The U.S. health care industry is booming right now. Growth is projected at 5.6 percent annually, and the industry’s overall size is expected to reach 20 percent of gross domestic product by 2025, according to the Centers for Medicare & Medicaid Services. That means almost everyone in the industry has the opportunity to grow, but there are some notable obstacles, particularly when it comes to accounting and finance:
Health Care Finance Problems
- Difficult Data Collection – Health care companies that rely on multiple facilities, such as multioffice physician’s clinics and long-term care facilities, often struggle to consolidate and effectively manage their books between each location. Compiling the data is a time- and labor-intensive process ripe for errors and omissions.
- Poor Visibility & Reporting – When accounting and finance data becomes unmanageable, it’s difficult to monitor financials in real time or generate honest, illustrative reports. Sound financial management can become very difficult in this kind of environment.
- Compromised Growth Strategy – Despite the immense opportunity that exists in health care right now, health care organizations that can’t manage and monitor their books struggle to grow. And when they do open newer or larger locations, the additional accounting burden often proves overwhelming.
Health Care Finance Solutions
- Automated Processes – Instead of relying on manual inputs to keep data organized and optimized, implement automation that handles more of the management burden automatically. Processes that used to take a day or a week can now be consolidated into a few hours.
- Integrated Data – Relying on a single platform that encompasses data from across multiple locations helps make the reporting process easy and reliable. Reporting should be based on comprehensive, accurate and up-to-date data. With the aid of automation and intelligent tools, gaining visibility into the reporting process also can become faster and more flexible.
- Resource Optimization – When more of the accounting and finance process is automated, decision makers have extra time to devise and implement a growth strategy. And when the reporting process is powerful enough to produce effective insights on demand, decisions are likely based on more accurate and objective information.
Concurrently managing multiple health care offices and gaining real-time visibility into your financials is possible right now, but financial success isn’t guaranteed. Unless your accounting and finance department is properly set up for success, a growth strategy may be poised to fail.
Sage Intacct is the financial management software that many multilocation health care organizations rely on to reach the next level. An introductory solution is just that—something you’re supposed to grow out of. If you feel you’re ready to take the next step to effectively and securely grow your organization, contact BKD Technologies to learn more about the power, scalability and potential of Sage Intacct.