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WHITEPAPER
Guide to Modern Financial
Management and Cloud Accounting
for Healthcare Organizations
O U T S O U R C E D A C C O U N T I N G & TA X
1 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS
Is it time to take your healthcare
organization to the next level?
The technology environment is changing rapidly for today’s growing healthcare
organizations, from multi-entity medical practices to large hospital systems—and
everything in between. From maintaining information privacy to achieving financial
performance, you have a long list of priorities to address while upgrading your
systems. You have to carefully balance cost concerns with your need for complex
functionality, always with your eyes on both patient care and government regulation.
With so many moving parts, the task of bringing your financial management
systems and related processes up to speed—and across multiple offices—can
appear daunting. Fortunately, there are modern cloud-based accounting software
solutions designed specifically to meet the unique challenges of multi-location
healthcare organizations by streamlining your financial operations.
This white paper will explore these challenges and demonstrate how Intacct’s
financial management and cloud accounting solution can support your healthcare
organization’s growth and drive its long-term success.
Evolution in the healthcare industry
impacts organizations’ finance and
accounting functions.
3 key factors that are propelling big-picture change across the US healthcare landscape
are also driving transformation within their finance and accounting departments.
1. Healthcare reform
Strategic attention to costs, quality, transparency, compliance, and competition is
changing the way healthcare organizations operate.
	ACA regulations will equal an estimated 190 million hours of paperwork
per year imposed on business and the healthcare industry. (Heritage.org)
2. Shifting workforce needs
Increasingly younger, more tech-savvy employees—admin workers, C-Suite
decision-makers, and clinicians—have new expectations for how to stay
productive.
	 80% of physicians use smartphones and medical apps (Greatcall.com) or
	78% of all office-based physicians use of a certified electronic health
record (HealthIT.gov)
2 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS
3. Technology investments
Organizations are replacing legacy systems with digital solutions that provide
optimal integration and analytics capabilities.
	 Technologies healthcare organizations are planning to upgrade in 2017:
		 Security – 52%
		 Analytics – 51%
		 Patient engagement – 44%
		 Population health – 44%
		 EHRs – 31%
		 Remote patient monitoring – 24%
		 Revenue cycle management – 22%
	 (HealthcareITNews.com)
Your healthcare organization continues to evolve as the result of various
regulatory, economic, workforce, and technology drivers. That means your finance
and accounting teams have to adapt—and they have to provide more strategic
support to decision-makers across multiple entities and locations.
It’s critical that your systems and processes keep up with (and even stay ahead of)
requests for more actionable information. And they have to deliver insights with
more speed and agility.
If the right systems are not in place,
you’re feeling some pain points with
yesterday’s way of working.
	 Top Challenges Healthcare Companies Struggle with Prior to Intacct
	 Limited access to reports and information to drive decision-making – 64%
	 Reliance on spreadsheets to support financial processes and reporting – 55%
	 Difficulty in adapting existing software to new business requirements – 36%
	 Excessive manual data entry/re-entry – 36%
	 Inadequate controls around financial processes – 27%
	 Source: TechValidate.com
Limited By Yesterday’s Technology
Traditional, on-premises financial software—not to mention paper-based systems—
are simply not robust enough to handle the new business requirements faced by
your accounting and finance departments. Legacy solutions were not designed to
accommodate their widening range of responsibilities, including:
3 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS
	 • Monitoring new performance measures across multiple dimensions
and business drivers
	 • Keeping financial processes running smoothly across digital systems
	 • Processing more data from more systems in less time
	 • Reporting insights on more information, sooner and more frequently
What’s more, if your organization is expanding or already includes multiple
offices, you have the added pressures of managing decentralized payables, inter-
entity transactions, financial consolidations, data security between divisions, and
potential compliance concerns impacting taxes and reporting.
Slowed Down By Spreadsheets and
Manual Processes
If your workflows are centralized and manual, especially for day-to-day activities
like purchasing, approvals and payments, your teams’ time and energy isn’t
available for strategic projects. Likewise, continuing to use spreadsheets to keep
track of transactions and get your financial reporting done is inefficient and
inherently error-prone. It’s also not meeting the needs of decision-makers who
need to make mission-critical assessments based on real-time data—if it’s even
available.
Falling Behind Without Adequate
System Integrations
If your financial system isn’t connected to your billing, payroll, and other systems,
your organization’s accounting and finance workers are probably grappling with
data re-entry and inefficient workarounds. This explains why more healthcare
organizations are investing in various interoperability projects in 2017:
• Connecting to external databases (e.g. health information exchanges) – 65%
• Connecting applications within the organization – 58% percent
• Adding connections from medical devices to existing systems – 37%
Source: HealthcareITNews.com
To continue reading, download the complete whitepaper here.

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A Guide to Modernizing Financial Management at Healthcare Organizations

  • 1. WHITEPAPER Guide to Modern Financial Management and Cloud Accounting for Healthcare Organizations O U T S O U R C E D A C C O U N T I N G & TA X
  • 2. 1 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS Is it time to take your healthcare organization to the next level? The technology environment is changing rapidly for today’s growing healthcare organizations, from multi-entity medical practices to large hospital systems—and everything in between. From maintaining information privacy to achieving financial performance, you have a long list of priorities to address while upgrading your systems. You have to carefully balance cost concerns with your need for complex functionality, always with your eyes on both patient care and government regulation. With so many moving parts, the task of bringing your financial management systems and related processes up to speed—and across multiple offices—can appear daunting. Fortunately, there are modern cloud-based accounting software solutions designed specifically to meet the unique challenges of multi-location healthcare organizations by streamlining your financial operations. This white paper will explore these challenges and demonstrate how Intacct’s financial management and cloud accounting solution can support your healthcare organization’s growth and drive its long-term success. Evolution in the healthcare industry impacts organizations’ finance and accounting functions. 3 key factors that are propelling big-picture change across the US healthcare landscape are also driving transformation within their finance and accounting departments. 1. Healthcare reform Strategic attention to costs, quality, transparency, compliance, and competition is changing the way healthcare organizations operate. ACA regulations will equal an estimated 190 million hours of paperwork per year imposed on business and the healthcare industry. (Heritage.org) 2. Shifting workforce needs Increasingly younger, more tech-savvy employees—admin workers, C-Suite decision-makers, and clinicians—have new expectations for how to stay productive. 80% of physicians use smartphones and medical apps (Greatcall.com) or 78% of all office-based physicians use of a certified electronic health record (HealthIT.gov)
  • 3. 2 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS 3. Technology investments Organizations are replacing legacy systems with digital solutions that provide optimal integration and analytics capabilities. Technologies healthcare organizations are planning to upgrade in 2017: Security – 52% Analytics – 51% Patient engagement – 44% Population health – 44% EHRs – 31% Remote patient monitoring – 24% Revenue cycle management – 22% (HealthcareITNews.com) Your healthcare organization continues to evolve as the result of various regulatory, economic, workforce, and technology drivers. That means your finance and accounting teams have to adapt—and they have to provide more strategic support to decision-makers across multiple entities and locations. It’s critical that your systems and processes keep up with (and even stay ahead of) requests for more actionable information. And they have to deliver insights with more speed and agility. If the right systems are not in place, you’re feeling some pain points with yesterday’s way of working. Top Challenges Healthcare Companies Struggle with Prior to Intacct Limited access to reports and information to drive decision-making – 64% Reliance on spreadsheets to support financial processes and reporting – 55% Difficulty in adapting existing software to new business requirements – 36% Excessive manual data entry/re-entry – 36% Inadequate controls around financial processes – 27% Source: TechValidate.com Limited By Yesterday’s Technology Traditional, on-premises financial software—not to mention paper-based systems— are simply not robust enough to handle the new business requirements faced by your accounting and finance departments. Legacy solutions were not designed to accommodate their widening range of responsibilities, including:
  • 4. 3 YOUR GUIDE TO MODERN FINANCIAL MANAGEMENT AND CLOUD ACCOUNTING FOR HEALTHCARE ORGANIZATIONS • Monitoring new performance measures across multiple dimensions and business drivers • Keeping financial processes running smoothly across digital systems • Processing more data from more systems in less time • Reporting insights on more information, sooner and more frequently What’s more, if your organization is expanding or already includes multiple offices, you have the added pressures of managing decentralized payables, inter- entity transactions, financial consolidations, data security between divisions, and potential compliance concerns impacting taxes and reporting. Slowed Down By Spreadsheets and Manual Processes If your workflows are centralized and manual, especially for day-to-day activities like purchasing, approvals and payments, your teams’ time and energy isn’t available for strategic projects. Likewise, continuing to use spreadsheets to keep track of transactions and get your financial reporting done is inefficient and inherently error-prone. It’s also not meeting the needs of decision-makers who need to make mission-critical assessments based on real-time data—if it’s even available. Falling Behind Without Adequate System Integrations If your financial system isn’t connected to your billing, payroll, and other systems, your organization’s accounting and finance workers are probably grappling with data re-entry and inefficient workarounds. This explains why more healthcare organizations are investing in various interoperability projects in 2017: • Connecting to external databases (e.g. health information exchanges) – 65% • Connecting applications within the organization – 58% percent • Adding connections from medical devices to existing systems – 37% Source: HealthcareITNews.com To continue reading, download the complete whitepaper here.