SAN JOSE, CA. – March 30, 2015 – As healthcare companies grow, it is challenging to monitor performance and keep financial processes running smoothly using traditional, on-premises financial software – especially managing multiple locations, multiple services, and multiple types of patients. More and more, these organizations are moving their accounting software to the cloud with Intacct, a leader in cloud financial management and accounting software. Intacct enables these healthcare companies to automate processes for greater efficiency, plus gain the business visibility they need to make operational improvements.
In a recent survey by TechValidate, the top challenges healthcare companies struggled with prior to switching to Intacct included limited access to reports and information to drive decision making (64%), inefficiencies due to a reliance on spreadsheets to support financial processes and reporting (55%), difficulty in adapting their existing financial software to new business requirements (36%), excessive manual data entry/re-entry (36%), and inadequate controls around their financial processes (27%). [Source: TechValidate. TVID: 7C8-811-609]
These organizations needed a way to eliminate those issues and moved to Intacct’s cloud financial software. When evaluating Intacct against other competitors, including FinancialForce, Microsoft, NetSuite, and Sage, the TechValidate survey found that the top reasons healthcare organizations selected Intacct were ease of use (82%), the depth of Intacct’s accounting and finance features (64%), scalability and ability to support growth (45%), Intacct’s multi-tenant cloud delivery model (45%), and the ease of integrating Intacct with other applications (36%). [Source: TechValidate. TVID: 623-FFF-D39]
Once they make the switch, Intacct enables healthcare organizations to automate key finance and accounting processes, including procure-to-pay and month-end close. Intacct also helps multi-location companies to centralize payables and eliminate manual processes for payments and intercompany accounting. Intacct’s reporting and analysis functionality enables these organizations to gain the visibility they need to make better decisions and improve business performance. With Intacct, healthcare companies can more easily track their key financial and operational metrics, like available capacity used and revenue per treatment or payment type, and then compare performance and ratios across locations to identify best practices.
Healthcare Organizations Showcase Their Success with Intacct
Paradigm HomeCare, which provides home health care services, found that with Intacct they were able to streamline revenue management, financial consolidations, and multi-entity management, as well as automate key processes including procure-to-pay and quote-to-cash. Prior to implementing Intacct they were reliant on error-prone spreadsheets for reporting, and challenged by having limited access to reports and financial information that could help drive decision-making. “With Intacct, we’ve gained faster access to the information we need and freed up over 50% of the finance team’s time to focus more on strategic activities,” said Vickie Coleman, business manager at Paradigm. “We have also reduced our month-end close by more than 50% with Intacct. Looking back, I wish we had made the decision to switch to Intacct sooner.”
Freedom Healthcare, which provides comprehensive drug and alcohol addiction treatment programs under the Addiction Campuses brand, implemented Intacct last year. Wanting a cloud based system to avoid costly IT expenses, Freedom Healthcare evaluated Intacct and NetSuite and ultimately selected Intacct for its ease of use, the depth of accounting and finance features offered, and the ease of integration with other systems and applications.
“As a startup healthcare organization, we needed financial software that could deliver the key accounting and reporting functionality we needed today, while also offering the scalability to grow with us as our needs change,” said Lee Whitefield, CFO of Freedom Healthcare. “We were able to get up and running on Intacct in less than two months. We love that the system is intuitive, provides anywhere/anytime access, and delivers the reporting we need without having to use additional software. Intacct has been especially helpful for doing financial consolidations and managing finances across our multiple locations.”
Cloud computing has become a widely adopted business tool for healthcare organizations, and many of them are choosing Intacct. To learn more about how Intacct helps healthcare organizations, please visit www.sageintacct.com/financial-management-industries/healthcare-accounting-software.