How to choose accounting software for senior living organizations

Choosing the right senior living accounting software is key to compliance and efficient multi-entity management. Systems like Sage Intacct, built for healthcare compliance (HIPAA and HITECH), protect sensitive data and ensure audit readiness. Their features include role-based permissions, automated documentation, and transparent audit trails. We’ll explore how a best-of-breed strategy, built around a specialized financial management platform like Sage Intacct, can beat all-in-one solutions.

Before even starting to evaluate features or integrations, senior living organizations must ensure any accounting software they choose is built for healthcare compliance. Systems that meet HIPAA and HITECH standards protect resident health and financial information. To illustrate the importance: more than 37.5 million records were exposed in the 64,180 data breaches reported in 2021, according to the HIPAA Journal. The proper accounting software reduces the risk of big breaches like these, and the penalties that go along with them.

Equally important is audit readiness. Platforms like Sage Intacct—endorsed by the Healthcare Financial Management Association (HFMA)—have transparent audit trails. They also offer role-based permissions and automated documentation. These features help you pass regulatory inspections without scrambling for reports or records.

Choosing a compliant system from the start means your financial platform won’t become a liability as you scale or add new facilities.

When choosing accounting software—whether it’s assisted living, skilled nursing, or memory care—you’re generally faced with two options:

• All-in-one industry platforms covering accounting, payroll, resident care, and CRM.
• Best-of-breed systems, using a top-tier financial platform (like Sage Intacct) paired with specialized tools for healthcare operations.

All-in-one platforms promise simplicity—everything under one roof. That’s great for onboarding but can compromise financial or operational depth. On the other hand, best-of-breed systems combine functionality via integration. For example, a leading financial engine at the core is integrated with specialized resident-care or staffing software. This modularity delivers deeper functionality and flexibility—without sacrificing core accounting power.

• Greater agility and scalability: Pick and upgrade modules independently. Your financial, payroll, or EMR systems can evolve without disrupting the entire setup.
• Specialization where it counts: Dedicated platforms excel in their niches. Sage Intacct, for instance, brings best-in-class financial controls—often outpacing many all-in-one rivals.
• Only pay for what you use: No fees for unused modules, which are sometimes bundled in industry platforms. Instead, you invest directly in tools that benefit your operations.
• User-friendly interfaces: Day-to-day users appreciate intuitive software tailored to their role—less training, faster execution.

Sage Intacct simplifies healthcare finance compliance with role-based permissions for secure access, detailed audit trails for transparency, and HFMA peer-reviewed standards. Plus, automated features streamline reporting for multi-facility organizations, saving time and reducing risk. Benefits include:

• Role-based permissions control access, ensuring proper segregation of duties.
• Audit trails document every transaction and change for regulators or internal teams.
• Peer-reviewed by the Healthcare Financial Management Association (HFMA), the platform meets high compliance standards.
• Automated compliance features streamline reporting for multi-facility organizations.

For senior living organizations operating multiple facilities or service lines, multi-entity management is critical. Sage Intacct allows finance teams to manage each entity separately while consolidating data in real time. Whether managing a single or multiple facilities, Sage Intacct’s platform lets you set up entities and instantly consolidate financials. Key benefits:

• Centralized control with local flexibility: Maintain distinct financial records for each facility—budgets, revenue, and expenses—while monitoring overall performance.
• Real-time consolidation: Automatically roll up financials across entities, saving hours of manual reporting and ensuring accurate insights.
• Custom reporting by entity: Tag your data with dimensions to report by facility, service type, or department. You’ll be able to identify trends, optimize staffing, and monitor profitability.
• Simplified compliance across entities: Ensure each entity adheres to regulatory requirements while providing a clear audit trail for consolidated reporting.

Multi-entity management empowers operators to scale confidently, maintain operational visibility, and make informed decisions across all facilities.

Managing financial operations across diverse areas requires tools that provide clarity, customization, and actionable insights. Sage Intacct dimensions allow you to tag transactions by location, department, or other segment. From there you can track and report on performance and respond quickly to emerging trends. Key benefits:

• Multi-dimensional tagging allows financial data to be segmented by facility, service type, resident group, or department
• Users can create custom reports to monitor revenue, expenses, and operational performance across facilities
• Dashboards visualize trends, highlight anomalies, and support faster, data-driven decision-making
• Ad-hoc reporting provides flexibility for CFOs, controllers, or administrators needing granular insights quickly

This capability helps optimize budgets, staffing, and resource allocation effectively. At the same time, integration with other modules ensures reports reflect real-time data for accurate forecasting and analysis.

Accounts Payable and Accounts Receivable tasks across multiple locations can be resource intensive. Sage Intacct’s AI-powered Copilot automates invoice processing, detects anomalies, and flags exceptions for review.

• Bank feeds sync automatically, updating balances and reducing manual reconciliation
• Revenue recognition follows accounting rules, speeding month-end and improving accuracy
• Copilot can draft reminders, summarize financial performance, and suggest actionable next steps
• Staff spend less time on repetitive tasks and more on strategic analysis and operational decisions

Workflow automation with AI ensures approvals, notifications, and compliance checks happen across all facilities.

With its open AI and the Sage Marketplace of integrated applications, Sage Intacct makes it easy to combine your EMR, payroll, CRM, and other best-in-class applications into one solution. Benefits include:

• No duplicate keying. Instead, resident, staffing, and financial data updates automatically
• Staff aren’t waiting on finance teams for the monthly close—they can access real-time insights at any time
• Finance teams can connect financial outcomes to operational metrics, such as staffing ratios or care levels

When evaluating financial management software, make sure to approach the decision with a clear understanding of your organization’s unique needs and priorities. From compliance to ROI, each step in the process matters. Below are the steps to guide your evaluation and help you make a decision:

• Audit requirements: List critical financial features, operational links, compliance needs
• Prioritize costs and ROI: Compare pricing of all-in-one vs. best-of-breed modular approach
• Demo in context: See how Sage Intacct imports your live workflows
• Confirm integration fit: Check API availability or prebuilt connectors for your existing tools
• Validate compliance: Look for HIPAA/HITECH certifications and audit-readiness

In summary, selecting the right senior living accounting software is a pivotal decision for ensuring compliance, scalability, and operational efficiency. A best-of-breed approach, centered on platforms like Sage Intacct, offers unmatched flexibility, robust financial controls, and seamless integrations. By prioritizing compliance, targeted ROI, and user-friendly tools, senior care providers can confidently streamline operations and support growth.