Sage helps thousands of healthcare organisations focus on strategic initiatives, increase efficiency and drive growth.
Enhance the quality of care with our secure, compliant cloud solutions for healthcare. Understand revenue sources and boost provider and patient profitability.
Manage healthcare financials with clear visibility into revenue sources and performance across care facilities.
Unite clinical and financial insights to improve operational efficiency while maintaining quality care standards.
Scale your healthcare workforce operations efficiently with integrated HR and payroll solutions.
Cloud accounting for freelancers, sole traders, and small businesses:
For small to medium sized businesses that want a modular HR system that will simplify processes across the end-to-end employment journey
"Sage Intacct gives us the flexibility to customise virtually any report and analyse our financial data using key operational metrics like cost per-patient-per-day - a measure that's extremely important in a business as specialised as senior care."
Healthcare accounting is the practice of recording and reporting the financial activities of healthcare organisations, such as hospitals, clinics and insurance companies. Healthcare accounting has several unique aspects that distinguish it from other types of accounting, such as:
Complex revenue cycle: Healthcare organisations have to deal with multiple sources of revenue, such as patients, insurers, and even government programmes and grants – each with their own payment terms, rates and policies. Healthcare accounting software, such as Sage Intacct, can help you understand your revenue cycle, ensuring accuracy and compliance.
Regulatory compliance: Healthcare accounting software, such as Sage Intacct, can help ensure that healthcare organisations meet the regulatory requirements and avoid penalties or audits.
Multi-entity consolidation: Healthcare organisations often operate as multiple entities, such as subsidiaries, affiliates or joint ventures. Each entity may have its own chart of accounts, currency and reporting standards. Healthcare accounting software, such as Sage Intacct, can help consolidate the financial data from multiple entities, providing a unified and comprehensive view of the organisation's performance.
Healthcare and medical accounting software is a specialised type of software that helps healthcare organisations and professionals manage their finances, operations and compliance. Healthcare and medical accounting software can help you understand your revenue cycle and automate financial tasks. Healthcare and medical accounting software can also integrate with other systems, such as electronic medical records, practice management, and inventory management, to provide a holistic view of the organisation's performance.
Cloud accounting software is a type of software that runs on the internet, rather than on a local computer or server. Cloud accounting software offers many benefits for healthcare organisations and professionals, such as:
Accessibility: Cloud accounting software can be accessed from any device, anywhere, at any time, as long as there is an internet connection. This allows healthcare professionals to work remotely, collaborate with colleagues, and serve patients across different locations.
Scalability: Cloud accounting software can easily adapt to the changing needs and growth of the healthcare organisation, without requiring costly hardware upgrades or software installations. Cloud accounting software can also handle large volumes of data and transactions, without compromising speed or performance.
Security: Cloud accounting software provides high levels of security and compliance, as the data is stored and encrypted in secure servers, protected by firewalls, antivirus, and backup systems.
Efficiency: Cloud accounting software automates and streamlines many of the tedious and manual processes involved in healthcare accounting, such as data entry, reconciliation and reporting. This reduces errors, saves time, and improves accuracy and productivity.
Choosing the best healthcare accounting software depends on several factors, such as the size, type and needs of the healthcare organisation or professional, the features and functionality of the software, the cost and value of the software, and the customer service and support of the software provider. Some of the questions to ask when choosing the best healthcare accounting software are:
These are some of the biggest differences our healthcare customers notice when switching to Sage Intacct from QuickBooks:
Anytime, anywhere business visibility: Real-time visibility into metrics is essential for faster financial decisions. QuickBooks offers canned reports – and no dashboards – so your visibility is limited, and you're often forced to make decisions based on outdated information.
Increased productivity: Automation and workflows allow you to streamline processes to save time and reduce errors. And many healthcare organisations naturally and gradually develop sophisticated accounting requirements (such as multi-entity consolidation). If QuickBooks is the financial foundation, that often means cumbersome workarounds because QuickBooks doesn't provide built-in capabilities for these complex processes, leaving users over-reliant on spreadsheets and manual data entry and re-entry.
Scalability: As your organisation grows, you need an accounting system that can grow with you. Sage Intacct provides a scalable architecture that allows for an increase in transaction volume and the ability to easily add new entities, a multi-ledger system and robust financial controls to ensure compliance and auditability. Despite its popularity as a business application for small businesses, QuickBooks simply wasn't designed for growing organisations that need advanced functionality to manage sophisticated processes.
When choosing the best healthcare accounting software solution, it is important to consider factors such as the overall features, integration capabilities and customisation options.
Ready to learn more about what Sage can do for your healthcare organisation? We are, too. Our product experts are here to guide you every step of the way.
