Home care agency accounting is one of the most tedious and time consuming processes in your organization. According to SCORE, 40% of business owners in 2015 spent 80+ hours a year managing taxes, payroll, and other accounting tasks.
It’s no surprise that agency accounting can cause anxiety and stress. Especially in the home healthcare industry where, due to its strict nature, audits play a major role in providing oversight and verification of industry standards and regulations.
If you’re working with a paper-based accounting department where every document that comes in requires some kind of manual processing, staff will spend the majority of their time hunting down documents, assembling or organizing paper and doing manual data-entry into accounting systems.
Processing agency billing or payroll could take hours at this rate, and audits will seem more painful and costly in both time and energy.
This is why your agency should consider the benefits of switching to an integrated system. A secure, cloud-based home healthcare software platform with an integrated accounting system allows data to flow seamlessly though your agency, creating one organized operation. This can greatly reduce accounting struggles, and make audits feel less like a nightmare and more like a structured source of operational insights.
Here are some of the additional benefits you could expect to see from implementing a solution with integrated home healthcare accounting:
Easy Access to Documents Anywhere, Anytime
If you store your accounting records as printed documents, you could spend hours searching for the appropriate files to pull. With an integrated cloud-based accounting solution, your team is able to locate and open documents within seconds, regardless of the device they’re using (phone, tablet, desktop, laptop).
Information is readily available making tasks such as billing and payroll fast and efficient, replacing manual tasks with a simple click of a button. Read more about how Acclaim Health was able to reduce billing processing time by 87%, and take payroll processing down from 4 hours to 30 minutes with their integrated accounting solution here.
Eliminate Data Entry
Many organizations suffer through the pain of using a fragmented data management approach, using multiple tools through various departments and patching together data from multiple solutions. This can take an alarming amount of time and has a much higher risk of error.
With an integrated accounting system, you can reduce overhead by eliminating unnecessary filing and data entry. You will start your accounting processes with all the information you need already captured in your system, saving you significant amounts of time, while reducing error. Accounting processes have never been so simple.
When done right, pulling financial and operational reports is a way to gain confidence in the quality of information and procedures performed throughout your home healthcare agency in order to help improve operations and the general quality of care.
Imagine being able to set up reports that are relevant to your business once and then never worrying about them again. With an integrated accounting solution and home healthcare software reporting tools, qualified employees can simply generate flexible pivot tables, and business intelligence reports at the click of a button.
All the details you need to gain operational insight are neatly presented online and available for export in PDF & CSV formats, saving hours of time, and loads of frustration.
Reduce Overall Cost
Having a home healthcare software platform with integrated accounting gives you more capabilities at a reduced cost. Purchasing and paying for multiple systems can be costly and creates daunting workflows.
Clients routinely saved thousands of dollars in billing personnel alone in their first 6 months of implementing home healthcare software with integrated accounting, while also eliminating paper costs by 90% (48,000 sheets/month down to ~5,000).
Accounting, although daunting, is an important process for your home healthcare agency to highlight potential ways to improve workflows and services. With AlayaCare’s tools and resources, you can quickly and easily maximize the effectiveness and efficiency of accounting processes, resulting in improved operational outcomes.