Healthcare Accounting Software: Better Decisions With a Faster Close

Posted by Erica Burles on Jun 18, 2019 12:15:00 PM

If you often feel the anxiety of a room full of executives waiting for your report to make an important decision that might impact the entire future of your medical practice organization, it’s time to consider a different approach. Industry leading finance teams use healthcare accounting software to avoid this nightmare.

Achieve a faster close, provide ad hoc reports on a dime, and distribute interactive dashboards in real Medical Practice Accounting Softwaretime with the only HIPAA-compliant healthcare accounting software, Sage Intacct. Here’s what other companies like yours have done to close faster and make better decisions.

One-click consolidation
How many spreadsheets do you require to complete your consolidations? Can you easily calculate Revenue by Location or by Customer? With Sage Intacct, the system is automatically and continuously consolidating so if you have multiple locations, or multiple currencies, you can say goodbye to that slew of spreadsheets.

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

Single source of reporting data
Often, companies rely on multiple spreadsheets for their analysis because they have disparate data sources. Using a spreadsheet outside your accounting system with no connection to the underlying sources of data puts accuracy in jeopardy in 3 key ways: data entry mistakes, formula/calculation errors, or incorrect cell-references that aren’t obvious.

A better way is to integrate your system with the other data sources with a live connection which is continuously updated in real time. You can reuse the templates for analysis you do repeatedly, saving you even more time. Now you can aggregate and analyze data in a single reporting tool without the need to redo the setup or reconcile the information between different sources.

Dashboards drive decision-making
Consolidated financial statements or summary roll-up reports aren’t just for month-end anymore. 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.

Sage Intacct tracks your financial and operational data to give you a more holistic picture of your firm’s well-being. That means you and 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 the question at hand with just a few clicks.

And the possibilities are endless. Here are just a few examples:

  • Review summary roll-up figures for multiple entities (even if it’s still the middle of the month)
  • See if your metrics fall within pre-defined ranges easily with color coding
  • Look back with miniature line graphs to see which metrics are trending correctlySage-Intacct-Dashboard-Healthcare

And 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, all the way back to the transaction.

Not just “reports,” true insights
The data visualization features built-in to Sage Intacct are designed to provide a “macro perspective” that could easily be missed when your data points are spread out over countless systems, spreadsheets, or reports. With Sage Intacct, for example, each clinic manager can have their own, read-only dashboard that shows cash balances and spending. They can easily tag transactions so they can analyze data by customer, geography, service, or clinic type.

Enable better, faster decisions in your medical practice with the only HIPAA-compliant healthcare accounting software, Sage Intacct.

Contact us if you have questions about business care or need personalized support from our team of Sage Intacct technical experts.

Topics: Medical Practice Accounting Software

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