Transform Your Senior Care Accounting With Sage Intacct
Senior care organizations including skilled nursing facilities face unique financial management challenges — from compliance reporting to generating industry metrics and providing real-time visibility. Adding to the complexity, most also have to report on multiple entities and properties, as well as multiple bank accounts for each location.
However, ensuring up-to-date, compliant, and secure data can be time-consuming and costly when using outdated systems or manual processes. That’s where Sage Intacct cloud accounting software comes in.
Sage Intacct Cloud Accounting Software for Senior Care and Skilled Nursing Facilities
The only AICPA preferred financial management solution, and peer-reviewed by the Healthcare Financial Management Association, HIPAA-compliant Sage Intacct not only improves operational efficiency — it also provides valuable insight into financial and operational data so the finance team can be a better partner to the business.
Here’s what the Vice President of Accounting at Priority Management had to say after MicroAccounting helped them make the move to Sage Intacct:
Sage Intacct helped us move away from largely manual processes. It streamlined and provided us efficiencies to significantly improve our accounting processes and operational reporting. – Alyssa Lare, Vice President of Accounting, Priority Management
Built for Finance, Sage Intacct Provides Efficiency and Visibility
Sage Intacct senior care accounting software features intuitive core financials, with a dimensional general ledger and accounts payable automation, automated revenue recognition, easy-to-use reporting and dashboards, and a HIPAA-compliant advanced audit trail. Here are some of the key benefits for senior care organizations.
Easily Produce Hundreds of Reports Using Dimensions
Sage Intacct makes it easy to compare and contrast financial and operational data by providing the ability to tag transactions with multiple dimensions. Consequently, the finance team can rapidly produce hundreds of reports for multiple properties, entities, and bank accounts. Likewise they have the agility and flexibility to quickly slice-and-dice their data to get to the details that matter to all their operations teams and comply with ever-changing regulations.
Save Time by Automating the AP Process
It’s often a struggle to keep track of vendor relationships and manage accounts payable across entities. Sage Intacct’s AI-powered bill entry cuts your AP processing time down by half, eliminating repetitive payment tasks with automated processes and built-in visibility.
Gain Daily Cash Insights with Automated Bank Feeds
Most senior care organizations have multiple bank accounts for each facility. Sage Intacct features Bank Feeds, which delivers an automatic daily feed for accurate cash insights and automatically matching payments and credit card transactions to your invoices and purchases.
Benefit from True Cloud Technology and Open API
Sage Intacct’s multi-tenant, true cloud foundation brings robust technology infrastructure to senior care organizations, without the high cost of managing servers internally.
Plus Sage Intacct’s open API means you can easily connect financials to EMR, payroll, budget, CRM and other systems so you can leverage key data and track key performance indicators across the organization.
Sage Intacct Success Story: Long-term Care Organization Revamps Reporting
Before Sage Intacct, Hickory Creek Healthcare — provider of community-based skilled nursing facilities — was using American HealthTech, a decades-old, on-premise clinical and financial system. Primarily built around electronic medical records (EMR), AHT wasn’t able to meet the operational reporting and accounts payable needs for their 8 care centers.
Are you an American HealthTech user? PointClickCare recently acquired American HealthTech and will be transitioning customers to their own general ledger / accounts payable system, which is also built around EMR and has similar limitations.
Painful, Manual Reporting and Period Closes
Each Hickory Creek entity had a different chart of accounts so they couldn’t easily roll up reporting with their AHT senior care accounting software. Instead, they had to manually create complex reports for each of their care centers, running them one at a time. As a result they spent hours on period-close instead of providing timely valuable reporting to operations teams and other stakeholders. Moreover, individual cost reporting for Medicaid and Medicare was a tedious, manual process.
Sage Intacct Transformed Hickory Creek’s Financial Processes
Sage Intacct provided continuous consolidation across multiple offices, practices, and locations as well as flexible reporting. Hickory Creek’ financial processes are now cookie cutter. After starting to use Sage Intacct they immediately gained reporting and accounts payable efficiencies:
- Shortened the monthly close by 3-5 days
- Easily produced unique industry reporting for each facility
- Save 5-10 hours per month on preparing reports
- Produce the same reports for all facilities with a push of a button
More significantly they have visibility to current data so they can run a report at any time to understand how the business as a whole or individual entity is performing.
When we prepared to make a switch, I wanted best-in-class cloud software that would work for us, vs. the team working for our financial system. It was an easy decision to choose Sage Intacct’s flexible, reliable reporting and modern accounts payable. – Keith Yoder, Hickory Creek CFO
Sage Intacct Frees Up Time To Add Value
With Sage Intacct, Hickory Creek and other senior care and skilled nursing facilities are able to dramatically streamline processes and reduce the resources needed to manage the books for multiple properties. Above all, the finance team is able to lower costs and add more value to the business.