Health care is one of the largest industries in the world and involves some of the most complex accounting transactions. Given the financial challenges facing the industry, it is essential for the healthcare accountant to have a firm grasp of financial accounting. We have more than 50 years of combined experience in professional accounting and financial services related to hospitals, medical group practices, nursing homes, dental services, and other health care entities. This will prove you will have a partner in your corner for all your accounting, financial reporting, and revenue recognition, payroll accounting, fixed asset accounting, debt liabilities, and more.
We will SOLVE the BIGGEST threat to your business.
Below are 5 dilemmas your practice will face THIS YEAR
1) Lack of In-Depth, Routine Reporting
When it comes to running and growing a business, analytics are everything. Are the cash flow forecasts looking optimal for growth? Has the total capital value increased since opening doors? Are the balancing sheets up-to-date? These reports – among an abundance of other accounting documentation – provide deep insight into the performance of your operation. Without routine reporting, you walk blindly toward the unknown. With it, you make calculated decisions toward a more prosperous future.
2) Cyber-Security & Financial Data Management Flaws
With the recent influx of data breaches within the past year, cyber-security is on the minds of patients, accountants, business owners and the federal government. Mega-brands such as Blue Cross Blue Shield, Anthem, Chipotle and even the IRS have all fallen prey, exposing hundreds of thousands of customers and clients to hackers. A severe breach could spell “catastrophe” for any medical practice or hospital. Nefarious outsiders will poke around your entire operation until they find a weak link – this could be anything from a website portal login, to payment processors, to 3rd party applications you use to make everyday workflow easier.
Perhaps the best way to prevent security mishaps is through the implementation of a SOC Audit. A team of professional accounts explore each process of your business and identify areas of high risk along with suggestions to help fix the issue before dire problems arise. Of course, this is just the “skinny” synopsis of the SOC audit service – additional information can be found here.
3) Lapses In Billing & Coding Knowledge
Medical billing and coding errors are one of the most problematic, common and costly conflicts for any new operation. New billing codes are introduced and regulations are added each year. Sometimes the changes won’t affect you; other times the amendments can throw you through a migraine-inducing loop. By hiring professional accounting help, you can stay abreast of all relevant billing and coding changes to keep your finances in order and your business compliant. Instead of worrying about the differences between a rejected claim and a denied claim, you can shift your focus to managing personnel, gaining more clients and honing your own skills.
4) No Accountability In the Billing Department
Credit balances can be difficult to manage and old checks pile up quickly when you don’t have dedicated resources in place. It’s no secret – as a healthcare business, you are going to write a lot of checks. And even if you seemingly do everything right, problems can slip through the cracks. Situations can arise that you never would have thought of, such as handling credit balances for patients who may have passed away or clients who have moved without paying their final bill. Depending on the stage of your business, you likely do not have time to track down each individual patient and hold them accountable. You may also lack the know-how to craft comprehensive polices that ensure you’re protected under “unclaimed property law.” Long story short – you need cash flow. You need patients paying on-time. You needed someone dedicated to communicating with patients to remedy delinquent accounts before fines, penalties and bad blood are introduced to the equation
If your business faced ANY of theses issues in the last 3 years, call us today!
5) Neglecting Business Management In Favor Of Accounting
An entrepreneur takes pride in every stride they’ve made after building a business from the ground-level. Every facet of that operation is a part of them. However, as the business begins to grow, so does the list of responsibilities and risks. At some point, you reach a resources threshold and it is best for all parties to pass off the accounting tasks to a professional – whether they be in-house employees or an experienced outsourced accountant. Assuming you are still the primary “talent” of your operation, your time is best spent on the ground. Get back to leading your team and managing the business and leave the figures and billing codes to number-crunchers.