As a starting point, healthcare accounting software needs to have a flexible interface in order to work easily with EHR software.
While many EHR packages include basic financials management software, they don’t offer the robust functionality that healthcare providers need to generate timely and accurate financials.
Stand-alone accounting software packages may have the power to crunch the numbers for a small hospital or behavioral health organization, but their price may put your budget into cardiac arrest.
As you demo cloud financial management software, be sure that you are getting the best value for your investment. These three must-have will ensure consistency, reduce the possibility of errors caused by manual practices, and efficiently maintain an audit trail:
Flexible Reporting Tools
A report should only have to be designed once. You should be able run that same report across each cost center, department, and location. You shouldn’t have to manipulate spreadsheets outside the system to produce consolidated reports – roll-ups should be accomplished with a few clicks using built-in ad hoc reporting tools.
Multiple Period Recognition
If your accounting team is using spreadsheets and checklists to track expense recognition over multiple periods, there is a better way. A robust accounting system will automate expense recognition over multiple periods. This eliminates the need for manual tracking – and the potential for error.
Reverse a Journal Entry
Mistakes happen. Fixing those mistakes shouldn’t be a pain. The best cloud accounting software will efficiently reverse an entry, provide a copy to edit and post, and automatically maintain an audit trail.
