Outsourced Healthcare Accounting for Medical Practices

What does outsourced healthcare accounting include?

Everything a practice needs to keep its finances accurate, compliant and easy to read, handled by one firm instead of several vendors:

• Bookkeeping and reconciliation: bank and credit card reconciliation, with your books kept current.
• Payroll for your medical staff: timely, compliant payroll.
• Financial statements: clear, accurate reports to guide your decisions.
• Tax planning and compliance: lower tax liabilities and compliance with healthcare-specific rules.
• Revenue cycle consulting: billing and collections that keep cash flowing.
• Practice management and M&A advisory: operational efficiency, profitability, and guidance when practices merge or are acquired.

Why do medical practices outsource their accounting?

In the healthcare industry, patients should always come first. Medical practices should be able to channel all their energy and resources into caring for those who need their services, not getting bogged down in administrative tasks that cost an arm and a leg to maintain internally. Three benefits come up most.

Cost savings and flexibility

Outsourcing financial accounting needs dramatically reduces costs in comparison to maintaining an internal accounting department. You avoid the expense of hiring full-time staff, paying salaries and benefits, and maintaining office space. Instead, you pay only for the services you need, when you need them. If those needs change one day, you won’t have to deal with the hassle of restructuring, downsizing, or expanding departments.

Contracting an accounting firm brings not only their deep expertise in the industry, but also the infrastructure that allows them to operate at the highest level. The advanced technology and software that accounting firms use to provide optimal service to their clients may be too expensive for a small department to purchase.

Maximized efficiency and transparency

This technology available to professionals at accounting firms also allows for widespread automation of otherwise mundane and meticulous tasks. This eliminates the burden of extra tasks on your busy team. Advanced accounting technology also helps practices better understand their cash flows and expenses through easily digestible statistical analysis and graphical representation.

A lack of clarity on a company’s finances can lead to its demise. To avoid issues with financial accountability, leave these responsibilities in the hands of those that have a proven track record of honesty and candor. Firms that operate in the accounting sector are bound by regulations that require sweeping transparency to their clients.

Certified compliance and risk reduction

Outsourcing financial services to professionals specialized in healthcare accounting significantly reduces the risk of non-compliance with HIPAA, Medicare, and other regulatory requirements. Their expertise ensures that your practice adheres to the latest industry regulations, minimizing the chance of costly violations. Tax and accounting codes are constantly evolving, so it takes significant expertise and resources to stay up to date with these rules.

Healthcare accounting consists of a vast array of services. A medical practice needs everything from tax preparation and insurance billings to credit card and bank reconciliation, and everything in between. An outsourced bookkeeping team can manage all these tasks and more while ensuring compliance with tax regulations throughout the year.

What should a practice look for in an outsourced accounting firm?

Look for CPAs who already work with medical practices, because practices carry accounting problems most businesses do not: payer mix, revenue cycle timing, and owner compensation tangled up with clinical work.

• Healthcare experience on the team that does your work, not only at the top of the firm.
• Books, payroll and tax under one roof, so nothing falls between vendors.
• Financial statements you can read and act on, on a regular schedule.
• QuickBooks expertise, if that is where your books live. Our team includes Certified QuickBooks ProAdvisors.
• Current knowledge of healthcare regulation and tax rules, which keep changing.

Do you work with practices outside Chicago?

Yes. The Hechtman Group is based in Northbrook, Illinois and works mostly with practices across Chicagoland. We also work remotely with practices outside the area, so location is not a barrier.

Outsource to the professionals at The Hechtman Group

At The Hechtman Group, we provide personalized attention and expert advice, tailored specifically to your practice’s unique needs. Our team of professionals specializes in delivering efficient solutions designed to protect your practice’s financial health.

Contact us today to receive a holistic strategy and overview of what this transition would look like. Our dedicated team will assist you and your practice every step of the way.

At The Hechtman Group LLC, we understand the burdens small businesses endure in assuming more than one role to support the organization. That’s why we offer highly experienced client advisory services (CAS) for companies who can benefit from outsourcing their accounting, CFO, or Controller consulting needs. Additionally, our comprehensive expertise in QuickBooks certified ProAdvisor means that we can create a tailored accounting solution to centralize your finances and simplify your books. Our CPAs and accountants can guide you through all the necessary steps while also creating best practice opportunities for long-term growth.