Sage Intacct for Healthcare Organizations

Healthcare, as an industry, has many strict regulations governing finance. Drill down into different legal entities, like clinics, private practices, and labs, and the complexity increases with additional specific regulations. This makes accounting and financial management very complex.

There is a way to simplify the entire process, from overarching legislative requirements to granular rules. And that’s Sage Intacct’s advanced software solutions. Sage Intacct is designed to manage complex accounting processes with features that include real-time automated consolidations across entities in a single financial system.

Automation within the software’s architecture ensures intercompany/entity transactions are tracked, reconciled and eliminated without any human intervention. Fewer manual entries reduce errors and greatly improve the efficiency of your accounting system.

One of Sage Intacct’s key benefits is immediate visibility into individual entity performance and the whole consolidated picture. Not a spreadsheet in sight. Knock-on benefits include GAAP compliance, accelerated close cycles, greater reporting accuracy, and clearer insight into financial performance at every level of the organization.

Sage Intacct’s modular approach perfectly suits expansion because you can increase your system’s capacity for growth as and when needed. This is great for healthcare organizations because they tend to frequently add new service lines, or go through mergers and acquisitions.

One of the primary benefits of modular systems like this is that you can expand your accounting system easily. There are no rebuilds; you don’t need to add to the infrastructure. Instead, new entities can be configured using consistent charts of accounts and reporting structures. There is no disruption to business operations.

What else? Well, healthcare organizations get real-time visibility into financial performance during transition periods, including costs, revenue, and margins. This is vital to ensure leadership can make informed decisions quickly, while still maintaining control and financial discipline during growth.

Sage Intacct specializes in real-time data updates and reporting. This is useful for healthcare executives who need up-to-the-minute data and reliable financial insight to ensure operations are properly managed, strategic plans are properly implemented, and compliance is always guaranteed.

Of particular benefit is multi-dimensional reporting. It’s critical to analyze performance in detail, for example, revenue by service line or costs by department. Intacct also improves transparency by providing boards, investors, and regulators with auditable reports capable of drilling down into specific data.

This means that they have access to financial data any time and any day. Essentially, leadership can make important decisions regarding staffing, resources, capital allocation, and service expansion that are backed by up-to-the-minute financial information.

When it comes to financial well-being, healthcare organizations have a lot at stake. They need a secure system that is not only feature-heavy but also ensures data safety. Sage Intacct ticks the boxes.

Integration and automation make manual processes redundant. They eliminate human error, increase accuracy, and ensure smooth data flow between entities, departments, and systems (like payroll and financial systems).

Intacct also acts as an ERP platform that centralizes financial data within one system. This ensures everyone has access to the same source of truth because the data hub is accurate, updated in real-time, and accessible to stakeholders.

All of which adds up to automatic intercompany reconciliations, systematic management of elimination entries, fewer version control issues, and shorter close cycles.

The result? Increased focus on analysis and strategy, and not data correction.

TydeCo™ provides comprehensive Sage Intacct implementation and integration services tailored to healthcare organizations with complex, multi-entity structures. Each organization is different, which is why we don’t use a cookie-cutter approach to creating financial systems.

We work with your teams to design an environment that reflects your organization’s exact operations and procedures, including entity structure and regulatory reporting requirements. Your system will also include analytics dimensions and uninterrupted workflows that quickly generate specific reports.

Integrations include payroll, billing, and clinical and operational platforms that replace manual entry and improve accuracy.

Our services go beyond implementation. We’re always there, providing long-term support for system optimization, enhanced processes, and scalability.