How Sage Intacct saved a rehab centre $1 million a year
Banyan is a US-based drug treatment and mental health rehabilitation organization that has been steadily growing since it was founded in 2013. After making a series of acquisitions, the company grew from a small business with five locations into a larger corporate structure spanning fourteen facilities across seven states, including in major cities like Chicago, Boston and Palm Springs.
Sean Mintz, Banyan’s chief financial officer, explains that this expansion meant they needed a robust multi-entity accounting system. “We were looking for consolidation capabilities and better visibility into our cash balances since money was moving in and out of the business very, very fast.”
“We considered several other market-leading solutions, but ultimately felt Sage Intacct was the right choice to support a future-proof transition and quickly get our metrics out of Excel spreadsheets.”
A cloud-based efficient solution
Sage Intacct’s cloud-based financial management solution has provided Banyan with automated transactions, which has reduced at least 10 hours a week of manual intercompany transactions, which Mintz says has made a huge impact.
They’re also able to get insights easily by creating custom reports, dashboards, and performance cards. This is enabling them to carry out far more financial data analysis – Mintz notes they’ve been able to increase how much time they spend on this from 15 to 60%.
By replacing their legacy accounting software with Sage Intacct, Banyan have increased their productivity by 35%, thanks to banking integrations that feed updates directly into the cloud-based system each day, improving data accuracy and cutting the time spent on monthly bank reconciliations in half.
It’s also enabling them to easily compare financial data by entity, location, department, or insurance source, and pull in non-financial details to calculate things like revenue per admission, revenue per day, patient acquisition costs, and food cost per patient per day.
“We've saved a million dollars from having better visibility, since we can now be highly efficient in how we're spending our money” Mintz says. “With Sage Intacct, we know about so many business trends that were simply impossible to track before amidst our constant growth and spending increases.”
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”