Bookkeeping is a critical aspect of keeping a healthcare organization running smoothly. Unfortunately, it can also be yet one more task to take care of by medical providers and their staff members who are already busy and overstressed due to increased demand, staffing deficiencies, and other factors.
In addition, the healthcare industry is one of the most heavily regulated industries in the United States. Consequently, healthcare organizations must deal with a complex web of laws and regulations, along with keeping track of an ever-changing landscape of reimbursement rates and billing codes.
All of this can make healthcare accounting a real challenge. That’s why many healthcare organizations are switching to a healthcare bookkeeping service. Read on to learn more about your options!
Features of Finlyte’s Healthcare Bookkeeping Platform
Finlyte Healthcare, powered by Oracle NetSuite, is a comprehensive solution that can help streamline accounting processes. The platform offers a number of features and tools specifically designed to meet the needs of healthcare organizations. These features include:
- Tracking and allocating costs by statistical information like patient visits, the number of providers, or even square footage of the office.
- Tracking claims and payments
- Automating the financial close and physician, clinic, procedure level reporting.
With NetSuite, healthcare organizations can automate many of their accounting tasks, from invoicing to accounts payable and receivable. NetSuite can also help healthcare organizations manage their inventory and supply chain more effectively.
Finlyte Healthcare also provides detailed reporting and analytics tools that help track and analyze key financial indicators. For example, it can generate preconfigured reports like Physician Compensation Models and average revenue per patient, as well as visibility into revenue by insurance provider. This data provides valuable insights into your medical practice’s financial health.
On the operational side, the system will also:
- Manage purchases and expenses
- Keep an inventory of supplies
- Generate reports for supply cost and usage
These features are both practical and useful for office managers or whoever is responsible for ordering supplies, allowing insight into where you can cut costs and increase efficiency.
Best of all, Oracle NetSuite seamlessly integrates with many third-party applications commonly used in healthcare, such as electronic medical records (EMR) and medical billing systems, making it ideal for organizations looking for a single, unified platform to manage all of their financial operations.
Who Should Use the Finlyte Healthcare Platform?
Our system is suitable for all types and varieties of medical practices!
- Urgent care
- Family medicine
- Dental clinics
- Veterinary offices
- Assisted living facilities
- Freestanding emergency rooms
Don’t see your practice listed? Give us a call and we can determine if Finlyte Healthcare is a good fit for your practice.
Dedicated Support for Your Employees
Each new account will receive customized assistance from a dedicated support representative who not only has prior experience in the healthcare technology field but who also has specific NetSuite implementation experience within that industry.
Finlyte can help you get up and running quickly and smoothly – with an onboarding complete after 30 days and implementation complete after 60 days – allowing you to see measurable results from your use of the healthcare bookkeeping service platform after only 90 days of use.
Help Us Help You
For an example of Finlyte’s proven record of success with healthcare bookkeeping service implementation, visit our website to read our case study regarding our experience with SmileMD. Their use of the Oracle NetSuite ERP, facilitated by Finlyte’s experienced support team, allowed them to optimize their inventory management practices and produce more accurate and transparent financial reporting.
With our service, you can rest assured that the finances of your company are in good hands. The Finlyte Healthcare platform is user-friendly and provides a variety of features that makes it a great choice for healthcare businesses of any size.
By automating financial processes and integrating with other applications, Oracle NetSuite provides real-time data and information pertinent to making decisions about your organization’s financial health. This allows healthcare practices to make informed decisions about where to allocate resources and how to best serve their patients.