This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. See all FORsights for the most up-to-date articles, webinars, and videos.
Take the Pain Out of Health Care Financial Systems
Financial management in health care is a massive undertaking. The challenge is twofold: Health care providers must create repositories of complex, confusing and disorganized data. Then, they must base decision making on this data with complete confidence and certainty. Data is unwieldy but also essential, which is why so many providers struggle with accounting and finance.
There are a number of software solutions available to tackle this issue. Despite the ample mix of features and functions, few solutions provide the ease and effect they promise. Financial management becomes more complex rather than more effective, which does a disservice to patients and providers.
The key is to identify a solution designed to be intuitive and accessible. These solutions expand the horizon of what’s possible without extending the list of what’s required. Look for solutions with these features and capabilities to help take the pain out of health care financial systems.
- A Way to Gain Visibility – Financials are important, but they’re not the only data that matters. Systems that provide access both broadly and deeply combine more data in one place. In turn, they can offer a more accurate and up-to-date picture of what’s going on.
- A Way to Leverage Data – On its own, data is just a swarm of facts and figures. Health care financial systems must make it easy to perform analysis and extract insights. That way, executive decision making is informed by the most relevant information available.
- A Way to Manage Multiple Entities – The distributed nature of health care makes it difficult to maintain visibility and authority. A basic requirement of financial systems is that they integrate data from disparate sources and enable comprehensive reporting from across an enterprise.
- A Way to Engage Nonfinancial Users – One reason these systems so often fall short is because the tools are too technical to be accessible to anyone except accountants. Simpler tools engage a broader base of users and inject financial insights into decision-making processes.
- A Way to Eliminate Manual Processes – The more a system requires manual inputs, the more it wastes the user’s time. When those processes are either automated or eliminated, the user is free to focus his or her efforts on value-added processes.
- A Way to Focus on Key Metrics – As complex as health care financial management is, it relies largely on just a few key metrics. Systems have to be flexible enough to let users define/redefine what those metrics are and fast enough to monitor each one in real time.
The question facing providers is whether any single financial system offers all these features while being uniquely tailored to the health care industry’s demands. The good news is Sage Intacct can help. This financial management software is capable of doing a lot, but the reason it’s industry-leading is because it helps make financials simple, streamlined and strategic. Sage Intacct can help you make better, faster decisions to help take the pain out of accounting for your health care financial systems.
When you’re ready to learn more about the promise and potential of Sage Intacct, reach out to the trusted CPAs and advisors at BKD Technologies.