Community healthcare facilities should consider leveraging modern accounting technology to alleviate many of the bottlenecks and workflow inefficiencies that commonly burden organizations. Understaffing, supply chain concerns, and costs can all be a factor in how optimized (or not) your accounting processes are, but the right technology can help. But where do you start?
Choosing a local accounting technology expert is the smart first step for healthcare organizations. Why not just go directly to the technology provider? Read on to find out.
Improve Procurement
The right accounting solution can help you improve procurement—an essential process for any healthcare organization. Today, even smaller groups such as community healthcare providers need top-notch software to help them track information and efficiently acquire goods and services from external suppliers at the best prices. Accounting software that supports modern procurement processes can help your organization reduce costs and improve performance, and only a local expert can help you pick the right solution.
Improve Budgeting
Just like with corporations, healthcare facilities—even nonprofits—need to delicately manage budgets. Traditional budgeting methods don’t meet the needs of today’s healthcare organizations. In a typical budgeting process, the organization might use software to incorporate historical data, inputs, and assumptions. Leadership then reviews the data, and it is routed for approval from stakeholders. But this traditional process only works for static budgets, meaning ones that apply to a specific period of time.
The right accounting solution will let you leverage rolling forecasting—an approach that gives healthcare leaders the ability to use historical data to forecast future needs and performance. It allows you to use data from previous months or quarters to project long-term impacts, and it uses current data to update those projections. This ability helps healthcare leaders strategize for the future while staying nimble in case the financial picture changes or, say, there is an emergency such as a pandemic.
Ultimately, rolling forecasting gives healthcare organizations accurate views into today’s financials while accurately portraying tomorrow’s—supporting forecasts of up to 12 quarters instead of months.
Accounting software is also immensely useful for organizations wishing to automate processes such as categorizing expenses, creating and sending invoices, ensuring billed amounts are correct, approving expenses, and more.
Get a Personal Experience
It’s important for healthcare organizations to meet the person who will be supporting their transition to accounting software because that person will need to develop an intimate knowledge of the organization’s unique needs. Just like every patient, every healthcare facility is different, and only a local solution expert can devote the time and in-person commitment to getting to know your budgeting and accounting needs.
When you’re ready for an expert accounting software partner in the tri-state area, get in touch with Accountnet. We’ve been helping organizations in the New York region make the move to high-performing accounting software for years. We’d love to learn about your healthcare organization and help you improve procurement, budgeting, and operational efficiency today. www.accountnet.com
