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The appropriate fund accounting software program can prevent time and streamline your processes. However as a group well being middle, you’re already working on lean margins, which makes it even tougher to carve out time to implement new software program. That’s why it’s vital to verify your group is ready for the change and able to determine the enhancements that may enhance your group well being middle’s effectivity and accountability.
Listed below are 5 ideas to assist make your group well being middle’s fund accounting implementation clean and seamless.
1. Establish the precise expertise in your group.
You don’t want a giant workers to efficiently implement new fund accounting software program—you simply want to have the ability to faucet into the precise expertise in your group or know when to depend on an outdoor advisor.
You want knowledge assortment and knowledge construction expertise, not only a knowledge entry individual—somebody who is aware of how your group operates and the very best methods for info to be delivered. You’ll additionally need somebody who’s aware of compliance, particularly GAAP and FASB. In a small, grant-funded group, you may not have these expertise and that’s okay! Working with a advisor (both your vendor’s or an exterior companion) will save money and time as a result of the system can be arrange in your group’s precise wants.
2. Identify a degree of contact who sees the large image.
Establish only one individual to speak with the software program vendor. This individual shouldn’t be the clerical or knowledge entry individual.
Your level of contact understands the significance of monitoring affected person site visitors developments, growing economies of scale, and figuring out grants that may shore up income streams. The purpose of contact works with the software program vendor to align the brand new system to your group’s imaginative and prescient for the long run, stopping your group from flying blind. They’ll work collectively to make sure the system is configured to automate board reporting and UDS knowledge so that you’ve extra free time for different priorities.
3. Begin now gathering the knowledge you will have.
Assemble related accounts and knowledge to focus on the processes you wish to simplify and issues you wish to clear up with new software program. It should assist you to envision the benefit of an optimized construction in your chart of accounts and the enterprise guidelines that can be most helpful.
Crucial doc to have available is a trial steadiness report—with 36 months of historical past—out of your legacy system. This allows the seller to account for all the things and map your historical past to a brand new and optimized chart of accounts. You’ll additionally wish to preserve a working listing of all the things from areas, companies, and departments to financial institution accounts, bank card holders, customers, and entry ranges. Spending further time now compiling grant info may also assist to maximise worth out of your new software program. From the beginning, you need the system monitoring the grants that fund a number of applications and to benefit from the ease of getting all grant documentation in a single digital supply.
4. Decide the non-financial metrics you wish to monitor.
The power to trace and analyze non-financial metrics alongside your financials is what’s going to actually enhance your group well being middle’s effectivity and skill to serve extra sufferers.
For instance, monitoring affected person encounters (whole visits) and sufferers served (sufferers who’re seen by a supplier) by service line, supplier, and payer streamlines UDS reporting. The good thing about monitoring in your monetary software program is which you can decide income per go to and price per go to, making it straightforward to determine enterprise issues corresponding to lagging areas or suppliers.
5. Take into consideration the long run.
Take this chance to simplify as many processes as you may. Would a month-to-month transmission of knowledge out of your EMR, payroll, or pharmacy system be simpler than handbook journal entries and spreadsheets? Guarantee that is doable along with your new accounting software program and embrace this as a part of your implementation scope.
The truth is, ask about accessible API and customizations, together with utilizing Microsoft Energy Platform, to be sure to are getting essentially the most out of your new software program.
And at last, don’t overlook to maintain scalability in thoughts with the chart of accounts design and doc design selections to make sure utilization and worth continues nicely into the long run.
Discovering the Proper Fund Accounting System for Your Group Well being Heart
The accounting wants of a group well being middle are advanced, from managing grant funding to understanding historic location efficiency. Industrial accounting methods require workarounds to maintain monitor of restricted funds and full your reporting necessities. With a real fund accounting system, you get software program that’s constructed for nonprofit organizations so you may handle restricted funds inside one system, which makes reporting easy.
See how a fund accounting system like Blackbaud Monetary Edge NXT® may also help your group well being middle save time and sources with our newest product tour.
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