Sage Intacct streamlines accounting and financial management for health and human services organizations – both public and private – so you and your team have more time to spend caring for those most vulnerable and in need of healthcare assistance.
"We calculated that we saved about 65% of the time that it was taking us to do our AP processing. That's like half a head count. But half a head count, when you're small, is pretty big. We figure that we can provide about four meals for every dollar that's donated to us. So, if you free up half a person's time, even a more clerical person, you free up $25,000 – that's 100,000 meals."
– Director Finance, Community Food Bank of Eastern Oklahoma
While there are many reasons Sage Intacct is a great fit for health and human services, below are the top four.
Automated workflows streamline key financial processes so that healthcare finance departments become more efficient, particularly with payroll, monthly close, financial audits, and the entire procure-to-pay process from purchasing through accounts payable.
Automation also helps capture and centralize financial data for insight into what is happening at each location as well as in the overall organization. Additionally, automation within a cloud-based solution reduces the need for IT support so the healthcare organization can grow without having to grow the IT department.
All of the above can lead to increased productivity and can save the cost of having to hire an additional full-time employee—equating from $80,000 to $100,000 per year.
Most accounting software applications like QuickBooks, Microsoft Dynamics GP, NetSuite, and Blackbaud use a hard-coded, linear and somewhat antiquated structure for the chart of accounts. This requires users to create a separate general ledger account classification for each location, department, physician, patient, project, and fund (nonprofits)—even when the underlying natural account codes are the same.
For example, to track 3 locations, 5 departments, and 5 physicians, you'd need 75 account code combinations—and you'd end up with a complicated, unmanageable chart of accounts. A single new location or department can add hundreds of additional accounts. There are some healthcare organizations using 20,000-150,000 general ledger account code combinations.
Dimensions in your software's financial reporting improves your data visibility, making it easier for you to get fast answers to questions about your organization. You can quickly view performance from any new angle you need. As you create reports, simply use drop-down lists to filter, group and organize your data by dimensions.
For example, you can go from a standard income statement to profitability by location or physician with a few clicks of the mouse. Without dimensions, customized reporting typically requires a programmer or analyst who is specially trained by your financial management software vendor, often costing anywhere from $225–300 per hour.
This level of reporting with dimensions saves dozens of person-hours per month in time spent preparing financial statements and trustee reports. Plus, it allows the ability to slice and dice financial data coming from patient billing, payroll and practice management software.
For growing healthcare organizations, the complexity of financial management across multiple locations can quickly escalate into a resource-consuming matter of unnecessarily complicated financial logistics.
There are also decentralized payments, inter-entity transactions and possibly different currencies to manage. Healthcare financial managers with multiple locations need a single, financial management system that can help them close their books more efficiently while remaining compliant.
Learn how Sage Intacct reduced time spent on financial audits by no longer having to pull files, and how it streamlined payroll from 1.5 days to three hours, per payroll, saving a half time FTE. Dashboards have been deployed to all managers to monitor their budgets, drill down and catch errors.