For hospitals operating within the healthcare industry, it is paramount that they work as efficiently as possible. They are already working long hours, under the severe strains of patient care, and if there are any ways to alleviate these pressures they will be welcomed wholeheartedly. Healthcare accounting software can make all the difference and turn this situation into a positive one, where hospitals can begin to thrive. With the right software they can focus on their patients’ wellbeing and have the burden of financial administration taken care of. Making this choice will streamline operations, ensure compliance, and optimise resource allocation amongst a plethora of additional benefits. Two leading options in the realm of healthcare finance are Xledger and Twinfield. Both offer sophisticated software solutions with a suite of features that can be tailored to the unique needs of healthcare organisations. They operate in the cloud and can be accessed from anywhere with an internet connection. Today, we will explore the crucial role accounting software can play in supporting hospital financial management, with a specific focus on Xledger and Twinfield.
Xledger has already helped over 10,000 customers, within 60 different countries and was founded in the year 2000. Although you do not have to be an accounting professional to use the software, it has been built with accounting professionals in mind. Its owners take pride in it being one system for all – one that takes care of a whole host of tasks for hospitals including expenses, workflow, VAT reporting, timesheet management, reporting analytics, project accounting, procurement and inventory, orders and billing, donation management, integrations, core accounting, cash bank and payments, budgeting and forecasting, asset management, accounts receivable and accounts payable. With Xledger, even smaller or medium sized firms can wield industrial-strength functionality once reserved for larger, more complex organisations. All modules are available for all customers, as part Xledger’s fully unified Cloud ERP solution and they will not charge additional fees for ‘extras’.
With Xledger customer service is not outsourced to call centres. Customers receive dedicated support, which is why they continue to hold their market leading 97% retention rate. They follow the creed “either you win or we lose” and provide dedicated support to their clients from regional offices. As part of their service, Xledger also takes care of all updates for you, with no extra charges attached. They complete quarterly upgrades to their whole system, with 3 major upgrades taking place each year, with every customer being treated equal and receiving the same upgrade. Customers are still able to make configurations within the modules, so that they customise them to meet their unique business requirements, but their upgrades will already have been covered.
Xledger operates on a “pay-as-you-go” pricing model. The pricing is completely transparent, with no hidden fees and you can end your agreement at any time. They are keen to keep your subscription, by keeping you happy and pleased with their solutions.
One of the main beauties of Xledger is its scalability. It is fully flexible and as your business ebbs and flows, it can easily scale up or down. Furthermore, as your ambition grows and you perhaps expand into new markets, Xledger can scale to accommodate that too. Within the cloud, they offer multi-tenant functionality, which means that you can add new businesses to your existing profile holding with ease. This even applies to cross border growth, for those businesses with a global presence, as Xledger supports most currencies in over 22 languages. Should you wish all of your previously customised options to be transferred down to your new business, this is possible too, so that your finance business model is replicated across all of your entities.
As with other cloud accounting solutions, Xledger also incorporates advanced reporting, customisable dashboards and inquiry functionality, so that hospitals are equipped with the most detailed insghts.
Hospitals can spend their valuable time working with their patients, rather than being held up for hours working on finance related tasks, due to the high levels of automation that Xledger can achieve. Xledger owners claim that they automate more functions than any other finance software, which includes expense reporting, GL posts, accounts payable and payment processing. Accounts can be reconciled easily when Xledger connects directly to your bank account, plus invoices can even be scanned, emailed or uploaded to the system.
Now to focus on Twinfield. Twinfield operates under the Wolters Kluwer umbrella, who are a global company with over 180 years of experience of providing professional information and software solutions. They are hugely recognised in the healthcare industry as providers of financial solutions and their website dedicates a whole section to illustrate specifically how they can support healthcare providers. The industry is fast-paced, with policies and research constantly being conducted, which changes and advances the way health professionals practice. Twinfield’s software can support hospitals respond to this and aid them in their advance care planning. Similarly, the speedy creation of detailed information, can help hospital professionals made swift point of care decisions. They can quickly and clearly spot patterns, make diagnoses, safely prescribe therapies and make informed decisions that may even save lives. The software is so intelligent that it can even draw from peer research and incorporate it with the patient information, to equip clinicians within hospitals to make decisions on the right care, at the right time for the patient. As all information is accessible over the internet this also means that numerous clinicians can see the information in real time, from differing locations should they need to.
The power of these financial software systems is immense. By leveraging them across their hospital network they can reduce clinical variation and costs, which can impact the whole national health system significantly.
Similarly to Xledger, Twinfield operates using cloud technology, so it can be accessed anywhere with an internet connection. With Twinfield you can automate bank statement processing, scan invoices via smartphones, reduce processing times and using API you can link with other systems. Twinfield is also able to operate in multi-currencies and muti-languages and is fully scalable.
The systems, not only help with the day to day management of patient care within hospitals, but they also specifically crafted to address the unique needs and regulatory requirements of healthcare institutions. This includes compliance with healthcare billing codes and insurance claims processing, which is facilitated by their ability to integrate with electronic health records (HER) systems. Human error can be critical in the healthcare industry, so implementing automated solutions like these that reduce human error is very important. They also help to safeguard and protect patient data and financial information with their stringent security measures.
Xledger and Twinfield are both powerful accounting software solutions, but they have distinct differences worth considering. In terms of pricing, they both offer monthly subscriptions. However, from their websites it is not easy to determine how much the amount is. You are required to either book a demo or complete an online purchasing form.
Customer support is crucial, and both companies have strong support offerings. Xledger’s support is extensive and it runs from the moment onboarding starts and continues to cater for your business’s ongoing developmental needs. Every customer receives personalised support from their support contact and can access help and online resources. These provide step by step guides on how to use the software with relevant screenshots. Each screen-page within Xledger also has help buttons, which users can click on for specific help related to their current task. Customers can add a request for support using Zendesk, Xledger’s support tool. They will be allocated a case number, which they can use to track the history on the case any at time and update as necessary. They also offer in-cloud support and can access your systems to view your information and more easily identify and then resolve any issues. They are frequently praised for their rapid response and resolution times.
Xledger are unique in their Hypercare offering. It treats new customers as top priority and gives them rapid support during their early time with the software. Following a monthly review of support call trends, Xledger’s consultants deliver informed webinars for their customers. Every time a quarterly technological update is released on Xledger’s software it is supported by a training webinar, so that all users can familiarise themselves with all of the changes and how to continue to get the most out of the software.
For support with Twinfield you are main directed towards their online support portal. Customers can use this to search for product knowledge, and gain assistance from a virtual agent. Users can also raise support cases using this support tool and access groups within the support portal community. Accessing this community means that they can access case studies, join webinars and podcasts, read the latest news and press releases and see what is being currently showcased within the company.
Twinfield also has a suite of supporting materials for their training and consultancy services. There are set training courses, which can be delivered onsite or online for product knowledge and their consultancy services assist with set up, configuration and use of their products.
Accounting in the hospital and healthcare sector entails unique considerations due to the complexity of operations and stringent regulatory requirements. Of course, budget management and the cost tracking that goes with it, is crucial as hospitals must carefully allocate resources for patient care, staff, equipment, and facilities. Moreover, healthcare institutions often deal with various sources of revenue, including insurance reimbursements, government funding, and patient payments, which require meticulous tracking and reconciliation. Therefore, specialised accounting software with features tailored to these needs is essential for maintaining financial health and regulatory compliance in the healthcare sector.
Migrating from legacy systems to cloud-based accounting software like Xledger or Twinfield can be a transformative process that offers numerous benefits. They both offer support to help simplify the transition, and guides to facilitate effective use of their software and applications. When conducing research with the aim of choosing the right financial management solution for hospitals, Twinfield appeared a very strong contender. Primarily, because it has a whole section of its website dedicated to how it works with the healthcare industry and fills you with confidence in their experience. Xledger, did not list the healthcare industry as one of the main industries it works with, however, it does give the impression from its website that it offer more personalised, dedicated and rounded levels of customer support. When it comes to making your final decision about which provider to choose for your financial management needs, it will be best to consider your specific financial requirements and priorities. Decisions guided by factors such as budget, your organisation size, growth plans, the integration levels required with your existing healthcare specific systems, alongside your own team’s levels of financial expertise should feature in your decision-making process, so that you can make an informed choice that will streamline your financial operations and contribute to your hospital’s success.