Accounting Software For Healthcare Organisation Singapore
The medical industry is also commonly known as the healthcare industry where organization in this sector operates a medical clinic, medical store, pharmacy, private practice, provides medical supplies or medical services to treat patients with curative, preventive, rehabilitative and palliative care. If you are operating a hospital, generic drugs manufacturers, a small practices pharmacy, dental clinics , family practitioner, small medical clinic for primary care physician, oncologist, allergist, anesthetist, Cardiologist, Dermatologist, endocrinologist, gastroenterology, gerontologist, gynecologist, neurologist pediatrician plastic surgeon there are very stringent statutory and regulatory mandates of compliance to ensure that your data and records of patient and medical supplies are properly recorded, filed and maintained.
Challenges in the Medical and Healthcare Industry
It is always not easy for private medical practitioner to operate a small medical clinic, on top of the complicated compliance requirement you are also require to manage your finances to ensure that the bottom line is profitability where proper cost control and cashflow management is important. Monitoring your expenses and expenditure to ensure that you have sufficient funds for your account payable. For a small private clinic, it is not cost effective to hire an accountant or additional head count to manage your finance.
Our Solutions to the Medical and Healthcare Industry
The solution to solve all these problems is to hire a qualified financial consultant to assess your requirement and select a suitable medical accounting software to suit your medical practice in this way it save you time and cost in researching, avoid the major upfront capital outlay investments on infrastructure each medical practice organization, You must ensure that the software is cost-effective, scalable with your current IT systems. Many medical software vendors recommended cloud system, is it better and cost effective? Are you really mobile and always on the move? or Do you spend most of the time in your clinic?
The Benefits of Medical & Healthcare Accounting Software
In general, the accounting software must
- Improve effectiveness and efficiency in healthcare systems
- Data and user access security
- Provides proper classification and control of information
- Input patient records / data, submission of patient insurance claims, and manage patient medication
- Account information must be highly visibile and transparent with real time in tracking expenses and expenditure
- Provide accounting report on general ledger, accounts payable, and accounts receivable to purchasing, cash management, and reporting
- Inventory reports regarding transactions with suppliers, costs, suppliers’ contact data and items in stock
- Better costs management, keep track of medical supplies quantity and value on a daily basis.
- Automates the procurement to pay cycle from vendor
- Make medicalbilling easy
- Improve patient experience with appointment scheduling and reminder alert
- Keep track of staff working hours, approve leave and payment of staff salary, CPF with online payroll
To better operate your medical and healthcare business you should avoid and streamline non-revenue generation activities in administration as it can take up a lot of the time and energy where it would be better if you put at use in the benefit of your patients. That is why using medical accounting software is a good solution in your medical practice. Medical accounting software is designed to make finance and accounting easy and to help with keeping track of patient accounts and tracking on the overall financial performance of one’s medical practice. Medical and healthcare accounting software is specially created base on the market research studies in meeting the local market demand of the dedicated healthcare and medical industries.
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