Healthcare organizations and community-focused healthcare clinics are dedicated to enriching the health and well-being of those they serve. While there is often a larger complexity in managing funding, reimbursement, multiple budgets, revenue, and grant funding in health and health-related services, this can be streamlined and more easily managed by using a true fund accounting solution.
For example, Missouri-based Ozark Tri-County Health Care DBA ACCESS Family Care, manages a 20-million-dollar budget for clinics covering 5 counties in Missouri. These clinics serve over 24,000 patients including uninsured and under insured with over 59,000 visits for medical, dental, and behavioral health services as well as pharmacy services. This health system is growing and has over 230 employees.
The clinic has seen a 4-million-dollar budget grow to over 20 million since its start. ACCESS family care successfully used MIP Fund accounting solution since May 2012. This organization currently manages nine different segments in their chart of accounts and produce several different monthly reports.
The chart of accounts enables ACCESS to categorize every financial transaction. A strong chart of accounts also ensures transparent and valuable reporting for audits, stakeholders, grants, and donors. Chart of accounts will include assets, liabilities, Net Assets, fund balances, revenue, and expenses for your nonprofit.
The table-driven chart of accounts structure in MIP Fund Accounting is a benefit to healthcare nonprofits and organization. By enabling a customizable chart of accounts, organizations can reduce the work hours spent on manually entering each possible string of account combinations for every new source of funding. For each new project, organizations can record funds, grants, programs, contributors, and more with an unlimited number of segments.
ACCESS Family Care system also depends on grant funding including CHC funding grants and quality awards. They were successfully able to apply for and then manage a large PPP loan during the pandemic seamlessly through using MIP’s user-intuitive chart of accounts.
As Sheila Long, CFO for the clinic notes, “Within 60 days of COVID19, we applied for a 2.4-million-dollar loan and then received 5 million in additional COVID19 grant funds. We successfully managed these grant funds and avoided any dual counting of expenditures for these funds because of MIP’s chart of accounting ease.”
With the power of flexible coding, speed of reporting, and continued focus on expansion, ACCESS Family Care has a comprehensive fund accounting system that will continue to grow with them. The community health center also relies on the fraud mitigation tools to reduce fraud or privacy issues.
What are the benefits to using MIP for your healthcare nonprofit?
- Multi-segmented chart of accounts capability
- MIP™ streamlines daily, weekly, and monthly financial tasks and reporting.
- Users can create itemized and customized budgets for concise reporting to grantors, donors and individual departments in clinics or the healthcare system.
- Increased ability to plan for unlimited ‘what-if’ scenarios and be able to plan ahead for growth as well as needs.
- Clear audit trails for concise and transparent audits and assurance in meeting IRS compliance standards.
- Real-time reporting as well as user-restricted access to ensure privacy and secure data proprietary information.
Financial officers are often responsible for detailing their budgets at board meetings, grant requests and with donors. For expansion and growth, being able to depend on an in-depth and transparent financial picture is key to effectively presenting the need for any expansion of services.
Using a dedicated fund accounting solution can ensure your healthcare organization or nonprofit maintains focus on serving patients and help users easily segment and track all the monies, grants and payments received.
Take a look at how MIP Fund Accounting can help your organization, click here for a demo.