The constant shifts in the HealthTech industry are driven by a few things: advancements in digital health solutions, the adoption of telemedicine, and developments in personalized care technologies.
And as these companies grow and evolve, so do their financial management needs. These companies must have effective financial operations—to sustain growth, ensure compliance, and keep driving innovation. Sage Intacct’s platform offers businesses some distinct advantages when it comes to financial management, scalability, and operational efficiency. Learn more about how this platform can work for your business.
Challenges in HealthTech Financial Management
HealthTech companies face unique challenges. To maintain solid financial oversight, these companies need robust financial systems that can handle their complex dynamics.
Rapid Growth and Scaling Issues
Many HealthTech companies experience rapid growth, which leads to challenges in scaling their financial operations. And if your company can’t scale effectively, you may find yourself spinning your wheels when it comes to expanding your business or innovating new products.
Multi-Entity and Multi-Location Complexities
Financial management is far more complex when a company operates across multiple entities and locations. Without the right financial tools, consolidating financial data, ensuring consistent reporting standards, and maintaining control over decentralized operations can overwhelm your team.
Regulatory Compliance
The healthcare sector is one of the most regulated industries in the United States. Because of this, HealthTech companies have to comply with a wide range of regulatory requirements, from HIPAA for patient data protection to FDA for wearable health tech.
Companies need systems with robust security and compliance features to make sure they avoid violating state or federal law while effectively managing their financial operations.
Need for Real-Time Financial Insights
In the fast-paced HealthTech industry, having financial insights at your fingertips is critical. Organizations need current information to make informed decisions, identify trends, and respond quickly to market changes. Being able to access an instant snapshot of your business finances can also help you pivot to meet operational challenges.
Sage Intacct: A Comprehensive Solution for HealthTech
Sage Intacct is designed to meet the healthcare industry’s unique needs. It features comprehensive financial management tools specifically tailored to healthcare providers and HealthTech companies. Sage Intacct’s features help companies manage their financial complexities and provide the insights needed for strategic planning and growth.
HIPAA Compliance and Data Security Measures
Sage Intacct lets companies manage their financial data in compliance with HIPAA regulations. This means robust security measures that protect sensitive information from unauthorized disclosure. These types of measures are crucial for both maintaining client trust and also ensuring your company complies with all applicable state and federal regulations.
Integration Capabilities with Other Healthcare Systems
Sage Intacct seamlessly integrates with various healthcare systems. This allows for unified data management across both clinical and financial operations. By integrating both sides of the equation, Sage Intacct ensures that all financial data is accurately reflected in real time.
Sage Intacct’s Key Features for Optimizing Financial Operations
Multi-Dimensional General Ledger
This platform’s multi-dimensional general ledger allows HealthTech companies to track and report financial data including locations, departments, and projects. This gives a comprehensive view of financial performance. It also lets companies drill down into the details to analyze patterns.
Automated Workflows for AP, AR, and Cash Management
The benefits of automating accounts payable, accounts receivable, and cash management processes can’t be overstated. This automation reduces manual work, minimizes errors, and accelerates transaction processing.
Sage Intacct’s automated workflows streamline financial operations, improving efficiency and accuracy.
Advanced Reporting and Dashboarding Capabilities
Sage Intacct offers advanced reporting tools and customizable dashboards that give companies real-time insights into their financial performance. These tools let HealthTech companies monitor key performance indicators (KPIs), generate detailed financial reports, and make data-driven decisions.
Multi-Entity Consolidation and Management
Managing multiple entities is made simple with Sage Intacct’s multi-entity consolidation capabilities. The platform allows for centralized financial management and reporting, ensuring consistency and accuracy across all entities.
Leveraging Sage Intacct for Strategic Decision Making
Real-Time KPI Tracking and Analysis
With Sage Intacct, HealthTech companies can track and analyze healthcare financial KPIs in real time. This gives valuable insights into financial health and operational performance, enabling proactive management and timely decision-making.
Customizable Dashboards for Different Stakeholders
Sage Intacct’s customizable dashboards provide views and insights tailored to each stakeholder. Executives, financial managers, and operational leaders can all access the specific information they need to make the most informed decisions.
Predictive Analytics and Forecasting Capabilities
Predictive analytics and forecasting tools in Sage Intacct help companies anticipate future financial needs, identify trends, and plan strategically. HealthTech companies need these crucial capabilities for budgeting, financial planning, and managing growth.
Case Studies: HealthTech Success Stories with Sage Intacct
Sage Intacct has already helped hundreds of healthcare and HealthTech companies improve their financial process efficiency, save costs, and increase return on investment. The platform’s automation and efficiency improvements reduce operational costs, while advanced financial insights support better resource allocation and financial planning.
Improved Efficiency in Financial Processes
HealthTech companies using Sage Intacct have reported major improvements in their financial process efficiency. Automated workflows and real-time reporting reduce the time these companies must spend on manual tasks. This allows financial teams to focus on strategic planning instead.
One of these companies is Paige.ai, a digital pathology innovator that uses generative AI to improve health outcomes. Paige.ai needed some foundational elements to attract more investors, support sustainable growth, and eventually launch an IPO. QuickBooks wasn’t doing the trick, but company leaders were concerned about the lost productivity that’s often inherent when switching to a new system.
Leaders were pleased with Sage Intacct’s implementation progress, reporting their milestones were reached at or ahead of schedule—and that Sage’s user interface “was the most intuitive and easy to navigate straight off the bat.” Paige.ai is using Sage Intacct’s API to integrate with the world’s most popular accounts payable software, freeing up its finance personnel to work on more value-added tasks.
Learn how Lavoie CPA can enhance your financial process efficiency with Sage Intacct.
Cost Savings and ROI Achievements
Implementing Sage Intacct has led to substantial cost savings and return on investment (ROI) for HealthTech companies. The platform’s automation and efficiency improvements reduce operational costs, while advanced financial insights support better resource allocation and financial planning.
Many healthcare accounting teams are focusing on making their core accounting activities (like closing the books) as efficient and automated as possible. Growing companies need their finance teams to think nimbly, and this means reducing the amount of time spent on data-entry types of tasks with finance outsourcing.
Sage Intacct’s Close the Books Survey talks to more than 1,400 finance and accounting professionals across 60+ industries. This survey showed that Sage Intacct’s healthcare customers could close their books in less than 25 percent of the time taken by non-Sage Intacct users. One of the companies surveyed, Personal Healthcare LLC, reduced its monthly close from one week to one day.
Find out how Lavoie CPA can help you achieve significant cost savings and ROI with Sage Intacct.
Implementation Best Practices
Assess Your Organization’s Needs
Before implementing Sage Intacct, HealthTech companies should assess their specific financial management needs and objectives. This helps select the right features and configurations to meet your organization’s requirements.
Plan for Seamless Integration
A well-planned integration strategy will let you seamlessly integrate Sage Intacct with your existing healthcare systems. This involves mapping out data flows, identifying integration points, and ensuring data consistency across platforms.
Training and Change Management Strategies
Successful implementation depends on effective training and change management strategies. HealthTech companies should invest in comprehensive training programs for staff and develop change management plans to ensure a smooth adoption of the new system.
Future-Proofing HealthTech Finances with Sage Intacct
Scalability for Growing Organizations
Sage Intacct’s scalable architecture supports growth. As organizations expand, the platform continues to accommodate increased transaction volumes, additional entities, and new locations without compromising performance.
Adapting to Evolving Healthcare Regulations
Sage Intacct is designed to adapt to evolving healthcare regulations to ensure continued compliance. Regular updates and enhancements keep the platform aligned with regulatory changes.
Continuous Innovation and Updates
Sage Intacct is constantly innovating and updating its platform to incorporate the latest financial management technologies and practices. HealthTech companies benefit from these updates by staying at the forefront of financial management innovation.
In Closing
Optimizing financial operations is crucial for HealthTech companies to navigate the industry’s complexities, ensure compliance, and drive growth. If you’re looking to enhance your financial processes, partnering with Lavoie CPA could be a great fit. Our team has unique expertise in leveraging Sage Intacct to address the financial challenges experienced by the health technology sector. Start the conversation with us today to learn how we can help you optimize your financial operations and drive growth.