Top 5 Reasons to Automate Lease Administration in Healthcare
As a healthcare organization, do you use multiple spreadsheets or paper files to track leases and lease data? It might not only make it difficult to access your lease information but also add challenges to keeping the information consistent across your healthcare system. Manual processes can make streamlining reporting almost impossible.
There are a multitude of benefits that a healthcare organization can reap from automating its lease administration and lease accounting.
Here are what Accruent considers to be the top five reasons to move away from spreadsheets:
1. Remain in Compliance
With a healthcare lease administration management solution, your organization can document every lease and remain in compliance under Stark Law, Sarbanes Oxley, Anti-Kickback law and Financial Accounting Standards Board (FASB) requirements.
- Ensure current and new leases are in compliance
- Track lease expirations and critical dates
- Ensure internal compliance standards
- Prove rent space is Fair Market Value (FMV)
- Document the lease term of 1 year and include a rent increase
- Mitigate risk
2. Gain Visibility Across the Portfolio
When all lease information is stored in one solution, you have a single source to provide full visibility across the portfolio. With this advantage, an organization can:
- Quickly review any lease and ensure consistent lease management across the network
- Gain a clear understanding of space, occupancy and renters
- Increase collaboration among departments
- Proactively track, forecast and align the portfolio with your corporate strategy
3. Easily Access Lease Details
Having access to lease details enables users to create additional leases based on templates and processes easily. With that, you can quickly identify locations, lease payments, real estate costs and price per square foot. Tracking this information can help you eliminate possible penalties and inflated costs.
4. Make Real-Time Decisions
A lease administration and lease accounting software optimizes your time spent entering and tracking down leasing information and affords you the ability to analyze data and make critical decisions in real-time.
Real-time decisions can include:
- Organizational or situational space changes
- Negotiation to leverage the best possible lease arrangement
- Identification of cost savings and avoidance
- Improved management processes within the department
5. Increase Leasing Efficiency
A lease administration and lease accounting solution not only improves how you track and utilize lease data, but it can also significantly enhance both personnel and market efficiencies within a healthcare company. By eliminating manual data entry into spreadsheets, costs from keeping spreadsheets up-to-date are minimized, and personnel can focus on their core competencies.
A clear separation of duties between healthcare providers, physicians and real estate transactions can be created — allowing your organization to be more effective.