Are you using outdated accounting software for your medical clinic?

It can be challenging to manage insurance reimbursements, payroll, expenses, compliance, and reporting, not to mention your patient data and electronic health records (EHRs). However, most clinics still use outdated accounting systems that weren’t created to handle your current healthcare environment.

So, what is driving this shift toward needing better financial data?

Growing Demand for Real-Time Financial Visibility

This is where the problem of financial complexity in medical clinics comes in; one of the biggest problems is the lack of real-time financial information. Some are still using conventional systems that rely on manual data entry, slow reporting, and disparate spreadsheets that may take hours to interpret or analyze.

Real-time access means more data, better KPI tracking, and improved accuracy, which means you can be proactive with decisions rather than reactive to situations. Rather than having to wait until the month-end to determine your revenue trends, a system like Sage Intacct can access up-to-the-minute reports to help you monitor your revenue, expenses, and forecasts.

Rising Operational Costs and Profitability Pressures

Operational costs are on the rise, and so are the pressures on profitability. There’s no denying that medical clinics are feeling the heat of these operational burdens. Increased expenses, the shift from fee-for-service to value-based care, inefficiencies with billing and revenue cycles, changing insurance reimbursements, and many other factors are putting more pressure on profits. That’s why you need a clear financial picture to determine where you can optimize costs without compromising patient care.

An intelligent financial management system helps you track spending more effectively, identify those inefficiencies, and maximize your revenue. That may be identifying service lines that aren’t performing as well as they should or recognizing where cost-cutting makes the most sense. The problem is that for this to work, you need financial data. Especially when you’re operating in a competitive environment with large healthcare systems and hospital networks who own more resources and bargaining power for negotiating with insurance companies.

Clinics need more than just better accounting software —they need a fully integrated system that connects financial, operational, and clinical data in one place.

The Shift Toward Fully Integrated Financial and Operational Systems

The reality is that your medical clinic needs to keep pace with financial data to stay competitive, but financial management alone isn’t enough to drive long-term success. The need for data-driven decisions is growing and pushing clinics to rethink their financial management. Now, while there’s value in upgrading your software, you should consider how it affects your entire medical ecosystem. Updating your accounting software is a great step, but it won’t automatically improve your clinic’s entire operational workflow.

That’s why integrating your systems provides a significant advantage, bringing together all of your data into one centralized platform. Clinics that adopt modern cloud-based financial systems, such as Sage Intacct, are getting ready for the future. Thanks to its ability to integrate with other software you’re already using, it reduces the chances of data discrepancies and creates a smoother, more connected workflow.

6 Ways to Streamline Financial Management for Your Healthcare Practice– click to read whitepaper

How Sage Intacct is Helping Medical Clinics Control Their Finances

Sage Intacct is designed to address the specific needs of healthcare centers. Instead of struggling with outdated systems that require workarounds and manual tasks, you can leverage Sage Intacct to automate and take control of your finances.

With Sage Intacct, clinics can access:

  • Automated, real-time reporting of revenue, expenses, and profitability.
  • Multi-location and multi-entity management that offers access to multiple offices or specialties to consolidate financials with ease.
  • Stronger compliance and audit readiness, minimizing the risks of costly reporting mistakes.
  • Revenue and expense optimization tools to track expenditures, monitor your budgets, and identify areas for growth.

With Sage Intacct, scalability is also never a concern. The cloud-based platform grows with your business without the risk of system failures or outdated functionality.

Real Clinic, Real Success: How Sage Intacct is Making a Difference

Medical clinics across the country are already reaping the benefits of migrating to Sage Intacct. For example, Orthopaedics & Sports Medicine Center (OSMC) faced a number of issues stemming from the use of their previous accounting system, some of which included overly complicated and delayed reporting processes.

Lichelle Boyd, CFO of OSMC, shared, “Every report required us to export data into Excel. Staff spent a significant portion of each month exporting and formatting financial reports in spreadsheets that were instantly outdated. In addition, the manual processes meant that we couldn’t close our books until the 20th of the month. As a result, we had no effective way to monitor financial performance over time to look for opportunities and trends.”

After moving to Sage Intacct, they gained deeper insights into budgeting, forecasting, and overall financial health so they could start making smarter business decisions. From the transition, they reduced time spent on the month-end close by 75%, saving over 80 hours on reporting. Reports that previously took days to produce can be created in a matter of seconds. That’s a huge improvement that transformed the way they work.

See How DWD Technology Group Can Help You Gain Financial Visibility

Your clinic’s financial health needs as much focus as your patients do. With the right tools in place, you’ll be financially healthy, compliant, and productive, so you can spend more time on strategic planning and growth.

Contact us today and find out how Sage Intacct benefits your clinic and how our team at DWD Technology Group can help gain visibility into your financial performance.