Streamlining Healthcare Accounting
With Sage Intacct

Effective financial management is crucial in the healthcare industry, yet fragmented systems often complicate operations. Advanced accounting software, like Sage Intacct, can help organizations overcome the challenges of legacy technologies. 

Not only do modern solutions make key financial data more accessible, but they work in tandem with clinical information to drive decision-making and improve cost transparency. With a more cohesive technological ecosystem, providers can exchange information between core platforms for a truly streamlined healthcare accounting workflow. 

In this blog, we’ll explore the pressing need for integrated technologies and how Net at Work can help organizations unleash the full power of Sage Intacct. 

The growing demand for modern healthcare solutions

It’s an open secret that recent times have seen a marked rise in the pace of digital transformation. In fact, per McKinsey, organizations in all industries accelerated their adoption of new digital technologies by several years during the global COVID-19 pandemic. 

Of course, the healthcare industry is no different. Many providers have invested heavily in information technologies, like electronic health records (EHRs), and other innovative tools to improve patient care and administrative efficiency. 

Yet, some researchers argue that, despite these efforts, healthcare “lags behind many other industries” in its overall digital transformation. Why? According to a study by the College of Healthcare Information Management Executives (CHIME), the primary challenge is a lack of interoperability. 

Per the survey of 132 CHIME members:

• Roughly 60% of respondents use between 50 and 500 point solutions to manage healthcare operations, including finances. 
• About 25% use at least 151 solutions. 
• 88% say working with that many disparate IT systems and applications complicates their job. 
• Most respondents acknowledged that compatible solutions would lead to cost savings, reduce burnout, and streamline operations. 

In short, many healthcare organizations rely on disparate systems for different functions — patient records, billing, payroll, etc. — which silos data in isolated platforms. 

The challenges of isolated information systems

Fragmentation prevents a holistic view of the organization’s financial health, making essential accounting processes all the more difficult. Without integrated systems, tracking costs across departments becomes cumbersome, leading to inefficiencies and potential overspending. 

For example, disparate technologies can result in duplicated efforts and inconsistencies in billing and collections, delaying revenue recognition and causing cash flow issues. 

These challenges grow exponentially for multi-entity businesses. Combining financial data from different systems at numerous locations for reporting and analysis is time-consuming and prone to error. Thus, providers can’t access accurate and timely information, which hinders operational decision-making. 

Critically, data silos also inhibit alternative payment models, which require comprehensive data about patient outcomes, costs, and operational efficiency. A lack of visibility can make data collection and analysis complex, complicating the transition to value-based care (VBC). 

Why can’t healthcare solutions share patient data?

Providers cite interoperability with other solutions as the top pain point of their third-party tech stacks, but EHR integration is a close second. The problem is that many platforms aren’t compliant with the Health Insurance Portability and Accountability Act (HIPAA), meaning they aren’t certified to secure protected health information (PHI). 

That’s why if healthcare organizations are to continue their digital transformations, they must do so through a HIPAA-compliant and cloud-based solution. Why the cloud? Because legacy on-premise systems demand physical installation and regular maintenance. They don’t update in real time and aren’t scalable for growing operations. 

These drawbacks aren’t just costly, they also put PHI at risk. Without automated updates, platforms can miss key security updates that patch vulnerabilities. 

The streamlined power of Sage Intacct

Fortunately, technologies are available to help organizations bring their digital journey to the next level with customizable, purpose-built capabilities. Take Sage Intacct, for example. 

Sage Intacct is the only mid-market healthcare accounting software that’s HIPAA-compliant. In fact, the publisher will demonstrate its commitment to data security by signing a Business Associate Agreement (BAA) with healthcare providers. BAAs put the legal liability of protecting PHI on Sage, but more importantly, they allow the platform to process clinical data. 

This capability enables cost tracking and financial performance management. In turn, providers can align costs with the total cost of care delivery, empowering them to monitor financial health more accurately and bill patients more appropriately for the actual care provided. Moreover, instant access to this information means they can quickly make informed decisions in a rapidly changing healthcare landscape. 

Plus, Sage Intacct automates critical financial management processes such as accounts payable, accounts receivable, general ledger, and cash management. This reduces manual effort, minimizes errors, and ensures timely and accurate financial transactions.

Being a cloud-based solution, the platform also offers scalability to accommodate the growing needs of healthcare organizations. It supports multiple entities and locations, making it suitable for both small practices and large healthcare systems. It simplifies multi-entity consolidations, enabling users to generate combined financial statements from one comprehensive interface. 

Bottom line: Sage Intacct can yield tangible business results. For instance, when senior care management company Personal Healthcare implemented the platform, it successfully:

• Reduced monthly close from one week to one day.
• Saved over 400 person-hours annually.
• Avoided $80,000 in annual salary costs. 

How to simplify your Sage Intacct implementation

The healthcare industry desperately needs an integrated technology stack to enhance financial accounting. However, implementing a platform like Sage Intacct can be a difficult task. 

From data mapping and validation to user training and platform customization, numerous variables can slow down and complicate the process. Even with in-house IT resources, a successful implementation demands specialized knowledge and niche expertise. That’s why most providers trust Net at Work to simplify the journey from start to finish. 

As a dedicated technology advisor, we can understand your organization’s needs from a holistic standpoint. With a range of accounting solutions, we evaluate each system to identify the best fit for your unique business requirements. That way, you won’t be locked into a platform that’s incompatible with the rest of your core technologies. 

Ultimately, Sage Intacct is a tool. But Net at Work is a partner that will help you implement that tool to its fullest potential. For more information, explore Sage Intacct for healthcare accounting today.