Case Study: American Physician Partners
Founded in 2015 to provide managed emergency medicine and hospital medicine services to healthcare systems, American Physician Partners has grown quickly to more than 100 care sites. As operations expanded, spreadsheets proliferated to make up for the reporting limitations of QuickBooks. When an acquisition increased the size of the company by 25%, the finance team worked with LBMC Technology Solutions to build a strong financial management foundation for the future.
“We needed a more powerful system to handle our growth. Moving to web-based Sage Intacct saves us a tremendous amount of time in reporting across locations and for the organization as a whole.”
-WHITNEY FISCHER, DIRECTOR OF FINANCE
A top requirement for American Physician Partners was to have the ability to support multi-entity reporting. With locations around the country, reporting was needed to monitor performance and key performance metrics for each individual location as well as for the organization. The strength of Sage Intacct’s unique multi-dimensional ledger could provide the visibility into every level of operations across locations, replacing tedious spreadsheets.
The HIPAA-compliant, cloud-based deployment of Sage Intacct allowed American Physician Partners to focus on growth and acquisitions without technology limitations. New locations could be brought on line quickly and securely and no additional work was required by the finance team to incorporate the new location into the financial reports.
HIPAA Compliant Accounting with Sage Intacct
Organizations like American Physician Partners that must adhere to HIPAA requirements can trust Sage Intacct’s financial solutions to ensure the proper tools, security, and agreements are in place to support compliance.
- Advanced audit trail, allowing organizations to monitor and audit access to protected health information (PHI) in support of HIPAA requirements.
- HIPAA and HITECH certification by Sword and Shield, so organizations can trust that PHI is protected by appropriate security.
- A full commitment to meet HIPAA compliance requirements, where Sage Intacct will now sign a Business Associate Agreement with eligible healthcare clients.
While Whitney Fischer, Director of Finance, was fully onboard with the selection of Sage Intacct, she anticipated a difficult transition to a new financial management system. Through the automations and workflows, the time needed to set up vendors has been significantly reduced. Payments, approvals, and reports are completed with one click.
“I was truly surprised at how easy the transition was. I thought it would be a lot more work on our side. LBMC Technology Solutions did all the hard work for us and helped us set up the system to make it easier going forward.”
WHITNEY FISCHER, DIRECTOR OF FINANCE
Speed up month-end close and simplify audits
Reporting and role-based dashboards deliver the data that managers need to continually analyze the activities of their department. Having immediate access to relevant information saves the finance team from spending time answering questions and creating individual reports.
While month -end closing used to be a slow and painful process, Sage Intacct automates financial consolidation for American Physician Partners’ multiple entities, making it easy to manage the global consolidations.
With transactional documentation housed within Sage Intacct, audits have become easier and faster. Centralized, cloud-based data and document management means that the financial team can get the information they need no matter where they are working.
Healthcare organizations trust LBMC Technology Solutions
For over 20 years, LBMC Technology Solutions has been inspiring greatness through technology. We understand how important a reliable financial management foundation is to your unique healthcare organization. As your partner, we evaluate your specific business processes and current systems, then identify and apply the most effective solutions. LBMC has been one of the most recognized firms in Healthcare Services for over a decade.
Contact us today to discover just how much your healthcare organization has to gain.
To learn more, download our free eBook, 6 Best Practices to Unlocking the POWER of Financial Data in Healthcare.