Medical nonprofits like community health clinics or medical research centers have to run on limited funds, tight budgets, and careful planning, which is why smart accounting and bookkeeping practices are essential. Relying on standard accounting software is simply not going to provide the functionality you need, resulting in extra operational steps and inaccuracies in your financial data. To help you choose the right accounting software for medical nonprofits, we’re sharing specific features to look for to get the best results.
HIPAA Compliance
If you provide care to patients, you are most likely subject to HIPAA regulations. This means that any patient data you collect must be highly secure in order to remain compliant and respect the people you serve. When looking at nonprofit medical accounting software, look for options that are certified as HIPAA compliant so you know they have the security features to protect your valuable data.
Reporting Capabilities
Reporting your healthcare finances and activities is complex, but the right healthcare accounting software can streamline this task and help you get rid of complicated manual spreadsheets. Choose an accounting software solution that offers automation and organization features as well as customized reporting on multiple entities so you can provide accurate data to your team, the board of directors, and even your donors.
Real-Time Analysis
Whether you’re creating a report, building a forecast, or outlining a budget, working with accurate, up-to-date data is necessary for a successful project. While most spreadsheets are slow to update or require lengthy manual entries, there are several options for healthcare accounting software that offer updates in real-time so you always know you’re looking at the latest information.
Fund Accounting
As a nonprofit, you most likely receive funding from donations or grants that are held for a specific purpose, such as a mobile unit for your clinic, new equipment, or research. Having fund accounting allows you to separate these earmarked funds, track this money allocated to its dedicated use, and determine how goals are being met. Trying to do this manually with traditional accounting software can lead to inaccuracies or mistakes that can put your organization in jeopardy from a compliance standpoint.
Automation Features
If much of your time is spent logging transactions, consolidating information, and closing each month, consider a software solution that streamlines these actions, allowing you to manage your work more effectively and efficiently. By consolidating disparate processes, communication, and data, such as automatically processing incoming payments, you eliminate mistakes that come from inaccurate data entry or that are based on outdated data.
Connect with Our Team to Choose the Right Accounting Software for Healthcare Nonprofits
If you are looking for an accounting software solution for your nonprofit healthcare center or facility, consider Blackbaud Financial Edge NXT or MIP™ Fund Accounting Software. Both options are robust, award-winning platforms used across all types of healthcare organizations as they offer more effective fund management, simplified financial tasks, and a wide variety of functionality, from human resources features to compliance features.
Learn more about MIP Fund Accounting™ and Financial Edge NXT software by calling us at (843) 971-9061 or filling out the form below.
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