Did Your Business Buy the Wrong Software?

No one likes to make a mistake. This is especially true in business, where a wrong decision can cost money, time and resources. According to the results of a recent survey, one of the primary ways that many companies are committing costly foibles is buying the wrong software.

The report in question is the 2024 Tech Trends Survey. It was conducted and published by Capterra, a company that helps businesses choose software by compiling reviews and offering guidance. The study focuses on the responses of 700 U.S.-based companies. Of those, about two-thirds regretted at least one of their software purchases made in the previous 12 to 18 months. And more than half of those suffering regret described the financial fallout of the bad decision as “significant” or “monumental.”

Yikes! Clearly, it’s in every business’s best interest — both financially and operationally — to go slow when it comes to buying software.

Inquiring minds

The next time you think your company might need new software, begin the decision-making process with a series of inquiries. That is, sit down with your leadership team and ask questions such as:

  • What functionalities do we need?
  • Are we talking about an entirely new platform or an upgrade within an existing platform?
  • Who will use the software?
  • Are these users motivated to use a new type of software?

Compatibility is an issue, too. If you’re using an older operating system, new software could be buggy or flat-out incompatible. In either case, you could incur substantial additional costs to update or replace your operating system, which might involve new hardware and impact other software.

When deciding whether and what to buy, get input from appropriate staff members. For example, your accounting personnel should be able to tell you what types of reports they need from upgraded financial management software. From there, you can differentiate “must haves” from “nice to haves” from “needless bells and whistles.”

If you’re considering changes to “front-facing” software, you might want to first survey customers to determine whether the upgrade would really improve their experience.

Prequalified vendors

When buying software, businesses often focus more on price and less on from whom they’re buying the product. Think of a vendor as a business partner — that is, an entity who won’t only sell you the product, but also help you implement and maintain it.

Look for providers that have been operational for at least five to 10 years, have a track record of successful implementations and can provide references from satisfied customers. This doesn’t mean you shouldn’t buy from a newer vendor, but you’ll need to look much more closely at its background and history.

For each provider, find out what kind of technical support is included with your purchase. Buying top-of-the-line software only to find out that the vendor provides poor customer service is usually a quick path to regret. Also, is training part of the package? If not, you’ll likely need to send one or more IT staffers out for training or engage a third-party trainer, either of which will cost you additional dollars.

Your goal is to create a list of prequalified software vendors. With it in hand, you can focus on comparing their products and prices. And you can use the list in the future as your software needs evolve.

No remorse

“Regrets, I’ve had a few,” goes the famous Sinatra song. Buying the wrong software doesn’t have to be one of them for your business. We can help you identify all the costs involved with a software purchase and assist you in ensuring a positive return on investment.

Contact us today at 225.928.4770 or click here to submit an inquiry online. 

 

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Healthcare Practice Management Advisor – Spring 2024

Here’s a brief glance at what you’ll find in the Spring issue. Explore our entire newsletter by following the link below. 

 

Can you use AI in your medical practice?

Artificial intelligence (AI) has the potential to transform many fields, including health care. This article points out that potential applications of AI range from assistance in selecting research topics to helping professionals in clinical and laboratory diagnosis. It also notes that while some limitations and ethical problems regarding the use of AI haven’t yet been resolved, the possible positive impact of AI may eventually outweigh the negatives. AI tools may help create more efficiencies, resulting in cost savings for both medical practices and their patients. A sidebar lists some best practices for using chatbots in health care.

 

As medical costs increase, practice costs must come down

Cost increases caused by rising wages, rapid technological advancements and a scarcity of clinical workers are making it harder for physician practices to maintain profitability. This article explains that medical practices can help matters by looking for ways to increase revenue and improve operations. The article suggests several steps to take, including regularly scheduled workflow analyses to catch inefficiencies and redundancies as well as ensuring that the physical space of the practice is being used effectively and efficiently.

 

Fairness in collections: A primer

Although job security has improved over the past few years, especially in some fields, many people still struggle to pay their medical bills. This article suggests that medical practices need to be aware of the societal, cultural and insurance issues patients are dealing with to ensure collection practices are fair while also remaining effective. It discusses the root causes of collection problems and the importance of having conversations upfront with patients about billing, fees and their balances. It also notes the pros and cons of setting up payment programs with patients.

 

Cultivating both sides of your medical practice

Patient care is a medical practice’s primary purpose and, as such, it should be at the heart of its business strategy. This article notes that the business side of a practice must be strong and efficient enough to sustain and support the care it offers patients. It suggests that the two are intertwined, and both need to be cultivated simultaneously. It goes on to explain some ways to create a multifaceted approach that addresses all aspects of a practice’s operations to ensure that it thrives over the long term.

 

Click below to read more about these topics and more.

 

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Inflation Reduction Act: Clean Vehicle Credit

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President Joe Biden has implemented a new bill that would allow consumers to receive credits up to $7,500 if they have purchased any sort of electric automobiles.

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2023 Deadlines

HTB strives to prepare our clients for deadlines and important dates regarding tax filing and other financial deadlines.

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The Inflation Reduction Act includes wide-ranging tax provisions

The U.S. Senate and House of Representatives passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law.

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Checking in on your accounts payable processes

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach.

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State and Local Governmental Agencies Face Complex Challenges

State and local governmental agencies face some of the most complex and wide-ranging challenges of any type of organization. Rather than customers, these organizations serve communities and constituents who need to feel confident about how tax dollars are managed, invested and spent.

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