industry is different from others because it focuses on financial stability and patients' wellness. You can't have one without the other. For that reason, it's important that you use an accounting software like Sage Intacct.

It has special key performance indicators that take all of those factors into consideration. With them, your finance teams can get a clear picture of your organization’s health. The following are just some of the crucial KPIs you will find in your Sage Intacct software:

• Cost Per Treatment
• Revenue Per Patient
• Revenue Expense Per Location
• Revenue Expense Per Referral
• P&L by Contract
• P&L by Budget
• P&L by Location
• And More!

In addition, Sage gives you access to a variety of hospital accounting reports. You can easily analyze everything from clinical to operational data. With access to this information, you can react more quickly to changes in your business. You can also provide real-time data to all of your executives, finance and sales departments, investors, and stakeholders.

Utilize Cloud Technology for Paperless Accounting

Manual data entry is a thing of the past with Sage Intacct. Unlike outdated healthcare accounting tools, you can automate a lot of your processes. It’s easier than ever to update your income and expenses, and you can reduce the risk of manual data entry errors that take additional hours to correct.

Want to know another benefit?

When you utilize cloud technology, you no longer have to wait until you get back to the office to check a finance report. Cloud technology allows you to have access to all of your accounting information at all times. As long as you have a device with an internet connection, you can keep up with your finances in real-time.

We also love that cloud technology makes storage easier. When you have a multitude of hospital records to maintain, you don't want to waste space with receipts, invoices, and other financial documents. All of these items can be uploaded and safely stored.

Learn More About Using Sage Intacct as Your Medical Practice Accounting Software

Would you like to learn more about how Sage Intacct can help you with all of your healthcare accounting practices? If so, you’ve come to the right place. At Kerr Consulting, we have plenty of experience with Sage products, and we know exactly how each tool serves different industries.

You can schedule a consultation with one of our helpful consultants to see if Sage Intacct is the right fit for your healthcare organization. To do so, pick up the phone and give our local office a call or take a moment to submit your questions and contact details through our online form.