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Financial Management Software for Healthcare Growing Pains (A Whitepaper)

Kim Anselmo - Friday, December 14, 2018

Financial Management Software for Healthcare Growing Pains (A Whitepaper)

The healthcare industry became the largest source of jobs in the nation, according to the United States Department of Labor.

An aging population, among other factors, has driven rocketing growth and a surge of mergers and consolidations in the healthcare industry leaving many organizations struggling to keep up with the flow of data and information.

The difficulties are plenty and the consequences of errors and inefficiencies cannot be exaggerated. These healthcare accounting challenges include:

  • Manual processes that lead to mistakes and poor data integrity
  • Difficulty integrating multiple data sources
  • The need for additional employees just to keep up with all the paperwork

A Better Way to Track Healthcare with Performance Metrics

There is a better, more sophisticated and cost-effective way for Healthcare organizations. A better financial management software for healthcare allows companies to track revenue, expenses and other performance metrics by location, department, physician and patient – easily and with far greater visibility into and organization's performance.

State-of-the-art accounting software can provide customized reporting and visibility that will pay for itself within months, with capabilities that don't require time-consuming or expensive hardware or IT support, no matter how complex your organization or how demanding your compliance requirements.

Highlights of this Whitepaper

Our whitepaper outlines the capabilities and the advantages of having the right financial management software to streamline the complex financial requirements of a healthcare organization, whether you're dealing with a single institution or a multi-entity organization. Among other capabilities, you will learn about the advantages of software that provides:

  • Multiple ledger capability for one-click switching between case and accrual accounting
  • Dimensional accounting that can be used to create a wide variety of custom reports
  • Multi-entity management that can streamline and de-tangle as many slices of your organization as you need, from locations, to departments to physicians, to patients
  • Spend management and workflow automation features that strengthen financial controls while automating purchase and payment processes

Download our whitepaper to learn about these and other features that can vastly simplify the financial management process while providing greater visibility into your organization's performance. You'll gain new insights, reduce errors and recoup untold hours of time wasted trying to cobble together the information you need from multiple sources that don't work together.

At The Resource Group, we have three decades of experience in crafting the best fit between an organization's needs and the technology that can meet them. Our whitepaper can start you on the path.

Download our healthcare financial management and accounting whitepaper

2019 Accounting Software & Financial Management Buyer's Guide

2019 Accounting Software & Financial Management Buyer's Guide

Download the Guide