It’s easy for bookkeeping to fall through the cracks when you’re struggling to run a busy medical practice, and for many, it’s only when tax season comes around that they’re forced to give it at least some of their attention. However, as easy as it might be to neglect your books and tax obligations, it can lead to financial ruin and the end of the practice altogether.
With changing reimbursement rates from insurers, multiplying billing codes, staff payroll, regulatory compliance, and equipment costs, medical practices are faced with a lot of financial pressure. Outsourcing bookkeeping in Coral Gables can help you keep your practice from going under, by tracking cashflow, spotting patient payment trends, and preparing you for tax season.
Here are some of the best bookkeeping tasks that outsourcing can help you with:
Accounts receivable
Managing accounts receivable effectively means the tracking of every dollar owed from patients, insurance companies and payment plans. Outsourced bookkeepers will follow up on accounts that are overdue, and deal with insurance claims to avoid delays and claims being rejected.
Payroll processing
From paying part-time nurses and hourly administrative staff, to full-time physicians and independent contractors, payroll and its associated taxes can get complicated. By outsourcing payroll, you can make sure everyone is paid accurately and that labor laws are always being followed.
Tax prep and planning
With changing healthcare tax laws, preparing and planning taxes can be a nightmare for medical practices. Outsourcing this gives you access to year-round expertise that can save you thousands of dollars every year.
Financial reporting
With help from outsourced bookkeepers, you can make smarter financial decisions for the future of the medical practice, thanks to the creation of reports such as balance sheets, profit and loss statements, and cashflow reports.
Compliance monitoring
When this is carried out effectively, you can rest easy knowing that your medical practice is in compliance with all financial reporting requirements. Outsourcing this means that you don’t have to spend time reading up on healthcare regulations just to be compliant with regulations from both the federation and the state.
Tracking expenses and categorizing them
Tracking expenses and categorizing them properly involves the proper coding of all expenses from the business, for tax and reporting purposes. With unique categories for expenses such as equipment maintenance, medical supplies, continuing education costs and malpractice insurance, medical practices have a lot of expenses that each need to be categorized correctly. Help from outsourced bookkeeping in Fort Lauderdale ensures that this always happens, so that you can maximize your tax deductions.
If you’ve spent time and money building up your medical practice, doesn’t it make sense to invest in its future by not neglecting bookkeeping?
There’s too much at stake to simply leave bookkeeping to chance if you own a medical practice. By outsourcing this crucial function, you can alleviate the burden from yourself or other team members, make hefty savings on cost, and have the peace of mind of knowing that your finances are being expertly handled by those who truly understand the intricacies of the healthcare industry.
