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What Healthcare Finance Leaders Learned During the Pandemic
The pandemic has taken its toll on every corner of the healthcare market, and healthcare finance leaders experienced no different.
The pandemic has taken its toll on every corner of the healthcare market, and healthcare finance leaders experienced no different.
Top pandemic-related challenges reported by healthcare finance leaders:
Challenges shifting to
a remote workforce
a remote workforce
Understanding and controlling costs
Service disruptions
(i.e., loss of electives)
(i.e., loss of electives)
Operating with
staff reductions
staff reductions
“Amidst static and declining reimbursements, we're looking at value-add for patients. At the same time, increasing personnel costs and the pressure to maintain or improve each unit of profitability is increasingly difficult. Cost monitoring and containment is extremely critical, as is regulatory compliance.”
Virginia Jones, PhD
Chief Operating Officer
Village Family Dental
Chief Operating Officer
Village Family Dental
However, as the research shows, the pandemic also created new opportunities including the shift to digital operations.
of businesses say timelines were accelerated by more than three years.
of businesses say the coronavirus pandemic accelerated their digital transformation.
Finance leaders are investing in
technology to help them scale.
Healthcare organizations are also
making technology investments.
“[With new technology,] we are much more efficient with our day-to-day bookkeeping tasks. I do very little transactional work anymore, and have shifted 15% more time toward supporting the business.”
Eric Jensen
Director of Finance
Behavioral Health Resources
Director of Finance
Behavioral Health Resources
When making investments in technology,
healthcare leaders are prioritizing tools that will…
Save staff time by
automating repetitive
administrative tasks.
automating repetitive
administrative tasks.
Integrate between
multiple business
systems.
multiple business
systems.
Automate tracking and
reporting out important
outcome metrics.
reporting out important
outcome metrics.
Healthcare finance leaders are in a unique position to lead their organizations back to growth by removing friction from manual labor within their departments and providing in-depth strategic guidance to clinical and business leaders in real-time.
The unique demands placed on healthcare finance leaders in 2021 will require financial management systems that are built for healthcare and provide the visibility and flexibility to efficiently manage finances, operations, and people.
As the only financial management solution endorsed by the AICPA and designated as Peer Reviewed by the Healthcare Financial Management Association (HFMA), Sage Intacct’s cloud-based platform gives data driven healthcare finance leaders the power to solve their most complex challenges.
The unique demands placed on healthcare finance leaders in 2021 will require financial management systems that are built for healthcare and provide the visibility and flexibility to efficiently manage finances, operations, and people.
As the only financial management solution endorsed by the AICPA and designated as Peer Reviewed by the Healthcare Financial Management Association (HFMA), Sage Intacct’s cloud-based platform gives data driven healthcare finance leaders the power to solve their most complex challenges.
Sources
- Sage Intacct 2021 Return to Growth Outlook Report
- Sage Intacct Healthcare Finance Team Leadership Survey
- Philips Future Health Index Report 2021
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