Healthcare CFOs Are Using Technology to Gain Greater Insight
Healthcare CFOs Are Using Technology to Gain Greater Insight – It’s hard to think of an industry segment that is as complex as healthcare. It takes innovative, specialized expertise to effectively manage operations and back office functions such as accounting.
Perhaps your healthcare organization offers a variety of specialty practices in order to serve the community. Or, you may have multiple locations throughout a county, state, region or nationally. You’ll want to track things like available capacity and revenue per treatment. You’ll want to compare financial performance and ratios across your departments’ locations and share best practices to improve performance.
Obstacles to greater healthcare accounting insight
Over-reliance on spreadsheets – If you and your team members are spending 20 to 45 hours per month on manual Excel reports, which up to 45% of departments do, it’s taking an enormous amount of time to collect and organize data. As a result, this severely limits the time you have to analyze data.
HIPAA compliance concerns – If you’re subject to HIPAA regulations, you need a solution that is HIPAA-compliant. In June of 2018, Sage Intacct made an important announcement, “you can confidently use Sage Intacct’s financial solutions, knowing that proper tools, security, and agreements are in place to support your HIPAA compliance.” Sage Intacct now has an advanced audit trail allowing you to monitor and audit PHI access in support of HIPAA requirements. The announcement included news of Sage Intacct’s certification as HIPAA and HITECH complaint by Sword and Shield.
Complimentary Resource: Download the Sage Intacct infographic ‘Nonprofit Healthcare Innovation Report’
Enjoy the ability to work strategically
Express Information Systems helps healthcare organizations like yours select, implement and gain proficiency on the right financial accounting system for you. The right system makes work life easier for you and your team. You’ll be able confidently answer questions about financial health, employee productivity, and more. You’ll be able to deliver accurate, real-time data and reporting to management for strategic decision support.
The insights gained from a modern, integrated solution, will help your organization achieve optimal effectiveness in patient care – the most important objective of all.
Would you like to explore what this could mean for your healthcare organization? We’re here to listen, review and make a recommendation. We’re honored to serve as the trusted accounting technology partner to many healthcare organizations. We’d love an opportunity to work with you.
Healthcare CFOs Are Using Technology to Gain Greater Insight – If you’d like to read more about how Express Information Systems assists healthcare organizations:
- In an industry that’s constantly struggling to keep up with industry regulations, Express’ assistance has been a game changer for Urology San Antonio.
- The team at Express recognized and addressed the specific multi-location accounting challenges facing Bexar County Medical Society. From implementation to present-day support, the team at Express has been a constant resource for BCMS staff.
- Relieve the Pain with Modern Accounting System for Healthcare and Express Information Systems