In almost every area, the health and human services industry is undergoing rapid change. To gain a deeper understanding of the innovation challenges and goals within nonprofit health organizations, Sage Intacct surveyed 144 financial leaders at nonprofit health organizations across North America - primarily CFOs, vice presidents and directors of finance, and controllers. Responding organizations manage anywhere from one to nine locations and most have up to three audits per year.
The Sage Intacct 2017 Nonprofit Healthcare Innovation Report presents their perspectives and insights, clearly underscoring the fact that organizations that rely on inefficient systems and manual processes are paying a heavy price that stretches beyond unnecessary delays and costs. Survey participants report they struggle with multiple challenges that collectively hamper their growth and inhibit their ability to add business value to their organizations.
The Sage Intacct 2017 Nonprofit Healthcare Innovation Report: Top Findings
Manual Processes Remain a Barrier for Most Organizations
Sixty-four percent of survey respondents reported that manual, time consuming processes were creating a meaningful drag on business growth. For instance, the survey found that 65 percent of respondents and their teams spend at least 25 hours each month working in Microsoft Excel. The result: delayed reporting, error-prone spreadsheets, operational inefficiencies.
An Unyielding Demand for Greater Visibility
The second major challenge uncovered by the Report was a lack of visibility into key outcomes and performance metrics. Fifty-seven percent of respondents report that their slower, error-prone operations have led to delayed decisions that resulted in missed opportunities to positively influence business.
The Hidden Drain of Disconnected Systems
A majority (57 percent) of respondents also noted their biggest cause of inefficiencies in financial operations was the hidden drain of multiple disconnected systems and data sources. The result: poor visibility, which delayed reporting, and further hampered growth.
In addition to these top challenges, the Sage Intacct 2017 Nonprofit Healthcare Innovation Report saw respondents underscoring the difficulties of dealing with multiple locations, entities, departments, practice areas, and regions. The lack of process automation and collaboration meant financial workflows were sluggish, communication among different functional areas was delayed, and processes were needlessly slower.
The solution: Sage Intacct Financials for Nonprofit Healthcare
The Sage Intacct cloud-based financial management solution is the key to driving business success in nonprofit healthcare organizations. Sage Intacct not only addresses the challenges identified in the Sage Intacct 2017 Nonprofit Healthcare Innovation Report but also puts finance leaders in the driver’s seat so that they can improve business outcomes.
Sage Intacct delivers the most complete financial reporting system for every aspect of your nonprofit healthcare organization. Click on easy, intuitive financial dashboards to get an instant overview of operational and financial performance. See key metrics from almost any perspective – business driver, entity, service, location and more.
When you’re ready, dive deeper with Sage Intacct's standard financial reports to get details that matter to all your key stakeholders: donors, executives, board members, regulators, sales, finance, and other departments. And when you have new questions, it’s easy to click your way to a new custom report, dashboard, or visualization. Sage Intacct gives you fast answers, so you can make confident decisions.
Finally, with Sage Intacct you can say goodbye to the headaches of disconnected systems, countless spreadsheets, and blind spots in your organization. Sage Intacct lets you create consolidated financial statements or summary rollup reports at any time, not just at month-end. Get the speed you need to adjust strategies and operations to respond to performance trends.
To learn more about these and many other ways Sage Intacct can add value to your nonprofit healthcare organization, visit sageintacct.com/HHS.
[ Published: November 15, 2017 ]