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Outsource Accounting Services – A Simple Solution for Doctors and Healthcare Clinics
Graduating to be a doctor is not easy. But once you do become a full-fledged health care specialist, setting up practice or establishing a clinic is no less difficult, especially in the initial stages. There are so many things that need to work in tandem before you can perform well. And it is simply not about the depth of your medical knowledge.
Consider the variables. A doctor has to look at hiring supporting staff, attend conventions to be updated with the latest in medical innovations and also ensure that the books of accounts are in perfect order. Apart from these, a doctor or a medical administrator has to be in tune with a host of regulations that govern the profession.
This compliance is essential, made more strenuous by the fact that the stipulations keep changing all the time. All these factors have to be compiled without losing focus on the main task at hand – offering the best possible treatment with optimized patient satisfaction.
But is this really possible? Isn’t it having too many things to deal with and having too many balls in the air at the same time? The answer to the latter is a resounding YES until ways and means are formulated to make life easy for doctors and give them more time to concentrate on the primary task at hand.
Another reason for seeking alternate options is the spiraling costs of providing health care. Setting up infrastructures such as software and hardware and hiring experienced personnel to take care of areas that really do not require your direct intervention is totally superfluous.
By parceling off non-core, administrative and back-office work to agencies that are highly proficient in this field, an efficient accounting for medical practitioners, doctors and clinics can reduce expenses, maximize profits and increase cash flow.
There is a host of areas that can be outsourced – dealing with claims, patient tracking, and follow-up and managing inventories and pharmacies. But by far the most important function is bookkeeping, which most eats into time and resources and is one reason why as a doctor, your unwavering decision should be to outsource healthcare accounting services.
What are the accounting heads that should be specifically outsourced to facilitate the smooth functioning of doctors and health care clinics and what are the main services provided by outsourcing agencies:
Settlement and Raising of Claims
This activity do not appear as a balance sheet head, neither is it a standalone accounts parameter. But cash flow and other accounting functions are intricately linked to it. Top outsource agencies have key manpower that is well conversant with the statutory rules and regulations of insurance companies.
Quick submission and settlement of claims are crucial if working capital crunch is to be avoided and as a doctor, you can then plan for higher levels of growth of your practice. Apart from this, it also involves scrutiny, documentation, and tons of paperwork that you should not take upon yourself.
Accounts Payable and Receivable
As with all industries, the health care sector too is heavily dependent on these two to ensure that your clinic functions on well-oiled wheels. Outsourced agencies will keep a track of all receivables and payables so that at any point of time you can be sure about the financial state of your practice.
Invoice management is a very important benefit of the outsourcing scenario without which it is almost impossible for you to keep track of due dates and cash outflow and inflows.
Bank and Credit Card Reconciliation
This again is crucial because while patient satisfaction is important for you, it is equally vital to ensure that all payments and receipts through banks and credit cards are that actually billed by you for your services.
You must also be sure that payments made by you for consumables and other equipment have been reconciled with inflows. This is not easy. But when you Outsource Healthcare Accounting, your bank and cash books are meticulously scrutinized, followed up and reconciled every month.
You are not expected to be an HR expert and instead of hiring executives to take care of payroll processing and tax computation, it makes sense to outsource them to experts at affordable fees.
Simply upload employee particulars and salary particulars and full processing will be taken care of every month. This also helps to keep your recurring expenses on payroll management under control.
Apart from these specific accounting functions, you also get the benefit of having an internal audit and financial feasibility studies done by the outsourcing agencies. This enables your clinic to be on the right track financially. You will be informed of any deficit in financial management and quick corrective action can be taken in this regard.
Cogneesol is a top recommended outsourced healthcare accounting firm, an ISO 9001:2008 certified company that can help you with improving your services competently. We have more than 11 years of experience and a team of highly qualified professionals that can take care of your entire back-office healthcare accounting workload. Get in touch now!
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