Outsourced Accounting for Healthcare Practices
Healthcare practices can face unique financial challenges due to shifting reimbursement models, changing regulations, staffing shortages, and tech advancements. No one knows this better than private medical practices. One way to ease some administrative burden is by outsourcing your accounting needs.
Less Time on Finances, More Time on Patients
Having a dedicated team working on your accounting needs can lead to an overall decrease in the time spent on administrative tasks, leaving you and your team with more time for patient care. Less admin time also leads to overall lower costs, including expenses related to staffing and training. This is more crucial than ever with staffing shortages on the rise. With an outsourced accounting team handling your financial operations, your staff can focus on what matters most – delivering quality patient care.
Customized Services to Fit Your Practice
A la carte services are tailored to meet the specific needs of your practice. Beyond journal entries and reconciliations, outsourced accounting teams provide meaningful outcomes for your practice. Tailored services are designed to meet your specific needs and help you:
• Make more informed decisions using timely financial performance data.
• Improve cash flow through timely and accurate Accounts Payable management.
• Reduce financial errors and risk with regular account reconciliations.
• Make data driven decisions with budgeting and forecasting aligned with your goals.
• Realize your big picture with easy to understand dashboards.
Expertise in Healthcare Financial Management
Instead of hiring one person to manage the accounting work, with outsourced accounting you’re hiring an entire team with years of healthcare experience and expertise. Experienced firms may be members of associations like the HFMA, to stay up to date on regulations and industry trends. This reduces your risk of noncompliance. Experienced firms also see what’s working with their other clients and are able to offer real world insights and recommendations.
Scalable Support as Your Practice Expands
Growing pains can be a part of every business. Medical practices can experience expansion as seeing more patients, adding providers, or additional locations. Outsourced accounting teams offer seamless flexibility to scale up or down based on your practices needs. This scalability means you can stay focused on patient care without the need to hire and train new accounting staff. Whatever your future goals are, you need accounting support that can grow with you.
The Bottom Line
More time with patients, reduced administrative time and cost, expert guidance and strategic insights are just a few of the benefits an outsourced accounting partner can provide to your medical practice.
Microscope is an experienced healthcare accounting partner that can provide outsourced accounting, staff loans, and interim CFO services as well as strategic insights for revenue cycle management, reimbursement, and proper internal controls and compliance. To learn more, contact us today.
For more information, please contact:
Michelle Hammerle, CPA, CMA - Senior Consultant |
