by Sharai Lavoie | Jan 22, 2025 | Healthcare, Women Who Lead
For too long, women’s health has been overlooked and understudied, but Dr. Brittany Barreto is breaking barriers and driving change. As the founder of FemHealth Insights, she’s redefining leadership in women’s healthcare by driving innovation and fostering meaningful transformation.
From Lab Coat to Leadership
Dr. Barreto’s journey began in genetics, where she earned her PhD. But she quickly realized her impact could extend beyond the laboratory. “I felt like I had too much personality to work in a lab my whole life,” she recalls. This realization led her to entrepreneurship, where she found her true calling.
Her first venture was groundbreaking: the world’s first DNA-based dating app. Though the company eventually closed due to policy changes, this setback became a stepping stone to her current mission. “I use that opportunity to kind of jump into my next career,” she explains, demonstrating the resilience that would become her trademark.
Breaking New Ground in Venture Capital
The transition to venture capital proved transformative. Dr. Barreto began mentoring and investing in women’s health companies, introducing her to the world of FemTech. This industry, named by Ida Tin, encompasses solutions for conditions that solely, disproportionately, or differently affect females, women, and girls.
What started as mentorship quickly revealed a stark reality about women’s healthcare. “I started to mentor these founders, and of the things I realized was that they were working on things that I couldn’t believe were still problems,” Dr. Barreto shares. The innovations weren’t just addressing minor improvements – they were creating first-ever solutions or updating technologies that hadn’t been improved in centuries.
Building Infrastructure from Scratch
Recognizing the lack of resources in the field, Dr. Barreto took action. “Our industry had a name, but no infrastructure,” she explains. Starting with a podcast during lockdown in March 2020, she began building that infrastructure. The podcast quickly gained thousands of listeners across dozens of countries, demonstrating the global hunger for information about women’s health innovation.
The Power of Market Intelligence
One of Dr. Barreto’s most significant contributions has been quantifying the women’s health market. “People thought women’s health is niche, which is another word for no one’s quantified it,” she explains. Her research revealed a market worth at least $1.2 trillion, challenging the “niche” narrative and providing crucial data for investors and entrepreneurs.
What sets FemTech apart is its founder demographics. “80% of FemTech founders are female, which is a higher percentage than any other tech industry in the world,” Dr. Barreto notes. These founders often bring personal experience to their innovations, creating solutions born from a firsthand understanding of the problems they’re solving.
Inspiration and Mentorship
When asked about her role models, Dr. Barreto cites Cindy Eckert, founder of Sprout Pharmaceuticals, as a primary inspiration. “She would go on CNBC and be like, ‘There are 13 approved drugs for erectile dysfunction and zero for female sexual dysfunction,'” she recalls, admiring how Eckert maintained her personality while achieving tremendous business success.
The Future of Women’s Health
The landscape of women’s healthcare is changing rapidly. Dr. Barreto points to recent developments, including the Biden administration’s approval of $100 million for women’s health research and the first-ever study of menstruation in zero gravity. These advances signal growing recognition of the importance of women’s health research.
Through her consulting firm, podcast, and book “Unlocking Women’s Health: FemTech in the Quest for Gender Equity,” Dr. Barreto continues to build bridges between innovation and women’s health. Her work demonstrates that with persistence, vision, and collaborative spirit, transformative change is possible.
“We’re not just hoping the men take action. We are taking action,” she declares, embodying the spirit of leadership that’s helping to reshape the future of healthcare. Through her continued advocacy and innovation, Dr. Barreto is ensuring that women’s health moves from the margins to the mainstream of medical innovation.
The Impact of Education and Awareness
Dr. Barreto’s commitment to education extends beyond her business ventures. Her podcast, “FemTech Focus” is available on major streaming platforms. It takes a deep-dive approach to specific topics within women’s health, making complex medical concepts accessible to listeners worldwide. “We have listeners in 142 countries,” she notes proudly, demonstrating the global appetite for accurate, accessible information about women’s health.
Her recently published book serves as a comprehensive guide to the FemTech industry, combining scholarly research with practical insights from over 100 podcast episodes. This work represents another step in her mission to build the infrastructure necessary for sustained growth and innovation in women’s healthcare.
Through these various channels, Dr. Barreto continues to challenge assumptions, break down barriers, and create pathways for future generations of healthcare innovators. Her story is about more than just personal success – it’s about creating systemic change that benefits women worldwide.
by Sharai Lavoie | Jan 22, 2025 | Healthcare, Women Who Lead
In the dynamic world of healthcare technology, Christine Emery stands as a testament to the power of perseverance and adaptability. As a nurse turned healthcare technology leader, her journey exemplifies the spirit of innovation and resilience that defines the Women Who Lead Healthcare initiative.
From Bedside to Business
Christine’s path in healthcare began in 2010 when she graduated nursing school and dove straight into critical care. “I really enjoyed caring for those high acuity patients,” she reflects. “The more drips and infusions, the more fun and challenging the work.” Her natural aptitude for mathematics and science, coupled with her father’s encouragement, led her to pursue nursing – a decision that would shape her future in unexpected ways.
During her time in the ICU, Christine quickly distinguished herself as a leader. “After being a nurse in the unit for about a year, I became a preceptor helping new unit nurses onboard to our high acuity patient population,” she explains. She found particular fulfillment in mentoring new nurses, teaching them critical thinking skills, and helping them navigate complex patient care scenarios.
Transitioning to Healthcare Technology
After seven years of intensive care experience, Christine made a pivotal career shift when an opportunity in the healthcare technology industry presented itself. Now at Monarch Medical Technologies for over four years, she has carved out a unique role that combines clinical expertise with business acumen.
“My role is a blend of clinical, business, and sales, which is fun and challenging,” she shares.
As a Customer Success Manager and Team Lead, Christine’s responsibilities are multifaceted.
“My primary objective in my role is to partner with my client base by helping them understand the functionality of our solutions, evaluating their glycemic metrics, and being able to focus on opportunities for learning and growth while still fostering continued success,” she explains. In July 2023, she took on additional leadership responsibilities as the team lead for her department.
Overcoming Career Setbacks with Grace
Christine’s journey hasn’t been without its challenges. Early in her transition to the medical device industry, she faced a significant setback when company restructuring led to widespread layoffs.
“That was very hard to absorb because I’ve always been an overachiever and a hard worker,” she shares. Rather than letting this derail her ambitions, she used the experience as a catalyst for growth.
During this period, she dedicated herself to applying for other medical device positions, using each interview as a learning opportunity. “I actually learned a lot from several of those clinicians I interviewed with, even though I did not get the job. I learned a lot about developing client rapport and portraying confidence,” she reflects. These skills would prove invaluable in her future roles.
Breaking Through Personal Barriers
Perhaps one of the most striking aspects of Christine’s journey is her transformation from a reserved student to a confident healthcare leader. “If you had told me in high school that I would be presenting on a regular basis in front of important hospital system stakeholders, I would not have believed it,” she admits. “I was the timid student who would gladly have done all the work if someone else would present the content.”
Today, she has worked hard to develop her professional presentation skills, regularly conducting presentations and handling complex clinical questions in real time. This growth mindset extends to all aspects of her work: “You can always learn new skills and work hard to become an expert.”
The Impact of Education and Mentorship
Christine’s educational background at Bob Jones University provided her with more than just clinical knowledge. “Having that liberal arts education really did allow me to have a wide variety of vast knowledge of different topics,” she notes. One particularly impactful lesson from her education continues to guide her work:
“You never want to put yourself in a position where people will question if you did something right or wrong. Always put yourself in a position where you showed that you did right and you did it to the best of your ability.”
Cultural Heritage and Professional Identity
Beyond her professional achievements, Christine maintains a deep connection to her heritage, speaking Spanish daily with her 90-year-old grandmother, who immigrated from Cuba in the 1970s. “She’s my hero and I am in awe of her sacrifice that allowed me to pursue a career where I can help others,” Christine shares.
This bilingual ability has enhanced her capacity to serve diverse patient populations throughout her career, particularly during her bedside nursing days when she was often assigned Spanish-speaking patients.
Contributing to Healthcare’s Future
In her current role, Christine continues to drive positive change in healthcare by leveraging her bedside nursing experience to improve clinician workflows and reduce nursing workload burdens. “When you think about how nursing staffs the majority of the hospital, the experience that I have working at the bedside, bringing that into healthcare will help shed some light for a lot of other departments,” she explains.
Words of Wisdom
Christine’s commitment to transparency and integrity remains unwavering: “In a world where deception is pervasive, honesty and integrity will always stand the test of time as desirable qualities.”
She encourages others facing career challenges to remember that “experience is a hard but good teacher and every situation is a learning one. You don’t know until you try.”
Christine Emery’s journey demonstrates the transformative power of perseverance in healthcare leadership. Her story inspires the next generation of healthcare leaders to embrace challenges, pursue growth, and maintain authenticity in their professional journey.
by Sharai Lavoie | Dec 4, 2024 | Financial Planning & Forecasting, Healthcare
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.
As the practice’s CFO explained, “the system’s deep insights help us know if we’re on track or not and make changes very nimbly. I get the reporting I need to efficiently redirect the ship.” Learn more about how Sage Intacct helped this practice turn its financial model from 2D to 3D.
Implementing Effective Financial Dashboards
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.
by Sharai Lavoie | Nov 25, 2024 | Financial Planning & Forecasting, Outsourced Accounting & CFO
Introduction
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.
by Sharai Lavoie | Nov 20, 2024 | Healthcare, Sage Intacct
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.