BTerrell Group Blog

Streamlining Consolidations for Multi-Entity Healthcare Organizations

Posted by Brian Terrell on Fri, Feb 26, 2021

Four ways cloud financial management software keeps finances healthy

20210226_Healthcare Blog

Integrating a healthcare organization’s multiple entities in a unified set of financials is challenging and complex. The traditional approach to consolidation combines old fashioned manual labor, semi-structured processes, and an unwise reliance on Microsoft Excel to bring together data and information. Unfortunately, even with the best efforts and communication, manual consolidations are time-consuming and error-prone — yet 58% of companies continue to use this method.

Healthcare organizations need a smarter way to consolidate their financial results, to support the industry’s fast pace and competitive climate. Cloud-based financial management software can be that better way, offering four areas of critical functionality that traditional, on-premises systems lack.

1. Scalable foundation enables automation
Healthcare firms often add virtual and physical entities to their corporate structures. However, on premises solutions struggle to add and manage new entities and across geographic jurisdictions. A cloud-based financial management system allows all business units to share the same system, same chart of accounts, same financial reports, and same master data tables, driving significant productivity gains. It also creates a shift in mindset and positions finance teams to add value to information, not simply report on information.

2. Agile processes help ramp up new entities quickly
A turnkey cloud financial management application gets systems and processes up and running quickly and can rapidly extend as new entities come on board. It also helps standardize workflows across entities, making it simpler to manage and monitor financial data.

3. Fully integrated consolidation processes
A cloud financial management system centralizes the setup and management of inter-entity relationships. When you rely on one single system to house organizational data, you can automate the elimination and consolidation entries, saving time and improving accuracy.

4. Clear insight
Cloud-based financials eliminate the gaps between the consolidation and the data. The result is real-time consolidated financial information — available at the push of a button.

The Vital Stats
The healthcare industry is in a constant state of flux. To succeed in a fluid marketplace, your organization must quickly scale to incorporate new entities, pivot to adapt to changing regulations, and swiftly adjust strategies and operations in response to performance trends.

BTerrell Group works with healthcare companies, ranging from small medical practice groups to more extensive combined healthcare operations, to strengthen and simplify all aspects of their financial health. Our recommendation for healthcare organizations is the cloud-based financial management solution Sage Intacct. Sage Intacct helps healthcare organizations save time, improve accuracy and grow their operations without increasing their administrative staff.

Together, BTerrell Group and Sage Intacct helped Epiphany Dermatology seamlessly manage growth from seven locations to 50 clinics across 10 states. And the organization was able to improve their overall efficiency in accounting and finance by five-fold, avoiding the cost of two to three employees. It’s this type of success that we strive for with every client.

We invite you to contact us at 866-647-2611 with your questions and download the complete Financial Consolidations for Multi-Entity Healthcare Organizations white paper.

    

Tags: healthcare, sage intacct

Healthcare Financial Management - What’s in Store in 2021?

Posted by Brian Terrell on Thu, Feb 04, 2021

The changes for healthcare in 2020 were significant and many. As a CFO, if you’re feeling a bit exhausted by change, you are not alone. As we enter the New Year, what challenges will healthcare organizations face?

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2021 Predictions for the healthcare industry

The following three predictions three predictions were published recently by Brian Bogie, Director of Healthcare Industry Marketing at Sage Intacct.
1. Cost control will be paramount in 2021, and Activity-Based Cost Accounting will be business critical in a post-COVID world
2. Healthcare will adopt a Doordash model for delivery of their services: whether these “Hospital at Home” healthcare organizations will succeed depends on how they get paid – and from whom
3. HIPAA and security breaches will become a greater issue for healthcare organizations

Click here to read the entire article 


Familiar, perennial challenges still need to be addressed

The most common struggle for healthcare CFOs that we see is the challenge of consolidations for multi-entity, multi-location organizations. Healthcare CFOs must contend with:
• Expansion of facilities and service lines across regions and states
• The varying and changing nature of accounting rules as regulatory frameworks evolve
• Emphasis on growing the business through both organic new ventures or by acquiring others
• Increasing inter-relationships and inter-company activities between entities within the parent company

Download the complimentary white paper ‘Financial Consolidations for Multi-Entity Healthcare Organizations’ 

Addressing the challenges of consolidation using a single, cloud-based financial system tool can propel your healthcare organization forward.

And that’s where we can help – contact us to investigate how you could accelerate the integration of new entities; improve controls; and enjoy real-time consolidated results from across the enterprise at any time without waiting for period ends.

More than ever, CFOs find themselves data-rich, but time-poor. A truly integrated cloud-based financial system can automate the consolidation process, reintroducing quality and trust. Senior healthcare executives can view timely information with confidence which enhances finances credibility and opens the door to new opportunities to add value.

    

Tags: healthcare, sage intacct

Sure, You Still Use Spreadsheets, But Are You Guilty of Creating..."SpreadWARE"?

Posted by Brian Terrell on Wed, Oct 09, 2019

Yes, we’ve all been using spreadsheets for years (some of us, for decades now…) for simple what-if scenarios, for profit/loss statements, for reconciling bank statements, even for complex risk-analyses.

spreadsheetWhile some industry pundits are extolling the virtues of a “spreadsheet-free” business environment (low-carbon imprint, BTW), the ubiquitous spreadsheet has nonetheless become the de facto standard for creating just about any “solution” when our own software applications seem to fall short of accommodating our immediate and insatiable need  for analysis and insight. In short, spreadsheets have become our “spreadware”.   

That’s why a recent post “The Spreadware Epidemic from Intacct Premier Partner, JMT Consulting, immediately peaked our interest.

In using the recently coined term “spreadware”, JMT highlights the morphing of spreadsheets to become our go-to tool for creating one-off custom software solutions. JMT highlights the danger that lies within.

Think about it: how many times have we used spreadsheets in an attempt to compensate for our accounting/finance systems lack of functionality or integration? 

Our president, Keith Karnes, also recently highlighted the same dilemma in his blog post, stating “creating workarounds (using spreadsheets to create spreadware) because your ERP application cannot do what you need is a prime reason to consider changing ERP and accounting/finance applications.”

With today’s apps, spreadware is old-school thinking in a modern day reality. With cloud-based financial and analysis applications and their open APIs, such as best-in-class applications like Adaptive Insights, there are infinitely better approaches than creating “spreadware.”    

It takes new thinking and new approaches to eliminate using spreadsheets to create spreadware. And, BTerrell Group has been successfully doing this for our clients – for years. Connect with us today.  You’ll be glad you did!

 

Sage Intacct Customization Showcase

Posted by Joe Zhou on Wed, Oct 09, 2019

Our development team specializes in Sage Intacct customizations and integrations since March 2013. During this time, we've implemented many Sage Intacct integration projects for various clients. When I look back on these projects, I can group them into the following categories.

 

1.       Standalone Web Applications

A good example is our CodePartners’ Mass Update Tool and GL Upload Tool. Both tools are standalone ASP.NET MVC websites and hosted in Windows Azure. If the customer requires tighter integration, we can embed such web applications in a Dashboard so that they look like a part of Intacct.

2.       Standalone Windows Applications

These applications deploy on a Windows server that the customer owns. They can run on demand or on a regular basis if set up using Windows Scheduler.

3.       Intacct Platform Services with no External Resources

These applications leverage Sage Intacct Platform Services including custom objects, smart events, triggers, AJAX Toolkit, etc., exclusively.  In other words, every piece of the integration runs within Intacct and doesn’t require anything external to run. Read more about Simplifying Billable Expenses with Sage Intacct.

4.       Intacct Platform Services with an External Restful API

Workforce Go!, originally developed by BTerrell, is a perfect example for this category. It leverages all the power Sage Intacct Platform Services provides and takes advantage of the benefit of Restful APIs for the pieces that are better handled outside of Intacct.

5.      Combining a Windows application, an external Restful API and Sage Intacct Platform Services

Many folks didn’t think Sage Intacct, a cloud based ERP system, could work with on-premise legacy systems.  With the help of a Restful API that bridges Intacct and the on-premise system, it is possible. Check out the blog post I wrote a couple of months ago on Sage Intacct customizations for details about this type of integration.

    

    

Celebrating the Secret to Successful Partnerships

Posted by Brian Terrell on Thu, Sep 19, 2019

Recently, I had supper with the CFO of a $100+ million dollar manufacturing company and their Sage Channel Partner. Our dinner party represents a partnership of three companies working together since 1999 on various automations to tailor Sage 300 ERP to the exact needs of the manufacturer. The group clearly has been successful together, and all parties benefit greatly by it. The manufacturer wins the most, because of the cumulative enduring value of many properly maintained automations. 

Both the Channel Partner and BTerrell Group spend the proceeds of each engagement on operating expenses shortly after receipt. This demonstrates the difference between investment and expense, and both service providers feel like winners, as well.

This successful partnership is built upon the same foundation as all successful relationships: honesty. Nothing happens without an honest business conversation in which all parties openly discuss the issue needing resolution and that issue’s impact on the client.

 

For instance, many companies struggle with a back-office accounting system and a line of business application that do not share data. Reposting general ledger transactions produced by the line of business application requires time, accuracy, and unnecessary process. Quantifying the impact of these inefficiencies to the company defines the automation opportunity. Usually, a real opportunity exists only if the solution costs the same or is less than the one-year quantified impact of the problem.

 

If any party postures or withholds information, the project lessens its chance of success. For example, when a client company doesn’t entirely reveal the scope and impact of a problem, the business analysts in charge of scoping a solution cannot appropriately match effort with opportunity. The design focus devolves into an unnecessary search for shortcuts to squeeze the real effort inside a false target. This leaves no room for error. The client, bound by a forced and inaccurate minimization of the problem’s impact, may constantly push the envelope for additional value after the critical design process completes. Every new change order can meet with frustration, second-guessing, and finger pointing. The Channel Partner considers cutting his margin to keep the project going, and finds himself in the uncomfortable position of being both the client advocate and the preserver of a valued supplier relationship. The software developer perpetuates a business relationship built on false pretenses by pricing a solution unprofitably.

 

All parties can wreck a project by failing to be authentic! Or, all parties can avoid a train wreck by accurately quantifying the impact of a problem in the beginning, scoping a solution that solves that problem, and accurately pricing that scope. Without all parties committing to an honest business conversation, a project sets up so that there are no winners.

 

To avoid marginal or risky engagements, I like to ask, “What will it mean to your company to solve this problem?” When none of the parties engages in an active conversation to quantify financially the answer to this question, the priority should shift to the development of trust prior to tackling the automation problem. Additionally, the software developer must agree to provide a price delivering fair compensation for the required effort. In this example, I appreciate both the manufacturer and the Channel Partner for giving me 14 years of confidence in these best practices. If you would like to solve a business problem by tailoring Intacct or Sage 300 ERP/Sage CRM, contact me to help you both define the problem and quantify the solution. Once we do that, we’ll know quickly if an opportunity exists to solve the problem through technology.

Tags: VAR