Whether you plan open a new office location, add staff, or even acquire another healthcare business (or two), legacy systems will limit your ability to scale and will slow the process down. Updating your financial systems from old accounting software to a modern ERP system like Sage 100 (formerly MAS 90/200) will help you boost productivity while allowing your business to grow in the direction you desire.
Sage 100 is one of those most versatile accounting systems used by thousands of healthcare services providers from small ENT clinics to regional regional disability service centers looking to take control of their finances and reporting. Sage 100 delivers comprehensive accounting functionality to streamline your business operations.
Here are the 6 ways Sage 100 will help your healthcare business grow:
The truth is, no one in your business knows the full extent of time wasted by accounting and IT staff using outdated or legacy accounting systems and a hodgepodge of spreadsheets. Duplicate data entry, cumbersome workarounds, exporting to Excel, and manually pulling numbers for reports detrimental productivity. Furthermore, they’re a waste of valuable time and money. Accounting spends less time sending and collecting invoices and IT spends more time maintaining legacy systems as opposed to innovating technology. With Sage 100, the same accounting functionalities can be performed in a fraction of the time via automation and given its modern architecture it is much easier to maintain than a legacy system with a bunch of bolt-on solutions.
Generating financial reports and closing the books with a legacy ERP system is like pulling teeth. This is exacerbated when you have to breakdown financials for each individual office, by physicians, or by different entities. Not only can the process take a few days to week or more, many healthcare business use (and pay for) multiple ERP systems to manage finances for individual locations separately. Sage 100 make generating and creating custom financial reports simple so your accounting department can fly through the process.
There’s always an argument for outsourcing payroll or bringing it back in house. Processing payroll is labor intensive and there are all sorts of compliance issues that you need to be aware of, so outsourcing payroll may be worth the expense to many employers. However, payroll services are costly and you lose some control over the process. Sage 100 ease the burden of processing payroll easy with automatic pay stub delivery and direct deposit to make sure your employees get paid the right amount at the right time. Not to mention the fact that Sage 100 makes managing ACA compliance for efficient.
By tying all of your healthcare company’s accounting and financial processes into one system, you get a complete view of your business. Sage 100 makes it much easier to track how much money you’re bringing in, where it’s coming from and where it’s going. You even have the ability to see which physicians are generating the most revenue. With easy access to cash levels and the ability to see repeating or seasonal patterns, your Controller can manage compliance, pay your bills and employees on time, and proactively warn executives of potential issues with cash flow.
Manual systems like QuickBooks do not have an audit trail nor do they offer compliance guarantees, meaning that you’re much more likely to receive an audit from the IRS. A modern ERP system that automates basic accounting processes can help you increase your return on employee investment (ROEI) by eliminating time consuming, error-prone manual processes as well as decrease your risk and the hassle of receiving being audited. Having all your financials in one place facilitates compliance with accounting and regulatory standards. It also ensures you can quickly prepare for an audit should one be requested.
As you expand and grow your business, you’ll need everyone on the same page, especially when it comes to accounting and financial processes. When you have different offices preparing reports differently and using multiple datasets, you’re asking for inconsistencies and errors. A comprehensive system used by every office or medical center is the only way to guarantee that you only have one version of the truth. Sage 100 also has built in controls and customizable approval process to make sure managers and decisions makers are always in the know.
Simply having better data does not equal better insights—it’s not that simple. It’s easy to say “why change systems when we can just change our process to get a more comprehensive picture”. However, if you’re using a system like QuickBooks you’re still going to have to export that data to Excel, create some fancy pants pivot tables and then send the data to whoever requested it— no matter how clean your data is. Sage 100 is a sophisticated financial management system with built-in reporting tools to let decision makers see the big picture without having to use Excel, then drill down into the details to ferret out inefficiencies and other issues. The business runs smoothly, and budgeting is more accurate and less painful. Any report can also be automated and delivered on a regular schedule to whoever you choose.
Attempting to run a thriving healthcare services business without a modern financial system is like taking a cross-country trip in a breakdown-prone 1960s VW bug—it’s doing nothing but holding you back from where you’re trying to go. Moving your back-end system to Sage 100 will result in an integrated system, saving your employees the hassle of constant work-arounds and maintenance requests. As your healthcare business continues to grow, you can add Sage 100 modules with confidence, knowing that your system is evolving and adapting as the best solution for your unique business needs. With BCS ProSoft as your partner, will help you determine is Sage 100 is even a fit for your healthcare organization and manage the entire project from implementation to training and technical support long after you go-live. Start a dialogue towards better business efficiency by requesting a demo of Sage 100 today.
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