Efficient Resource Solutions: Business Accounting Systems and ERP for Healthcare Industry
Kianoff & Associates helps medical practices, medical services companies, home health and pharmaceutical companies select and implement systems that give shareholders and decision makers reliable and accurate insights into performance, shortcomings and opportunities within the organization. Our Best Practices using ERP for healthcare and business accounting system solutions positions you to be efficient, flexible and responsive to patients, employees, vendors and owners. We sum it up this way:
For healthcare organizations with multiple locations, multiple owners and or multiple areas of specialization, we deliver industry relevant metrics to drive and support Best Practices under complex ownership or reporting requirements. We strengthen business performance by giving your team the visibility and ability to improve the efficiency and financial health of multi-faceted medical organizations.
Kianoff is a Partner with a Proven Record of Success: Systems for Growth and Management in the Healthcare Industry
Your healthcare operation is many things; one of those is a business. That is why we created the Kianoff Healthcare Playbook, our strategy plan and Best Practices for implementing systems to support the growth and management of healthcare organizations. We recognize the value of your patient facing practice management system. Our role is to provide the tools and expertise to connect that information with a business management and business accounting system to give you a complete financial picture of the health of your practice.
Healthcare Accounting Software Solutions to Gain Valuable Patient and Business Metrics
You have an extraordinary amount of information within your clinical systems about your patients, so that you have their history and can treat them accordingly. Those same systems also gather business metrics about office visits, procedures done, tests ordered, referrals and more. What are missing are the accounts payable, labor and other cost components and that means you are missing your true financial picture. A poorly designed or implemented Chart of Accounts may limit reporting or add wasteful hours of manual work manipulating and reconfiguring data.
Knowing how and where to use this goldmine of information is critical to the overall success of the business side of your healthcare organization. Kianoff & Associates is your partner with a long record of success in the healthcare industry that can implement and support you with proven Best Practices. Our healthcare accounting software solutions can streamline your data and help you make better decisions from patient to practice. Use Kianoff to:
Make decisions with confidence in your diagnoses.
Is it time for you to get rid of the Excel® spreadsheets and get real? Insights gathered from our ERP for healthcare and business accounting systems used by Kianoff & Associates deliver the information needed to make critical decisions, improve internal processes, and patient care. ERP for healthcare gives you the answers to:
- What are the earnings of the individual profit centers?
- How are physician extenders (nurse practitioners/PA’s) contributing to profitability each month?
- What’s the contribution to profit by each physician?
- How do profit centers compare, month to month? Year to year?
- What are overhead allocations at each profit center, each month?
- What percentage of revenue is generated by each profit center?
- How do we reduce costs, manage risks and streamline financial processes?
Whether you are considering purchasing important equipment to enhance patient care, expanding to new locations, or just growing internally; precise and accurate reporting provides the information needed to act with confidence. The Kianoff strength gives you healthcare accounting software solutions with accurate resource planning in one system to make your business more efficient.
As fees for services continue to come under pressure from the demands of healthcare reform, the ability to track revenue, costs and overall profitability is the only viable position for healthcare organizations. Now you need to also understand costs at the procedure, patient, department and facility level. That cost accounting is now a critical care priority.
Streamline complex information systems across multiple locations & profit centers; analyze where you can build efficiencies.
Healthcare organizations with multiple locations, entities, and profit centers often battle separate, disjointed systems that are inefficient. Our healthcare accounting software solutions provides a better handle on operating costs and office technologies to improve productivity. Kianoff’s industry experts are experienced in designing and implementing solutions to meet the needs of various healthcare systems and challenges:
- Multi –physician / provider
- Multiple P&L Centers
- Physician equity payments
- Financial reporting to simplify complex needs
- Reportable Key Performance Metrics
- Connecting to Practice Management & suppliers
- Labor management including Payroll and HR
Combine operational metrics with solid accounting and business data to provide you true bottom line visibility.
Powerful Reporting through a business accounting system with the use of General Ledger segments and non-financial statistics gets you there. Lose those old spreadsheets that can’t show everything you need and let us show you how other healthcare companies are automatically accessing the appropriate cost information and allocating it to revenue centers. With General Ledger Detail you get flexibility in reporting on GL Segments that can track:
- Physician Extenders (Nurse/PA)
- Specialties / Ancillaries
- Clinic or location
- Entities / Companies
- Business Units
Incorporate data on patient visits, procedures per day, revenue per patient and other metrics.
How would your decisions change if you had the full economic picture of your medical business?
Connect your systems for real time data. All information converges in your accounting and business management system.
Integrating your vital systems adds efficiencies, gives better and clearer access to data and gives you one place where all the data is collected:
- From your Practice Management and Billing System.
- From purchasing systems to Accounts Payable
- From Procurement and Requisition Systems
- From your bank for regular reconciliations and cash management.
- To pay vendors with ACH.
- From payroll services and time clocks
- To handle Patient Refunds
- By connecting documents, such as supplier agreements and invoice into the accounting system.
Our Kianoff healthcare-based Best Practice reports and dashboards help identify how clinical information combined with financial information can be viewed to enhance the success of your practice. Now you can start to quantify business metrics for better decisions:
- Incorporate data on patient visits,
- Analyze procedures per day,
- View reports based revenue per patient
- View information on revenue per employee or per professional
- View and analyze expenses
Manage labor costs and capture needed detail on employee data and payroll across all care centers
Companies in healthcare invest in their people. Tracking labor expenses for analysis requires payroll to handle complex processing and reporting needs. Our business accounting system streamlines important payroll tasks to increase efficiencies, give better access to data and reduce payroll errors across all care centers:
- Produce detail analysis or summary payroll analysis at any point in time.
- Payroll technologies customized to the healthcare industry help create more powerful workforce reporting, employee self-service, reporting compliance and better insight into your labor expenses.
- Our Payroll Assistant tool provides cross checks to support your standard payroll processes.
- Integrations to time clock systems, or pay cards
- Import from out-sourced payroll is available if you choose to not do payroll in house
- HR Metrics
Strengthen the health of your business processes
Kianoff & Associates' industry experts partner with your organization to develop solutions and implement best practices that enhance the health of your organization. Contact Kianoff & Associates today to learn how you can increase efficiencies with the right healthcare accounting software solutions.
Healthcare Software Solutions
Why the Kianoff Healthcare Playbook?
The experience we have gained from nearly 30 years of helping dozens of healthcare organizations implement and adopt Best Practices is detailed in the Kianoff Healthcare Playbook. It is our strategy plan, reporting and Best Practices “Plays” that cover the implementation of systems to support the growth and management of healthcare practices and organizations. Our Best Practice “Plays” will positively impact your practice with:
- Improved visibility into the key areas of your Healthcare business
- Financial reporting that allows analysis with views from all facets of your practice – physician, specialty, location, departments and more.
- Built on a foundation of an Industry-proven chart of accounts structure to support your specific reporting needs.
- Intercompany or Intra-fund allows for more streamlined operations when there are multiple entities. Still track and analyze the individual details. The system manages the due-to/due-from for you.
- Allocation of expenses across entities and departments, both fixed and variable.
- Elimination of manual spreadsheets gives you higher data integrity as you cut down on data entry. Dashboards provide easily accessible vital business metrics.
- Incorporate Payroll and/or HR into your system for better controls and better reporting you can use as a strategic component to your business. See where you are investing in employees and if the return on investment is where you need.
- Use our Payroll Assistant® tool as an on-going confirmation your payroll processes are clean, consistent and correct.
- Cash management to make sure you capturing all the income from your locations timely and accurately and that you are reducing the risk of fraud.
- Protect against fraud with the use of positive pay/safe pay. The bank clears only checks that match the information you provided. You have cross checks to stop the cashing of fraudulent checks
- Operational reporting provides vendor analysis so you see your top vendors.
- Specialized training and work flow specific to Healthcare
- Integrations to your Practice Management systems, suppliers, time clocks, payroll services, document imaging, data warehouses and your banks
- Patient refund checks
- Electronic Banking
- Maintain the right inventory levels for medical supplies; set triggers to alert at scheduled re-order points.
- Automatic matching of Purchase Orders and Invoices.
- Assurance that the automating of accounting and financial processes will help in compliance with governmental regulations.
See what value the Kianoff Healthcare Playbook showcases for your Healthcare organization.
Accounting Software for Medical Practices, Medical Offices, Dental Practices
Keep Your Medical Business Healthy With Key Financial Metrics
Relevant Financial Reporting is a must for multi-faceted medical practices and organizations.
- Your financial statements are a window into the health of your company.
- These reports are often an underused source of vital business information.
- If you are just using basic Financial Statements or creating/recreating your reports Excel, you are missing out.
At Kianoff & Associates, we provide healthcare financial software solutions to make sound financial decisions, whether you have a medical office, dental practice, or are managing a hospital. Healthcare organizations need more than just the revenue centric view from their practice management system. You must be able to analyze revenue and combine it with related costs to understand profitability by relevant business segments such as facility, specialty, doctor, procedure, patient type or other. How can you make vital decisions and manage your business without metrics at these multiple levels?
As a healthcare practice or organization you will see value when you can analyze your multi-faceted practice at its component parts level, using such filters as:
- Facility / Location
- Mid-Levels (Nurse P’s/PA’s)
- Patient Type
Our healthcare financial management systems factor non-financial data into your financial reports. This provides you with new lenses to analyze your financials, such as:
- Number of providers – net income per provider
- Employee count – net income per employee
- Patient visits – revenue and expenses per patient visit
- Square footage – expenses per square foot
- Allocation of expenses and/or revenue based on static information, such as square footage, variable numbers, such as patient visits
It’s your business and you can know what’s going on with our healthcare accounting software solutions. You need financial reports that are accurate and comprehensive so that your Practice Managers, Controllers and Physicians gain the business insights and visibility they need to make better decisions and drive performance.
Our accounting software for healthcare matches up with the business thinking from our team of CPAs, accountants and consultants. We are accountants who understand fiscal periods reporting and best practices for account formats that can accommodate varied reporting needs and when it makes good sense to us posting, unit and/or allocation accounts. And, we know how and where to access the information you want because we know all the tables and fields in the system. Healthcare accounting software solutions we provide include traditional, hosted, and cloud accounting solutions.
Company founder and President Lisa Kianoff, CPA.CITP, CGMA, has always focused on the value of strong financial reporting as essential to the decision makers’ ability to manage their business. Since 1986 our team has followed that lead, creating financial reports that provide real value, and putting them in the hands of people who can use them most effectively. Financial Report Writing remains one of the top strengths of our skilled CPAs and accountants in our Consulting Services Department.
As a healthcare practice or organization, you’ll want to consider Kianoff’s Best Practices for Financial Reporting that keeps the focus on important areas like profitable services and cash flow. Healthcare software solutions provide well-constructed financial insights into:
- Who is most productive?
- Where is the profit?
- How is your cash flow?
- How are you doing as compared to budget?
- How are your contract resources doing?
- What does the service mix look like?
- How to split up and show owner’s equity
- What parts of the practice are most profitable? Least profitable?
- Tracking department revenue streams such as lab, x-ray, ultrasound etc.
- Managing and analyzing labor costs
- Managing and tracking Fixed Assets
- The bottom line for consolidated financial information across entities based on ownership.
Grow Your Organization By Tapping Into Operational Metrics
Touch points become data. When viewed in different ways its can tell you a lot – what’s working, what’s not, what to worry about, where you should pay attention. In short: Business Intelligence.
Access your critical revenue and operational information and you turn data into insight about the business side of your healthcare organization. Use role-based Key Performance Indicator (KPI) dashboards:
To filter by :
To benchmark tracking and performance comparison by:
Your business management and accounting system is already capturing data, we show you how transform it into meaningful and useful information for business purposes. Business Intelligence makes interpreting voluminous data more friendly, which makes it clearer how to take advantage of new opportunities and plan for the long-term.
New “views” of your data let you combine the revenue and patient information from your practice management system to your corporate accounting to gain valuable insights into:
- Labor expense per patient visits
- Revenue / net income per patient visit
- Net income per square footage
- Average pay per employee
- Vendor relationships and purchasing
- Revenue / net income per employee
- Revenue / net income per provider
- Cash position
- Fixed Asset analysis
- ….and more
Integrating your ERP for healthcare with your practice management gives the needed complete view of the bottom line, taking expenses and labor into account when computing revenue. And, gives you:
- Insights into your more profitable services.
- Labor analysis from payroll
- Reduction of time for staff to export data
- Reduction in need for packets of Excel spreadsheets for analysis
Today you have some terrific choices among BI tools that will produce the reports, dashboards and alerts that will keep on top of your business. As we understand the finer parts of your business, we’ll be better positioned to make recommendation. As a healthcare organization, you’ll want to consider Kianoff’s Best Practices for Business Intelligence that keeps the focus on important areas like cost per patient visit and cash flow. This includes regularly using a library of employee, practice management, vendor and operational reports.
Business Intelligence doesn’t just happen. To learn how your business can tap into the power of BI, contact Kianoff & Associates and learn how peer companies in all areas of healthcare are maintaining a competitive edge with access to the BI that strengthens their performance.