How Medical Practices Can Leverage Modern Financial Technology

The medical provider industry has undergone massive change over the past decade, and with possible changes like tort reform on the horizon, provider organizations will need to stay on their game as new innovations and challenges change the landscape that is the healthcare industry.

Additionally, providers need to look at omnipresent challenges and threats posed to their organization from regulators, watchdogs, and cybercriminals who will gladly crush your organization for their own gain.

Healthcare Organizations Face Challenges, Finance Pros at Healthcare Organizations Face Even More

But for the financial professional, the aforementioned issues are just part of the set of challenges you face on a day to day basis. You’re dealing with the same cybersecurity, talent, and regulatory challenges that your non-financial colleagues need to handle, but you also have to answer all the questions posed by regulators, payers, and board members about where the money is going. But, it’s what happens when you’re the person with all the answers.

As your healthcare organization grows, however, being the person with all the answers becomes more and more challenging, as you’re sourcing data from more and more sources, and the time it takes to bring it all together grows. Adding a new location means adding (at least) a few hours per week to roll up the information and present it in a way that is useful. There comes a point when you just run out of time.

If you’re trying to do all this with spreadsheets, good luck answering if and when an audit happens. With nearly 90 percent of spreadsheets containing errors, it’s likely you’ll have to backtrack, reorganize, and correct a few things before you can even answer a question. But, there is a better way, one that provides automation to make your life easier, security that meets the needs of healthcare organizations, and user-friendly functionality so that you’re not calling IT for every tiny change.

Get the Guide to Modern Financial Management for Healthcare Organizations

We recently completed our latest whitepaper, the Guide to Modern Financial Management and Cloud Accounting for Healthcare Organizations, which aims to show readers the skills and technologies needed to own the financial future of your healthcare organization in the face of changes and challenges sure to affect the way your business operates.

From finding new ways to automate to leveraging enhanced security functionality to always having the latest software, this guide will show you what it takes to be successful in 2017, 2018, and beyond. Learn more about the guide by reading the preview below, and download it in its entirety here.