Just as your patients trust their healthcare to an expert in the medical field, you can ensure your business has the right care by trusting your bookkeeping to industry professionals. With professionals taking care of your books, you can keep your focus on your patients. An easy way to improve cash flow at your healthcare practice is to regularly run youraccounts receivable aging report, so you can immediately pursue any account that is more than 90 days out of date. Running these reports frequently and following up with late accounts will help you keep your cash flow on track. Another often-overlooked aspect of medical practice management is reconciling bank and credit card accounts.
For more than 20 years, MBA Billing has provided trusted healthcare billing services and practice management in the greater Portland area. Contact us today to see how we can improve your practice’s efficiency and profitability. As a business owner in the healthcare industry, you already know the critical role accounting plays in your business. The accounting system that LYFE Accounting has can allow you to have your primary focus on your patients.
Checklist: Grow Your Practice With Medical Marketing
A busy medical practice may not have the time to complete everything required to keep the books up-to-date and accurate. Thomas S Holly CPA PLLC specializes in accounting solutions and money-saving tax strategies for small business owners. Receive financial tips, tax due dates and tax strategies right in your inbox from our accounting firm. For doctors just starting out, it pays to create solid systems from the time you open your doors.
An efficient accounting system is essential for doing so without harming your practice. For example, medical coders make mistakes, patients fail to pay their bills, and insurance companies reject claims. As a result, medical practices must establish even more efficient systems for tracking and organizing data.
Why LYFE Accounting Is One Of The Leaders In Medical Accounting Services
Bench provides clients with a modified form of cash basis accounting by recording transactions when they hit your bank or credit card account. However, we can also make accrual adjustments like tracking accounts receivable and accounts payable with our specialized accounting add-on. With our expertise, healthcare providers can easily accounting for medical practices prepare their financial statements for stakeholders and the public. We deliver insightful, solutions-oriented medical and dental accounting services. The larger your healthcare organization is, the more we are dedicated to crafting unique healthcare accounting solutions that are in compliance with dynamic accounting regulations.
What type of accounting is used most often by physicians?
Most large businesses use accrual accounting. Accrual accounting is also the standard for healthcare accounting. Accrual accounting means that income and expenses are recognized when they happen rather than when money changes hands.
Online bookkeeping services have professionals that make sure all your financial data is managed accordingly, allowing you to focus on other aspects of your practice. Outsourced accounting services are significantly cheaper for a medical office due to savings on accountant salaries and office costs. The billing system will allow you to easily control the debits of the amounts that you have charged and collected in a month, as well as any other debits.
Preparing Financial Statements
No matter what type of medical practice or wellness industry business you have, we’ll balance your books and keep them balanced. We mentor business owners and doctors in the best financial practices used by the most successful corporations, adapted for the small enterprise and medical practice. Regular Profit & Loss Statements (P&Ls) are an enormously effective way to check in on the overall financial health of the practice. In addition to validating your day-to-day records, P&Ls help to provide an overview of the flow of patients, an idea of where money could be reinvested into the business, and other input. A medical practitioner faces many responsibilities and a lot of pressure. But, just as maintaining a patient’s health is important, it is also important to maintain the practice’s financial health.
An outsourced bookkeeping and controller services provider can help streamline your healthcare practice inother important ways as well. A bookkeeping pro knows how to document and track all of the financial data you’ll need to deliver to your CPA at tax time, for example. This not only helps avoid potential fines for late filing, but also helps you optimize the time your CPA spends working on your taxes. We at Accounts Junction help you focus more on core business functions by taking charge of accounting and bookkeeping functions. As accountants for doctors, we provide comprehensive bookkeeping services specific to the unique requirements of a health professional.