Primary Care Industry Solutions

Healthcare practices with multiple clinics don’t have simple accounting processes. There are many, many aspects to primary care accounting that quickly become quite complex. You don’t need to navigate these waters alone. You get a dedicated team of bookkeepers, controllers, and CFOs to see you through these complex procedures.

Additionally, we design customizable software solutions specifically for primary care practices that must manage multiple clinics or service lines.

The more clinics or service lines, the greater the strain on accounting systems. This is especially true of old legacy systems that still rely heavily on spreadsheets and manual data entry. We use a modular software solution that easily scales up when you add services and locations.

Our best-in-class ERP systems, including Sage Intacct, aggregate financial data across all entities. This provides a complete overview of your practice’s financial health without having to hop on and off different platforms to see how each entity is performing. That means there are no data silos that limit visibility.

Ultimately, experienced financial accounting teams, supported by robust software systems, simplifies consolidations and reconciliations, while providing real-time updates. So, any information you need is as current as it’s possible to be.

Yes, they can. Specialist bookkeepers, controllers, and CFOs help you set up your system to include budget alerts and automated expense tracking, so you can respond to overspending immediately. Sage Intacct, our preferred ERP platform, measures spend against budgets, as soon as purchases are made. This provides real-time visibility into costs, enabling tighter cost control.

You can block or freeze transactions completely, or just until you’ve had a chance to discuss the purpose of this particular big ticket purchase. Based on the justification, you can approve or deny the transaction.

Another option is to leverage advanced software features and create custom approval routes for purchase orders and invoices. Transactions automatically proceed through the correct channels before being approved or denied.

The upshot is that you and your team are empowered to make smarter, data-driven purchasing decisions while improving cost efficiency and financial planning.

KPIs are important for several reasons. They set measurable targets to monitor your financial and operational progress. Sage Intacct allows you to tailor your KPIs to your needs. It also includes analytics tools to dig into specific performance areas, so you can develop strategic responses.

Important KPIs for primary care practices include:

• Net revenue per patient visit: Identify operations that could do with optimization.
• Patient volume trends: Manage resources according to demand (cold and flu season, for example).
• Revenue per payer type: This includes insurance, private, and government payers. It guides pricing decisions and enables you to set limits.
• Revenue per clinician: Determine how well your care providers are performing. The data shows you if training is necessary to improve performance.

All-in-all, this data tells you if you’re consistently hitting your milestones, so you can adjust your strategy to keep goals front and center.

A resounding yes. Ensuring regulatory compliance is one of our priorities when designing your financial tech stack. Sage Intacct, for example, comes with reporting capabilities to ensure constant compliance with industry regulations. Part of this is due to its four releases per year, which automatically incorporate compliance adjustments if necessary.

Tax compliance is possible due to the hard work of our bookkeepers, controllers, and CFOs. The results include clear audit trails and compliance reports, which clearly log and track data. The taxman and auditors can easily access supporting documentation or information that keeps your financial records accurate. Automation features here reduce stress and adjust to accommodate the workload that comes with regulatory audits.

Compliance with HIPAA requirements is also non-negotiable. Sage Intacct is HIPAA and HITECH compliant, as certified by Avertium.

Another absolute yes. As an ERP platform, Sage Intacct is designed to support integrations with several third-party tools to provide you with a comprehensive service. These integrations and automation enhance data flow, so data is automatically distributed to its proper destinations.

Integration and automation also streamline reporting, while real-time updates ensure up-to-the-minute accuracy.

Robust financial and accounting software solutions connect finance, billing, and patient management. Your tailored system also:

• Reduces manual data entry
• Minimizes errors
• Saves time
• Improves efficiency

Your bookkeeper, controller, or CFO can manage all of this for you, freeing your finance team from repetitive, tedious admin tasks, so they can focus on strategic initiatives.