The way healthcare keeps financial score is being transformed by technology and by data-driven approaches to decision-making. Financial dashboards are increasingly important to healthcare organizations as they look to improve efficiency, optimize the allocation of resources, and enhance patient care. These tools help healthcare professionals make informed decisions based on real-time data, which transforms the managing and monitoring of financial performance/
Understanding Financial Dashboards in Healthcare
Financial dashboards are visual tools that consolidate and display key financial data to give a comprehensive overview of an organization’s financial health. The main purpose of these dashboards is to aid informed decision-making by presenting complex data in an easily digestible format.
Key Components of Effective Healthcare Financial Dashboards
Revenue Metrics: This includes revenue per bed, clinician, and treatment.
Operational Metrics: Metrics like patients served, encounters, and clinician count.
Profitability Metrics: Profit and loss by location and budget comparisons.
Industry-Specific Metrics: These can include claim denial rates and average length of stay.
The Shift from Historical Reporting to Real-Time Insights
Healthcare accounting and financial management has traditionally relied on historical data to make decisions. But with real-time insights, organizations can now monitor financial performance as it happens, allowing for more proactive and agile management. You no longer need to wait until the end of a reporting period to make strategic planning decisions—every day, you have at your fingertips all the information you need to see trends and start pivoting.
Essential KPIs for Healthcare Financial Dashboards
Healthcare financial KPIs are the bread and butter of dashboards. Tracking different revenue, operational, and profitability metrics can allow you to see a three-dimensional view of your organization at any time.
Revenue Metrics
Revenue per Bed: This tracks the income each bed generates, helping optimize bed utilization.
Revenue per Clinician: This measures the financial contribution of each healthcare provider.
Revenue per Treatment: This assesses the profitability of different treatments and services.
Operational Metrics
Patients Served: This monitors the number of patients treated, highlighting trends and capacity.
Encounters: This tracks patient interactions to gauge workload and resource allocation.
Clinician Count: This measures staffing levels to ensure adequate patient care and operational efficiency.
Profitability Metrics
P&L by Location: This analyzes profit and loss across different locations to identify performance variations.
Budget Comparisons: This compares actual spending against budgeted amounts to control costs and improve financial planning.
Industry-Specific Metrics
Claim Denial Rates: This tracks the percentage of denied insurance claims, helping to identify billing issues and improve reimbursement processes.
Average Length of Stay: This monitors patient stay duration to optimize bed turnover and improve patient flow.
The Impact of Real-Time Data on Decision Making
Enhancing Forecasting and Budgeting Accuracy
Real-time data has revolutionized the way healthcare organizations approach forecasting and budgeting. These processes traditionally relied on historical data, which often failed to reflect current trends or sudden changes in the healthcare environment.
The COVID-19 pandemic is a prime example of these suddenly-changing conditions. Nearly overnight, healthcare providers had to instantly react and adapt to shifting federal and state regulations and new guidelines on caring for COVID patients. Data dashboards give up-to-the-minute information that can enhance accuracy in several ways:
Immediate Access to Current Financial Information: Healthcare organizations can access the latest financial metrics. This ensures their forecasting models and budgets are based on the most current available information.
Improved Resource Allocation: Understanding the current financial status and anticipated future needs lets organizations allocate resources more effectively.
Dynamic Budget Adjustments: Real-time data allows continuous budget monitoring. This lets healthcare managers make necessary adjustments to stay on track financially.
Identifying Trends and Patterns for Proactive Management
Being able to analyze real-time data helps healthcare organizations identify trends and patterns that may not be apparent with delayed or historical data. When historical data is aggregated and seen in a snapshot view, you can easily lose sight of day-to-day trends.
Up-to-the-minute data analysis can highlight emerging financial issues before they become significant problems. This allows for early intervention that might not otherwise be possible.
Meanwhile, continuous monitoring lets healthcare organizations identify long-term trends that inform strategic decision-making. This can often include changes in patient volume, service demand, and revenue cycles.
And finally, data lets organizations benchmark their performance against internal goals and industry standards on a rolling basis. Again, periodic snapshots in time aren’t the most helpful when it comes to strategic planning. By constantly evaluating an organization’s performance, managers help it remain competitive and efficient.
Facilitating Quick Responses to Financial Challenges
Real-time insights are crucial for healthcare managers who must quickly respond to financial challenges. Whether it’s a sudden drop in revenue, unexpected expenses, or changes in regulatory requirements, real-time data gives the information needed to act quickly.
But real-time data doesn’t just help with challenges; it also highlights opportunities. For instance, recognizing a surge in demand for specific services can help you immediately capitalize on this trend by reallocating resources or adjusting service offerings. And if or when you see this trend start to reverse, you can retool your approach.
Customization and Accessibility of Financial Dashboards
Financial dashboards can be customized to give different stakeholders targeted insights. This helps ensure that everyone—from executives to managers to clinicians—can access the information they need. The most effective financial dashboards integrate seamlessly with other healthcare systems and data sources to give a holistic view of an organization’s financial health.
With mobile accessibility, financial dashboards enable on-the-go decision-making, letting healthcare professionals stay informed and responsive no matter where they are.
Case Studies: Success Stories of Healthcare Organizations
Improving Operational Efficiency
Sage Intacct helped one healthcare organization reduce its monthly close from 15 days to 4 days. This organization, which provides on-site primary care and health coaching, used a reporting dashboard to analyze its operating costs by number of eligible lives per clinic, as well as how many medical supplies were being used per visit. This helped the organization get a better handle on how much to charge patients. It also allows it to determine which clinics are operating most efficiently. Learn more at Sage’s blog.
Enhancing Financial Performance
A California orthopedic clinic grew by 25%—without adding to its finance headcount—by incorporating operational data into its reporting process. Sage Intacct also helped it streamline its finance workflows to free 50 hours per month.
Like any tool, a financial dashboard is at its most effective when it’s designed with the user in mind. If the dashboard doesn’t track the measures you want to see or is confusing or difficult to navigate, it’s not the best tool for you. Platforms like Sage Intacct offer robust features tailored to healthcare financial management and can be nearly endlessly customized to the user experience.
It’s also crucial to train your healthcare teams on the most effective use of these dashboards. Comprehensive training programs and ongoing support can make for a smoother transition. At Lavoie CPA, not only can we optimize Sage Intacct to suit your individual needs and goals, but we can also provide direct support throughout the process.
The Future of Financial Dashboards in Healthcare
As the healthcare industry shifts towards value-based care, financial dashboards will play a key role in tracking performance metrics and ensuring sustainable, patient-centered care. What’s more, technologies like AI, blockchain, and predictive analytics will continue to offer deeper insights and enhanced security.
You need to stay ahead of regulatory changes to consistently comply with them. Fortunately, financial dashboards can help healthcare organizations monitor and adapt to new regulations in the most efficient way possible. Instead of relying on manual research and employee memory to ensure you’re complying with relevant federal and state guidelines, you’ll be able to program these guidelines into your dashboard and see how you’re performing.
Conclusion
Financial dashboards have become an indispensable tool in modern healthcare financial management. Organizations that leverage the power of these dashboards can enhance their existing operations, optimize cost structures, and improve their financial performance. But it’s more than moving ahead—it’s about not being left behind. Healthcare providers must embrace and invest in advanced financial dashboard technology to stay competitive and provide the best outcomes for their patients and stakeholders.
Ready to take your healthcare financial management to the next level? Learn more about how Lavoie CPA can empower your organization’s decision-making with Sage Intacct—contact us today to start the conversation.
As your software company grows, the financial tools that once served you well may instead start to hinder you. From clunky manual billing processes to delayed reporting, tools that work well for small businesses can quickly lose their luster.
At Lavoie CPA, we’ve guided many software companies through this critical transition. We’ve helped companies move from basic accounting software like QuickBooks to more robust solutions like Sage Intacct. Below, we discuss five clear signs that it might be time for your company to make this switch.
Manual Billing Processes
Are you spending hours manually creating invoices or re-entering data from Salesforce into QuickBooks? Not only does this time-consuming process slow down your cash flow, but it can also increase the risk of making errors.
As your customer base grows, manual billing becomes increasingly unsustainable. It’s not just about the time spent, but about the opportunity cost of what your finance team could be doing instead of manual data entry.
Inflexible Billing Options
In today’s dynamic software market, your company’s growth hinges on its ability to offer varied pricing models. If QuickBooks won’t let you implement subscription-based, usage-based, or other innovative pricing structures, you’re missing significant growth opportunities. Modern customers expect flexible options—your billing system should support this, not hinder it.
Spreadsheet-Based Revenue Recognition
With the complexities of ASC 606, it’s no longer feasible for growing software company accounting teams to manage revenue recognition in spreadsheets. Not only is this manual entry time-consuming, but it’s also prone to errors and makes audit preparations a nightmare. If your best team members spend a disproportionate amount of their time on manual calculations, it’s a clear sign you need a stronger solution. Automated revenue recognition isn’t just a luxury—it’s a necessity for scaling software companies.
Delayed Reporting
Are you pulling all-nighters to prepare reports for investors or your board? Delayed financial closes and manual report preparation drain your resources and obstruct timely decision-making. In the fast-paced software industry, having real-time insights into your financial performance can be the difference between seizing an opportunity or missing out. If you only have access to outdated financial information, you’re ill-equipped to make the best decisions for your company’s future.
Challenging Forecasts
For software companies, being able to accurately predict cash flow, revenue, and growth is vital for strategic planning and investor relations. If you’re struggling to create reliable forecasts, it’s time to consider an upgrade. Accurate forecasting isn’t just about predicting the future; it’s also about understanding the levers that drive your business and being able to quickly and accurately model different scenarios.
How Lavoie CPA and Sage Intacct Address These Challenges
At Lavoie CPA, we specialize in implementing Sage Intacct to address the pain points discussed above.
We integrate your quote-to-cash processes, eliminating manual data entry and reducing errors. This integration can speed up your billing cycles by 30-60%.
We enable flexible, contract-based billing to support innovative pricing models, letting you experiment with pricing strategies that can drive growth.
We automate revenue recognition, ensuring you’re ASC 606 compliant without the spreadsheet headaches. This not only saves time but also provides peace of mind during audits.
We set up real-time GAAP reporting and SaaS metrics, providing instant insights into your business performance. This allows for more agile decision-making and more productive board meetings.
We improve your forecasting capabilities, enabling you to make data-driven strategic decisions. With Sage Intacct, you can easily model different scenarios and understand the potential impact of each.
Benefits of Upgrading from QuickBooks
Companies that make the switch typically see:
30-60% faster quote-to-cash cycles, reducing DSO.
20% improvement in cash flow, freeing up resources for strategic investments.
30-75% shorter financial close periods, allowing finance teams to focus on analysis instead of data gathering.
More accurate forecasting, leading to better strategic decision-making and improved investor relations.
Scalability that supports business growth without the need to grow your finance team.
Position Your Company for Success
If your software company has begun to outgrow its spreadsheet-based billing and reporting tools, it’s time to consider a more robust financial management solution. The transition from QuickBooks to a system like Sage Intacct isn’t just about handling current challenges; it’s also about positioning your company for future growth and success.
At Lavoie CPA, we have the expertise to guide you through this transition. We understand the unique challenges of the software industry and can help tailor our implementation of Sage Intacct to your company’s specific needs.
Don’t let outdated financial systems delay your growth. Start the conversation with Lavoie CPA today to learn how we can help you implement Sage Intacct to overcome these challenges and position your company for future success. Let’s work together to transform your financial operations from a bottleneck to a strategic asset.
Multi-entity healthcare organizations face major challenges when they consolidate their finances. Lavoie CPA understands these complexities and offers a powerful solution: Sage Intacct implementation.
The Challenge for Multi-Entity Healthcare Organizations
Consolidations create a unified view of your organization’s financial health. Whether you’re managing a multi-practice clinic, long-term care providers, or a hospital network, you must ensure that all stakeholders clearly understand your organization’s business lines so they can make informed decisions. But when you’re dealing with so many moving parts, it’s even more challenging to quickly give a 10,000-foot view.
The healthcare industry’s evolving landscape complicates the consolidation process:
Expansion across regions and states
Changing accounting rules and regulatory frameworks
Growth through new ventures and acquisitions
Increasing inter-company activities
Instead of managing a small slice of one pie, you instead find yourself managing the entire bakery.
The Traditional Consolidation Process: A Time-Consuming Approach
Many healthcare organizations rely on a traditional consolidation process that’s both time-consuming and prone to errors. This typically involves:
Waiting for each business unit to close their books
Manually collecting and harmonizing data from various sources
Making consolidation and elimination entries
Manipulating consolidated accounts for financial reporting
This approach often leads to delays, errors, and a lack of real-time visibility into your organization’s financial status.
The Next Generation of Consolidations: Sage Intacct
At Lavoie CPA, we recommend Sage Intacct as a solution to the consolidation challenges so many organizations face. Sage’s cloud-based financial management system offers four critical advantages:
Scalable Accounting Foundation: This lets you add new entities without requiring you to invest in any extra hardware or software.
Faster Growth Support: Quickly set up new entities with your existing business models and practices.
Streamlined Consolidation Process: Access real-time data from all your organization’s entities, automate eliminations, and reconcile intercompany accounts.
Enhanced Insight: Gain real-time visibility into consolidated financial information for faster, more informed decision-making.
How Lavoie CPA Can Help
As experienced Sage Intacct implementers, Lavoie CPA can help your healthcare accounting team in several respects.
First, we’ll work with you to transition to this cloud-based solution. We can customize the system to meet your specific needs and ensure it’s capturing all the information it needs.
We can also train your team to maximize Sage Intacct’s benefits. Once your team knows everything Sage Intacct can do, they can hit the ground running to gather data and find new solutions for challenges your organization faces. And we’ll provide ongoing support and optimization, troubleshooting wherever needed and making sure this system is working for you.
By partnering with Lavoie CPA to implement Sage Intacct, your multi-entity healthcare organization can:
Accelerate the integration of new entities
Improve control and centralize core financial processes
Gain drill-down insight from consolidated views into each operating entity
Enhance coordination throughout the closing process
Access real-time consolidated results at any time
By automating and streamlining your consolidation process with Sage Intacct—implemented by Lavoie CPA—you can transform your organization’s financial management from a time-consuming task to a valuable strategic asset.
Ready to improve your multi-entity healthcare organization’s financial consolidations? Start the conversation with Lavoie CPA today to learn how we can help you implement Sage Intacct and enhance your financial management.
In today’s fast-paced and competitive market, companies must always be conscious of ways to increase their revenue and improve profit margins. With tighter budgets and rising costs, working efficiently and saving money is more important than ever. One powerful tool that helps businesses achieve these goals is Sage Intacct, a cloud-based financial management software.
Sage Intacct provides businesses with automation and integration capabilities. This can transform how companies handle their financial operations. Below, we’ll explore how using automation and integration with Sage Intacct can lead to real financial improvements, from boosting revenue to cutting costs.
The Impact of Automation and Integration on Revenue and Margin
Core Benefits
Automation and integration are key to improving financial performance, and Sage Intacct makes it easy for businesses to take advantage of these benefits. Here are a few ways it helps:
Reducing Operational Inefficiencies: With automation, many manual tasks can be streamlined or even eliminated. This saves time and reduces the risk of human error, allowing your team to focus on higher-value work.
Enhancing Data Accuracy and Accessibility: By integrating different systems into Sage Intacct, businesses can ensure all their financial data is up-to-date and accessible in one place. This means fewer mistakes, more reliable financial reports, and quicker decision-making.
Streamlining Financial Processes: Automation speeds up time-consuming processes like invoicing, payroll, and financial reporting. This leads to faster turnaround times, improving cash flow and boosting your bottom line.
Business Stability
In tough economic times, businesses that maintain strong revenues and healthy margins are more likely to stay afloat.
Automation and integration with Sage Intacct can help companies remain stable by cutting unnecessary costs, improving efficiency, and providing a clear picture of financial health. When your company can quickly adapt and respond to changing market conditions, it’s better prepared to handle unexpected challenges.
Forrester interviewed four companies that implemented Sage Intacct, combining their experiences into a composite organization—a North American tech services company with $30 million in annual revenue and 100 employees. The organizations described how, before Sage Intacct, their financial systems were fragmented. They relied on legacy systems like Oracle NetSuite and QuickBooks, along with manual processes that required extra labor to fill in data gaps.
After switching to Sage Intacct, these companies gained real-time financial visibility and accurate data. The platform’s automation allowed them to analyze their financials without adding staff, saving time and resources. Forrester calculated a three-year margin benefit of $598,500, with a present value of $496,127.
In their previous setups, the companies had to hire more personnel as they grew. But with Sage Intacct, they streamlined processes, improved integration, and avoided increasing headcount. One CFO noted that thanks to the platform, they didn’t expect to hire any more accounting staff soon, even with significant company growth. Automation also helped these companies meet GAAP (Generally Accepted Accounting Principles) standards and improve reporting accuracy, reducing the need for costly external accounting services.
Forrester’s analysis assumes that a typical company using Sage Intacct has five key financial staff members and avoids hiring two more employees, saving $105,000 per year per employee. Adjusting for risks such as prior systems, growth rates, and salary variations, Forrester estimated a risk-adjusted present value of $496,127 over three years.
Quantifying the Financial Benefits
Automation and Billing Efficiency
Sage Intacct excels in improving billing accuracy and efficiency.
Many businesses struggle with time-consuming and error-prone manual billing processes. Sage Intacct helps you reduce the chance of mistakes (like overbilling or underbilling clients), which can lead to lost revenue or strained relationships with your customers.
Automating billing also speeds up the process. It can ensure invoices are sent on time, payments are collected faster, and cash flow is steady. These improvements lead to healthier profit margins when businesses can save time, reduce errors, and get paid sooner.
Labor Cost Savings
One of the most immediate financial benefits of automation with Sage Intacct is the reduction in labor costs. Automating routine tasks like data entry, reporting, and reconciliations eliminates the need to hire or maintain more staff to handle these tasks.
For example, a business might save the equivalent of one full-time employee’s salary, potentially around $50,000 a year, by automating a few key financial operations. Over time, these savings can add up. They allow businesses to redirect resources toward their more strategic initiatives.
Increased Financial Accuracy
Sage Intacct’s automation tools ensure compliance with GAAP standards. They help businesses avoid costly mistakes and ensure accurate and compliant financial reports.
Accurate financial reporting is essential for decision-making and investor relations. By reducing errors and providing up-to-date, reliable information, your business can make informed choices that protects its bottom line and ensures long-term financial stability.
Leveraging Sage Intacct for Strategic Growth
Supporting High Growth
One of the challenges for growing businesses is managing an increasing level of financial complexity without expanding their finance teams.
Sage Intacct lets businesses scale without hiring more staff, as automation takes care of many manual processes. With efficient workflows, you can handle more transactions, manage more data, and produce detailed financial reports with the same size team.
Investor Confidence
Investors need to trust the financial health of the companies they invest in, and Sage Intacct provides the reporting accuracy and compliance features that build this confidence.
With Sage Intacct’s robust financial reporting tools, businesses can easily provide investors with clear, accurate, and timely reports that reflect their true financial position. This transparency can influence your ability to attract and retain investors, especially during periods of rapid growth.
Optimizing Cash Flow Management
Cash flow is the lifeblood of any business. Sage Intacct’s automation in areas like Accounts Payable (AP), Accounts Receivable (AR), and reconciliations allows businesses to stay on top of their cash flow.
By automating these processes, businesses can speed up collections, avoid late payments, and ensure accurate financial records. This improved cash flow management helps businesses make better investment decisions. It also ensures businesses have the funds available to take advantage of opportunities that arise.
Flexible and Configurable Financial Management
Customizable Workflows
Every business is unique, and Sage Intacct recognizes this by offering customizable workflows that fit each organization’s specific needs. Whether it’s automating approval processes, customizing reports, or integrating with other software systems, Sage Intacct’s platform can be tailored to meet your business’s needs, no matter what size you are or industry you’re in. This flexibility ensures that the software works for your business, not the other way around.
Adapting to Business Evolution
As businesses grow and evolve, their financial management needs change. Sage Intacct is designed to scale with your business, offering the ability to add features, modules, or integrations as needed.
This adaptability is crucial for businesses looking to stay agile and responsive in a changing marketplace. With Sage Intacct, businesses can rest assured that their financial system will support their growth and evolve alongside them.
Conclusion
In today’s competitive business landscape, efficiency and accuracy are essential for profitability. Sage Intacct accounting software offers powerful automation and integration tools that enable businesses to reduce costs, improve accuracy, and scale effectively.
From streamlining billing processes to instilling investor confidence through comprehensive reporting, this platform empowers businesses to improve their bottom line and support growth. By leveraging automation, your team can focus more on strategic decision-making and less on manual tasks, setting the stage for long-term success.
If you’re ready to implement Sage Intacct, Lavoie CPA can guide you. As a direct implementer, we’ll help you unlock the full potential of Sage Intacct, tailoring it to fit your specific business needs. Contact us to learn how we can optimize your financial management processes.
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 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.
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.
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.
