29 Mar Financial Management for Healthcare Businesses
Similar to how the iPhone disrupted and redefined what a smartphone can be, the introduction of modern technology has changed healthcare finance’s ability to achieve visibility, control, and efficiency. We are seeing another massive change in how healthcare organizations operate — employees are working remotely, and healthcare organizations have been asked to do more with less. In this guide, we discuss financial management for healthcare businesses.
These changes have forced organizations to think about new ways of doing business. No one was planning on this level of remote work, but most have found a way to make it work. If your organization has inefficient or manual processes, such as a high dependence on paper or spreadsheets now is the time to rethink that workflow. Perhaps technology has a new role where it didn’t before.
Table Of Contents
A new way of doing business
We often fall into the trap of sticking to what worked in the past. As the pandemic taught us, we must always be ready for change and adopt new ways of business. Change is hard, but eliminating outdated workflows has real benefits that will push your organization forward. Even if what you’re currently doing is working, there’s almost always a better way. The secret to regaining visibility, control, and efficiency in your healthcare finance department is by adopting modern technology that eliminates paper-based systems and puts all your essential documents within reach anytime, where.
Whether it’s in Accounts Payable or Purchasing, Bank Reconciliation, or Spend Management, a modern financial management system can help you eliminate paper-based or antiquated processes and experience benefits across your organization.
Role-based dashboards provide information at your fingertips
Moving data to an online financial management system provides an instant snapshot of the information you need without daily analysis or calculations.
One of the most impactful ways to stop reliance on paper is to utilize a dashboard in a modern financial management system. In this example, a healthcare CFO uses a Sage Intacct dashboard to see the metrics important to them at-a-glance. If your current process involves digging in a filing cabinet, calling someone, or sending an email to gather pertinent business information, a dashboard will allow you to answer your own questions and start your analysis.
Download the complete eBook here and learn more about financial management for healthcare businesses.