Trusted healthcare accounting and management software

Healthcare accounting is the practice of recording and reporting the financial activities of healthcare organizations, 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 organizations have to deal with multiple sources of revenue, such as patients, insurers, and even government programs 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 organizations have to comply with the Health Insurance Portability and Accountability Act (HIPAA), which protects the privacy and security of patient information. Healthcare accounting software, such as Sage Intacct, can help ensure that healthcare organizations meet the regulatory requirements and avoid penalties or audits.

Multi-entity consolidation: Healthcare organizations 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 organization’s performance.

Healthcare and medical accounting software is a specialized type of software that helps healthcare organizations 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 organization’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 organizations 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 organization, 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. Cloud accounting software also complies with HIPAA, which sets the standards for protecting the privacy and security of patient information.

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 organization 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:

• What are the specific accounting and financial challenges and goals of the healthcare organization or professional?
• What are the essential and desirable features and functionality of the healthcare accounting software?
• How easy is it to use, learn, and customize the healthcare accounting software?
• How secure, reliable, and compliant is the healthcare accounting software?
• How scalable and adaptable is the healthcare accounting software?
• How well does the healthcare accounting software integrate with other systems and software used by the healthcare organization or professional?
• How responsive, helpful, and knowledgeable is the customer service and support of the healthcare accounting software provider?

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 organizations 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 organization 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 organizations 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 customization options, as well as if it is HIPAA-compliant.