Modern financial workflows produce massive cost savings
UCH worked with Intacct implementation partner LBMC Technology Solutions to set up Intacct to meet its needs and execute a painless conversion. LBMC helped UCH significantly improve reporting and tracking of its multiple locations and entities with Intacct. In all, UCH estimates that Intacct is saving its organization well over $500,000 each year from reduced staffing and IT costs. For example, the accounts payable process is dramatically streamlined now that staff at each of the 12 clinic locations can easily enter their own invoices and expense reports into the cloud-based software. As a result, UCH’s corporate finance team was able to reduce headcount by 1.5 full-time equivalents. In addition, the finance team used Intacct’s cash management capabilities to schedule payment timing more strategically, which immediately improved positive cash flow by $125,000.
The organization improved revenue management by importing patient charges from its GE Centricity software into Intacct, as well as using the system to automatically generate contract-based invoices for partner facilities. This eliminated a manual, Excel-based process of preparing, tracking, and aging contracted revenue, which saves UCH’s accountants six days each month. The organization also leveraged Intacct platform services to configure a replacement for its contract management database. By housing all vendor, customer, and employment contracts in Intacct, as opposed to maintaining a separate system, the finance team can more easily manage renewals and compliance.
Intacct’s powerful reporting capabilities also streamlined UCH’s multi-entity reporting and consolidations process, cutting three days out of the monthly close and increasing confidence in the data. Now that the team is no longer manipulating data in Excel and emailing reports out to internal stakeholders and the board of directors, they have cut days out of the time spent on preparing and distributing reports.