A large specialty physician group wasted time with outdated systems and required a new accounting solution to provide their required data warehouse and customized dashboard functionality. The organization had more than 50 doctors in 20-plus locations and couldn’t maintain proper financial oversight. Data processes were more than frustrating. The previous financial system only allowed for a single user and they also suffered from inefficient business processes.
Although it was a medical organization, the new accounting system doesn’t need to be compliant with the Health Insurance Portability and Accountability Act because the system doesn’t store any patient information. That is handled in their medical systems. However, The TM Group has been other healthcare related projects that required HIPAA compliance which made the client feel comfortable in their choice in partnering with us for the implementation of Microsoft Dynamics GP.
The specialty physician group had a variety of internal challenges it needed to overcome including a better solution for reporting. The company has built a uniquely designed data warehouse and customized dashboard system for medical practices that it plans to begin marketing to other medical groups. However, they required a new accounting solution that could interface with its new custom dashboard and reporting solution.
The physician group also preferred to use an accrual based accounting system in-house, but their accounting firm wanted them to file taxes based on a cash basis. Consequently, the practice required a solution that would integrate both accrual and cash basis sets of books.
Additionally, the medical practice had to consolidate information from numerous physicians using multiple systems at a variety of offices. Each daily report of activities involved unique procedures and billing options. Data entry processes would take days and they had a single employee entering all the information manually line-by-line in the main office system.
When the physician group brought a new CFO onboard, one of his first tasks was to implement a more robust accounting system. The CFO selected The TM Group as an ERP partner because of the software provider’s experience with the medical community and the ability to offer phased implementation process.
The ERP Solution
The medical organization purchased Microsoft Dynamics GP. During the first phase of implementation, The TM Group walked five users through implementation of general ledger, accounts payable and fixed asset management. Additionally, data entry tasks that once took multiple days to complete can now be accomplished in half an hour using an integration tool.
Streamlined reporting was also utilized in banking activities. Using Microsoft Dynamics GP’s electronic bank reconciliation system, the business no longer had to manually go through hundreds of pages of bank statements. The vast majority of checks and deposits no longer need individual processing, instead the ERP bank features reconcile most of the work automatically.
The Microsoft Dynamics GP was also implemented with AIM Cash Basis Reporting so the practice could track their financials using accrual and cash basis reporting. The physician group utilizes a cash basis reporting package when working with its audit firm. However, the office manages payments and deposits on an accrual basis. The business staff and accounting partner are very happy with the new solution’s ability to facilitate the two reporting solutions working in tandem. The medical company also uses Dynamics GP Management Reporter to produce its own consolidated financial reports without having to contact the outside audit firm.
The company has also integrated to their medical systems utilizing eOne SmartConnect. This module allows the physician group to capture data from its Allscripts practice management and Urochart electronic medical records solutions. The TM Group made sure the new ERP software worked in conjunction with the necessary legacy systems, including the customized data warehouse and dashboards the business wished to sell.
Recently, The TM Group implemented a Mekorma MICR Check Printing module for this client which uses a laser printer and magnetic toner to print checks which can include signatures or require additional signatures based on rules. Because preprinted checks are no longer needed, managing multiple checking accounts is more secure and easy and saves money for pre-printed check stock.
Plans for the future
The company is very satisfied with the new software’s ability to streamline their daily procedures, integrate multiple systems and make regular data activities much simpler. Going forward, the organization wishes to work with The TM Group to continue making regular tasks much more efficient.
The TM Group also plans to help the company completely eliminate handwritten processes from all of the organization’s medical offices. Right now, the business’s employees write down payment information and must fax documents to a central office. By using Excel records and SmartConnect the organization can speed up processes and eliminate the common causes of errors.
Finally, the physician group wants to use the data visibility facilitated by Microsoft Dynamics GP to determine the profitability of each of its locations. Managers wish to leverage daily financial reporting to determine which of their physicians, offices and regions are most productive and resource efficient.