Now more than ever, streamlined healthcare financial management at your practice is a must. Patients want a value-add experience, and your employees expect – and deserve – an innovative, multi-dimensional financial management system that helps them update and streamline accounting and administrative processes. Is your current financial management system hurting or helping your patient experiences and employee productivity?
Our team at DWD Technology Group created a helpful eBook, 6 Ways to Streamline Financial Management for Your Healthcare Practice, that outlines how a modern, multi-dimensional financial management system can move your practice forward. As the trusted partner of healthcare organizations of all sizes, learn how we use Sage Intacct to:
- Increase productivity
- Free accountants from manual, repetitive tasks
- Make better-informed decisions
- Automate financial processes
- And more
Streamline Your Healthcare Financial Management System
Our eBook explains how healthcare organizations like yours can update and streamline accounting and administrative processes with Sage Intacct. Automating manual tasks, providing better reporting, and connecting data across your healthcare practice is possible and achievable.
Here’s a quick overview to get you started:
Reduce time-consuming manual reporting
Maintaining different software systems and manually consolidating spreadsheets are time-intensive, error-prone tasks. A multidimensional financial management system provides healthcare companies with a wide variety of automated solutions for time-intensive work. From flexible reporting to revenue recognition, multidimensional financial management systems equip providers with real-time reporting dashboards that reduce the need for spreadsheets and make challenging tasks like month-end closing a breeze.
When your accounting team can spend less time on manual consolidations, adjusting entries, and spreadsheet reporting, they can spend more time on monitoring overall financial performance and delivering real-time data.
Increase financial visibility at every level
Today’s healthcare organizations need deep insight from a robust, modern financial management system that consolidates data quickly and delivers the details needed to manage costs and guide growth. Real-time financial information can help an organization ensure that performance benchmarks are being met with detailed trend reports at the practice level or even departmental level.
Simplify complicated chart of accounts
The amount of information flowing from a fast-growing healthcare organization can be overwhelming. The right financial management system provides a comprehensive yet streamlined chart of accounts that grows with your healthcare practice. To better account for additional lines of service or new locations, a multidimensional accounting system can help add better context to the constant stream of data. Ensuring that data is consistent throughout the organization, multidimensional reporting makes it easy to analyze data from multiple perspectives and plan budgets with flexible, collaborative tools. A dimension-tagged chart of accounts also delivers transparent information required by government regulators.
Streamline workflows and improve productivity
Your employees are the most important asset at your healthcare practice, and a financial management system that enables them to work smarter, not harder, is critical. One of the key benefits of a multidimensional accounting system is the removal of unnecessary and cumbersome manual workflows, removing paper from the process whenever possible and simplifying everyday tasks like expense entry. Not only do automated transaction approvals and procurement help eliminate productivity roadblocks, but additional solutions like collaborative budgeting can also help ensure that workflows are executed swiftly and accurately. With automated tasks and workflows, employees can spend more time adding value to your practice.
Connect EHR, payroll and more
If your financial management system doesn’t easily share data, how can your managers readily collaborate to make the right decisions? Integrating EHR data into a multidimensional financial management system can give healthcare organizations a far greater decision-making context, providing a broader financial perspective into the entire organization. The mixture of financial and operational data can help ensure that financial and performance benchmarks are being achieved, allowing management to make data-driven decisions.
Deliver anywhere, anytime access
To support employee productivity and satisfaction, your financial management solution needs to connect employees to data, processes, and workflows at any time and from anywhere across their devices. . Cloud-based financial management solutions enable financial employees in healthcare to carry out common tasks from home, in the clinic, and anywhere in between from a convenient user interface. Backed by HIPAA-compliant data protections, cloud-based financial solutions are also highly secure and can help ensure that private patient remains safe at all times.
For a complete picture of how a multidimensional financial management system can boost your healthcare company’s financial performance, read the full e-book, 6 Ways to Streamline Financial Management for Your Healthcare Practice.
For the past 30 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 with questions or to get a free software needs assessment.