By Neil Taurins, General Manager of MIP Fund Accounting®
Your current tech stack may be getting a bit dusty. When was the last time you looked at your center’s technology systems? It’s time for spring cleaning so it’s a good time to re-evaluate how efficiently your technology systems are working.
According to the 2022 Nonprofit Research Study—which surveyed 400 nonprofit professionals—46% of nonprofits used at least six digital tools to accomplish their jobs, and 23% used eight or more tools. These siloed tools result in lost efficiency because most professionals said they spend at least a quarter of their day managing inefficient technology systems.
The time spent navigating through disparate systems works out to roughly 10 hours a week, and when expanded out to a year, you must ask, what could your center do with 520 hours to dedicate to other functions of their job? Your center could use those hours to improve processes and increase overall efficiency, which leads to improved patient care.
Now’s the time to examine your healthcare center’s resources and find a way to improve efficiency.
One commonly overlooked area is the finance department. Your center likely uses several tools to accomplish separate, singular functions. The licensing costs and the wasted hours navigating each siloed solution can lead to overspending and lost efficiency.
The more efficiently your organization can run, the healthier it can perform. Why spend time and money operating through inefficient solutions when your team can realize the benefits of multiple solutions on one software platform?
For example, the less time your accounting department spends running reports and managing between multiple budgets results in recaptured time they can spend pursuing other priorities like increasing payer reimbursement rates, reducing operating costs, and reducing or mitigating bad debts.
An All-In-One System
Your healthcare organization needs a fund accounting system that accounts for the work you do to serve your patients and community, one that boosts fiscal stability, and one that’s consistently updated for compliance and reporting standards.
Your health center’s system should have features that allow for unlimited tracking of accounts, accommodating infinite defined segments, and tailored functions to meet an organization’s needs. Your center’s fund accounting solution should help your organization take control of its finances to support your Federally Qualified Health Centers, independent nonprofit health center, or county health department, as you work to serve your communities and boost your fiscal stability, compliance, and reporting standards.
Complete accounting systems have robust reporting tools tailored to your organization and incorporate your center’s flexible chart of accounts. The reports should be both FASB- and GASB-compliant and should allow your center’s financial staff to manage multiple grant funds efficiently with ease and create an unlimited budget with built-in records. Your solution provider should regularly update your system to satisfy reporting requirements for things like uniform data system and Medicare Cost Reports.
Another benefit of complete fund accounting solutions is that they are modular and can grow to meet your center’s unique financial needs. When you start with a new fund accounting solution, you may need the primary offerings, but as your center grows and serves more patients, you need a financial solution that’ll grow with you. When you can easily add modules like human resources or payroll management to your fund accounting solution, you can further optimize your center’s administrative department and recapture even more time and licensing money.
Examine your current tech stack and consider how many hours your center loses by navigating inefficient systems. It’s time to kick those weak systems to the curb and embrace a complete fund accounting system. Your center is busy doing everything it can for its patients; your tech stack should be working just as hard for your center’s staff and employees.
About MIP Fund Accounting®
MIP Fund Accounting® is accounting for your nonprofit’s future. Designed to track unlimited funds and manage your financial books with ease, MIP is the nation’s leading cloud-based, SaaS fund accounting solution for nonprofits, K-12 schools, healthcare organizations, and government organizations across the country. Our software handles the intricate financial process in a streamlined, user-friendly system. Manage your nonprofit’s finances, track every fund, and follow every dollar.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.
