3 Tricky Issues to Navigate in Home Health Care Accounting

3 Tricky Issues to Navigate in Home Health Care Accounting

Home health care agencies perform some of the most selfless and rewarding work. Yet, aside from managing the day-to-day responsibilities of caring for patients, home health care professionals are also involved in regular financial management to ensure proper care, tracking, and growth.

From choosing the right home health care accounting software to monitoring cash flow to perfecting accounting processes, there is so much more that goes into the home health care industry than just patient care.

So, when you’re busy running the daily duties of a health care agency, who has your back in ensuring proper accounting protocols are followed and patient billing is tracked efficiently? Let’s look closely at how Finlyte can help solve some challenges.

Home Health Care Accounting Solutions for Your Organization

Finlyte is a business solutions provider that can help with home health care accounting by enhancing financial visibility and improving efficiency for growing health care organizations.

However, before Finlyte can step in and offer solutions to improve a home care practice, we first ensure we’re on the same page about accounting challenges in your organization.

From our experience, we have discovered some tricky issues that are universal across the industry. Here are three examples of where we focus on supporting our clients.

Issue #1: Tracking Payment Processes to Ensure Reimbursement

An inefficient accounting system can undoubtedly threaten the livelihood of a health care business. Difficulty tracking payments and ensuring reimbursement is detrimental to providing adequate patient care at an affordable cost.

That’s why a modern software system such as the Oracle NetSuite ERP platform enables practices to follow the industry’s best practices, optimize revenue collections, and maintain positive cash flow.

Issue #2: Measuring Key Metrics

It isn’t easy to track progress without a starting point, especially in home health care. Your organization needs to be able to track key metrics such as:

  • Average monthly billing.
  • Regular physician workload.
  • Routine patient in-office time.

With visibility into these metrics, it becomes easier to understand how a home health business is truly functioning. As such, it may seem impossible to set growth and improvement goals.

By using operational metrics by clinic, physician, insurer, and procedure pain points, Finlyte can provide data solutions to solve common accounting issues.

Using NetSuite ERP, we can help you produce the reports you need, such as Physician Compensation and Average Revenue Per Patient. You will have clear visibility to see the organization’s current health and set future goals.

Issue #3: Meeting Payer Expectations

As the field of health care continues to evolve, so do the payer expectations clients have of home health agencies. Standard accounting services simply aren’t enough in a modern medical setting to provide clarity to patients and their families.

As a result, Finlyte uses NetSuite to assist with managing and collecting payments for patient visits, allowing you to spend more time tracking patient care. We ensure that your practice satisfies HIPAA compliance requirements and has strong internal controls.

To develop long-term billing strategies that benefit home health patients, Finlyte strives to clarify home health metrics in terms of pertinent information about the number of visits, services provided, and outcomes for each patient.

We couple our support with specific software support if you choose to migrate NetSuite and replace basic accounting software platforms. Implementing NetSuite will enable your home health agency to reap the benefit of streamlined accounting.

How Finlyte Can Help Improve Home Health Accounting

Visibility is key to addressing these main issues that pop up when navigating home health care accounting. NetSuite was designed specifically for physicians and business managers to achieve financial clarity in their health care endeavors.

The NetSuite platform is reliable, centralized, and secure, with plenty of versatility to integrate new business lines and services as you go.

We offer a streamlined implementation process to help home health care providers get up to speed using NetSuite. We follow a 90-day implementation timeline so that your organization can quickly can new insights into health care performance.

  • We start with a 30-day onboarding period, which includes personalizing NetSuite to your needs and harmonizing your data on one platform.
  • Within 60 days, we will begin training your team on NetSuite best practices for your everyday home health accounting.

In just 90 days, your agency will begin to generate robust financial reports to improve your business processes and recordkeeping.

By moving to the best-in-class NetSuite ERP Platform, many of the issues you experience in your day-to-day home health accounting can be resolved and eliminated. This platform is simply unmatched with functions designed to specifically support the health care industry.

Implement the Oracle NetSuite ERP Platform into Your Organization

Our clients can significantly improve their financial transparency and performance by tapping into our dedicated solution for health care.

  • Gain access to real-time reporting.
  • Support multiple agency management.
  • Perform analytic analysis across each agency.

These are just a few benefits of making NetSuite ERP part of your organization. So, commit to improving home health care accounting with help from our team of experts.

Contact us today to schedule a consultation.