The healthcare industry might be one of the most financially turbulent industries in America right now. Financial professionals in healthcare are under immense pressure to provide value to patients, reduce operating expenses, collect on patient payments and provide cost transparency to patients, and all the while remain financially compliant.
In spite of the current challenges in the healthcare space, a solid accounting solution is the first and most important step in order to make the vast improvements that need to be made. According to Business Ready Solutions, there are four major ways the right healthcare accounting solution can benefit healthcare professionals.
The right accounting solution
Improves data integration
Accounting software needs to integrate systems. A reliance on paper-based data or manual data entry is too slow for the fast-paced needs of today’s healthcare industry. Automating the flow of data is a necessity with so many moving parts, such as the hospital or health system, the health plan, government organizations, etc. Accounting software that integrates with other systems can drastically improve operational expenses.
- Reveals relationships between data
An abundance of data is useless without being able to connect the dots and provide analysis. The right accounting solution will reveal data relationships, providing insight into making the best business decisions. As electronic health records become more robust, healthcare organizations will be able to take an even deeper dive.
- Improves operating efficiencies
A recent study by Ivans, Inc. found that administrative inefficiency and redundant paperwork accounts for 18% of healthcare waste. Accounting professionals in healthcare are burdened on a daily basis by increasing demands. On top of that, many facilities are operating with older infrastructure. The right accounting solution can help the finance team by doing more with less.
- Ensures compliance
Maintaining compliant with government regulations can be a costly endeavor for healthcare organizations. However, the right accounting solution can help healthcare organizations maintain compliance by reducing the cost of regulatory compliance and lessening the risk of compliance failure.
Flexi’s Process Driven Workflow
Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.
Throughout hospitals and across integrated delivery networks (IDN), our solutions increase efficiency, improve accuracy, and reduce labor cost. When implemented as part of an integrated hospital system, there are added efficiencies and cost savings to help optimize your business operations. Try out our healthcare accounting software today.
- Prevent shortfalls and missed margins with powerful analytic tools
- Improve information flow through multi-entity processing and a faster closing process
- Enhance regulatory compliance and security
Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.