Hospital Network Financial Solutions

Hospitals and healthcare institutions have complex financial needs. There are so many components that it’s easy to miss one or two. We’re going to look at the top four challenges and our comprehensive best-in-class software solutions that easily overcome them.

• Revenue Management: There are several payment methods, including private insurance and government-managed services like Medicaid. This makes managing billing and collecting payments tricky and resource-intensive. Sage Intacct can enhance revenue recognition and track revenue by entity or service line for greater accuracy and efficiency.
• Expense Management: Death, taxes, and rising costs of advanced medical equipment. These three things are unavoidable. Advanced systems include features and functions that help you track and control costs and prevent waste, which could occur if manual processes are still in place.
• Consolidated Reporting: Integrated third-party tools enable accurate consolidations, providing a unified view of your financial well-being across sites, departments, and service lines. It’s particularly important in an industry where mergers and acquisitions are relatively common.
• Strict Regulations: Sharing sensitive, personal information is important for treatment plans to work. However, it’s the kind of information that people would rather not have leaked. Sage Intacct ensures compliance with data protection laws, like HIPAA and HITECH. There’s no risk of violating regulations, which means there’s no risk of serious penalties, from huge fines to closure.

Our financial software experts develop tailored systems that generate automated reports, allowing you to access valuable data and generate reports at the micro, macro, and meso levels.

• Micro-Level: Reporting at this level delves deeply into data that supports clinical decision-making and patient-centered care delivery.
• Macro-Level: Reporting at this level provides an overall view of your institution’s financial performance. You can identify challenges and opportunities and take action to minimize the former and optimize the latter.
• Meso-Level: Reporting at this level provides insights into healthcare delivery, especially when it comes to resource allocation and health outcomes. This data can be used to drive informed decision-making and refine policy development.

This type of software-enabled multi-tiered reporting provides leadership, from department heads to the board, with data from different financial perspectives, so they can operate effectively.

Yes, it can. The medical field is constantly evolving. There are advancements in technology to improve the efficiency of admin-related tasks and actual patient care. However, new tech is not exactly cheap. Neither are facility upgrades. The thing is, they are necessary. So, we provide the advanced software and services to help you figure out the financial impact these purchases and upgrades will have on your facility.

For example:

• Capital Investment & Financial Planning: Our experienced professionals use your customized software stack to help you evaluate the value of big-ticket purchases for your facility. It’s about financial feasibility and ROI. We answer the questions: Does investment make financial sense?
• Financial Statement Analysis: Expensive purchases and upgrades mustn’t jeopardize financial stability. Your team of specialists reviews your income statements and balance sheets to assess your profitability, liquidity, and solvency.

The aim is to find out if your capital can take the knock without setting you back financially.

Yes, it is. HIPAA compliance is important in all industries, but it’s especially important in healthcare due to the sensitive nature of the data used. You need software solutions that ensure compliance, which is one of the reasons we use Sage Intacct.

Sage Intacct comes with an Advanced Audit Trail and security safeguards that are certified as HIPAA and HITECH compliant by an independent third-party, Avertium.

Sage Intacct’s features enable you to monitor access to Protected Health Information (PHI). You can also set up role-based access, so that people can only access the data relevant to their jobs. The upshot is that your hospital or medical center complies with regulatory requirements and is also always audit-ready.

It’s important to note that Sage Intacct is willing to enter into a Business Associate Agreement with eligible healthcare clients. It’s an extra level of protection that ensures sensitive data is absolutely secure.

Yes, you absolutely can. In fact, integration is an essential element of our financial systems. However, it’s even more important for modern hospitals and medical care centers because their financial management needs are vast and complex.

To help you keep on top of your finances, we implement:

Integrated Electronic Health Record Systems (EHRs): The systems centralize patient data, so you can see critical safety information, clinical notes, and treatment plans in one place. Successful integration enables quick and efficient data management across the board, improving reporting accuracy as it goes.

Health Information Exchange Networks: System networks provide secure pathways for providers to share relevant patient information amongst one another. Networks are invaluable when it comes to combining clinical and financial data for deeper analysis. This is important because you must understand the true cost of care, so you can improve the accuracy of revenue recognition.