Healthcare is one of the most complex, challenging business sectors in the U.S. Balancing patient care, payment models, and government regulations is a difficult and delicate act that requires thoughtful management. In an industry faced with uncertainty surrounding affordability, aging populations, and emerging technologies, it’s never been more important to use the best possible tools to oversee financial performance.
Financial management systems have long helped healthcare organizations reduce costs, oversee growing businesses, and measure outcomes. Many legacy products, however, have left companies to rely on a patchwork of outdated technologies that require significant effort and maintenance to deliver the bare minimum.
Modern healthcare management systems combine flexibility with transparency, allowing organizations to take greater control over their financial future.
Five of the most important features to look for in healthcare financial management software:
Dynamic dashboards and reporting.
Rather than requiring users to export data in and out of Excel spreadsheets for analysis, dynamic dashboards deliver powerful real-time financial insights. With instant and up-to-date visibility into revenue, income, and performance, healthcare organizations can stay one step ahead of complex reporting requirements.
Multi-entity consolidations.
Running separate instances of financial systems across multiple locations is highly inefficient, requiring significant amounts of time to keep basic information in sync. A modern healthcare management system should be able to provide a full financial picture of multiple entities without extra effort.
Streamlined processes.
Throughout a large organization, key performance metrics should not be siloed off in each specific location. Shared insights can help deliver a more seamless and streamlined accounting process, providing a birds’ eye view of financial and business information that can help make the entire organization more efficient.
HIPAA compliance.
Protecting patient privacy isn’t just the right thing to do for customers — it’s a major regulatory requirement that can carry serious penalties and fines. Any modern healthcare management system must be equipped with advanced audit trail capabilities to ensure that compliance records are regularly tracked and produced.
Cloud access.
Cloud solutions have made it possible to access data anytime, anywhere, enabling organizations to stay nimble and productive across a wide array of different apps and devices. Healthcare organizations should take full advantage of cloud technology in a modern financial management system to keep CRM, payroll, and analytics tools flexible and nimble.
For more details about how to choose the right financial management system for healthcare organizations, read the full e-book, “Keeping Your Financials in Good Health: 5 Things to Look For in a Healthcare Financial Management System.”
For the past 25 years, DWD Technology Group has been helping Healthcare Agencies streamline financial management, human resource and reporting processes with industry-leading fund accounting solutions. Contact us today for a free software needs assessment.