Healthcare institutions are not just a place to offer the best-in-class medical facilities but well-built businesses. Customers pay to get their health checked and treated by experts. This is how the institutions deal with financial challenges on multiple fronts - payment acceptance, invoice creation, reconciliation, and reimbursements. With new business models like telehealth coming up, healthcare leaders are also tasked to look for an advanced accounting solution to maintain business health. This is where Sage 50 on the cloud can be taken into use for the best results.
Sage software does help healthcare facilities in driving expected growth with its industry-specific features and efficiency. With cloud-hosted Sage 50, it will become easier for administrators and other staff to manage operations, finances, and people with ease.
Let us take you through the benefits of Sage 50 hosting for a medical facility.
Automated core accounting on the cloud
Whether it is about processing accounts payable faster or eliminating inefficiencies with accounts receivable, Sage software has been designed with features that help save time. However, when hosted in a local IT environment, the limitation of remote software inaccessibility often interrupts business workflows.
Take the case of Sage’s Accounts Payable software module that can save thousands of dollars and working hours for a healthcare institution. It is designed to automate manual steps involved in the accounts payable processes and eliminate workflow glitches. You can make the most of such features of Sage software by hosting it on the cloud.
Once the software files and accounting data are hosted on a cloud server, it becomes accessible to the authorized team members on the go. It also implies that any health pandemic or its ongoing impact won’t affect the business workflows. The team members can work from anywhere and manage the accounting processes.
Improved Efficiency as Displayed in Real-Time Financial Reports
In terms of accounting, getting in-depth insights into the cash flows helps businesses in making the right decisions for growth. Sage software has an intuitive, feature-rich dashboard and reporting module using which a healthcare institute can turn data into actionable insights to reach peak performance. One can get real-time financial reports for quick visibility into business finances.
These features make sense when they can be used to enhance work productivity and overall efficiency. Sage 50 on cloud allows users to access powerful accounting features at their convenience. It also eliminates various redundant tasks that are otherwise involved in manual accounting. With real-time insights backed by quick action around accounting processes, it is possible to get rid of various bottlenecks in healthcare finances.
Moreover, it gives users the flexibility to slice and dice the details and pass them to the relevant stakeholders - executives, finance, administrators, and even investors.
Better Security Along with Industry Compliance
For the healthcare industry, it is essential to adhere to the Health Insurance Portability and Accountability Act (HIPAA) Compliance which safeguards medical information and ensures data privacy. Amidst the rising risk of data breaches and cybercrime on health providers and insurers, staying compliant with these industry standards is crucial. On one hand, medical data needs to be secure. On the other hand, there is accounting data or sensitive financial information of thousands of patients.
To get the best of both worlds, hosting Sage 50 on cloud can be considered a wise decision. Sage software that has been certified as HIPAA-compliant, will keep the medical data safe, while the cloud server security will protect accounting data from possible threats. This way, managing the general ledger, accounts payable and receivable, cash, and purchases becomes easier without worrying about security woes.
Besides this, one can even integrate Sage add-ons like Dynamic Allocations and Spend Management to further streamline the accounting processes.
Time Savings
Working on Sage desktop software hosted on local computers is quite time-consuming. When the tasks are split between accounting team members, they become dependent on one another to proceed further. For instance, unless the accountant checking the accounts receivable is done on his part, the one waiting to prepare the final accounting file for tax preparation can’t do much about it. It is followed by the frequent sharing of accounting files via emails or any other digital methods. If an error is detected in the accounting file, it might need to be circulated back again to every intermediate stage.
Sage 50 hosting simplifies this side of accounting for healthcare institutions. It allows multiple team members to work on the same cloud-hosted file simultaneously. This way, each team member can check, edit, or modify the files in real time, thereby working with increased efficiency.
Cost Savings
When a business requires investing more capital than expected in different departments and processes, reluctance is bound to occur. The same holds true for healthcare providers when they look at emerging IT needs. Scaling the on-premise IT environment to accommodate the increasing accounting workload does require upfront investments. Whether it is software, hardware, or other underlying security tools, everything is to be purchased upfront.
Cloud-hosted Sage 50 takes the financial angle into account and reduces the upfront cost involved. The healthcare facility does not require adding more servers or computing resources into the on-premise systems but can easily switch to a suitable Sage hosting plan. As the workload increases, one can ask the chosen cloud provider to upgrade the hosting plan to add more users, virtual RAM, etc. All these benefits are available at a budget-friendly price of around $30-50 per user per month.
What Else Do You Need to Know About Sage 50 Hosting?
Regular data backups
Loss of confidential patients’ data and their financial information on account of any external threat or natural disaster can lead to significant damage. On one side, people may fear getting diagnosed in the healthcare facility, knowing about the lack of data safety. On the other side, stakeholders - suppliers, insurers, etc. may take a step back in dealing with the institution. Clearly, no healthcare facility can afford to deal with such risk factors.
With Sage 50 on cloud, you will benefit from a regular data backup facility. It helps recover the cloud-hosted data for a revolving period of around 15-30 days or more, depending on the hosting provider you select. With Ace Cloud Hosting, you can get a 45-day rolling backup for maximum availability of data.
24x7 hosting support
Cloud technology has encompassed almost every sphere of business, and healthcare is no different. While using cloud-hosted Sage for a healthcare facility, the team may face technical issues that require expert involvement. The source of such issues can be man-made or technical. In either case, it is crucial to connect with the hosting support team without delay. The longer the delay, the more the losses in terms of time and productivity.
Hiring a reliable Sage 50 hosting provider will provide you with round-the-clock support services via various popular communication modes - chat, email, or phone. Certified cloud professionals are available all the time to maintain uninterrupted accounting operations.
Dedicated server
In terms of the cloud, clients from different industries benefit from utilizing two types of hosting solutions - shared or dedicated hosting. In shared hosting, one server and its computing resources are shared between multiple clients, hence the name. On the other hand, a dedicated server is meant for one client only. While the former is more affordable, one may face performance issues in case of higher workloads.
This is where dedicated servers are highly recommended to healthcare facilities. Hosting Sage 50 software on a dedicated server implies interruption-free performance and better control over server settings. One can also control user access configuration to decide who can access what.
Add-ons compatibility
Sage 50 when hosted on the cloud servers, may need to be integrated with various feature-specific add-ons. The number of add-ons you can integrate with Sage software on the cloud depends on the hired cloud provider. In general, most cloud hosting providers are compatible with add-on integrations and other business applications like ERP, CRM, etc.
