Three Benefits of Multi-Entity Financial Management in Health Care
Author: Jeff Bruntzel
To provide effective, accessible care to patients, health care organizations frequently rely on multiple locations. That creates opportunities to expand services and engineer growth, but it also can complicate management and obscure oversight in damaging ways.
Financial management software that can’t accommodate multiple entities makes it difficult or even impossible to generate accurate reports, synthesize complementary information or reference disparate data. Said differently, it forces health care organizations to operate with less clarity and certainty.
Luckily, implementing a multi-entity financial management solution can reverse those effects while enabling exciting long-term abilities. Consider the three benefits below health care organizations could begin to enjoy after implementation.
Productivity Improves Throughout the Organization
Attempting to manage financials across entities takes a herculean effort and becomes almost the entire focus of the in-house accounting and finance professionals. When more of that burden is shifted onto a smart solution capable of automating workflows and streamlining processes, health care professionals are free to focus their time, energy and effort elsewhere. Less time is spent managing the present and more time is spent engineering the future.
Efficiency Accelerates Workflows
Relying on a system that doesn’t integrate multiple entities requires accounting and finance professionals to manually enter data, perform redundant processes and exhaustively search for the right data. In short, it can turn a process that should be efficient and accessible into a disorganized drain on operational resources. A solution designed to accommodate 10, 20 or 100 different locations helps keep data from becoming an overwhelming obstacle.
Strategy Becomes Refined & Effective
A solution that’s better at integrating data from multiple entities also is better at analyzing data from multiple entities. It can become faster and easier to generate reports. Plus, those reports are based on a broader and deeper repository of data. Decision makers are empowered to generate ideas, innovations and insights with the confidence their decisions are guided by accurate and up-to-date information. Without this capability, the risk of errors, omissions and oversights means no strategy is certain.
These benefits don’t exist only in the abstract. Just consider the return on investment one health care organization with eight locations enjoyed after implementing a solution for multi-entity financial management:
- Monthly close shrank from one week to just one day.
- More than 400 person-hours were saved annually.
- The accounts payable process took 20 fewer hours each month.
- As much as $80,000 in annual costs were saved.
Sage Intacct is an industry-leading solution specifically designed to accommodate the needs of multi-entity organizations with an eye on growth. The features of this financial management software drill deeply into the data. They also extend out of one office and into dozens more. When you’re ready to integrate your enterprise using Sage Intacct, reach out to the BKD Technologies team for a free consultation.