Bookkeeping is a critical function in any business for effectively managing finances and resources. Bookkeeping procedures in medical practices necessitate extra care due to the numerous laws that must be followed. The industry is unique in that it is critical to keep patient information private.
The healthcare industry is constantly changing, and medical institutions may need help to keep up with the constant changes in regulations, compliance requirements, billing practices, and record-keeping requirements.
This is where outsourcing comes into play. Outsourcing allows medical institutions to offload their financial management needs to a third party who will handle them so that your organisation can focus on the most important—providing quality patient care.
This blog will discuss why medical centres, doctors, and other medical and allied health professionals should always outsource their medical bookkeeping services.
7 Advantages of Hiring a Bookkeeper for Your Medical Practice
Many people in the healthcare industry often need more time to be occupied with their specialisation to manage their finances. This is why they require the services of professional bookkeepers to assist them with their finances. Bookkeepers are highly skilled professionals who can handle all the bookkeeping needs of medical and allied health practices. These individuals have years of experience handling various financial matters, such as taxes and bookkeeping, particularly the medico space, which is unique to medical practitioners.
Please continue reading to learn why you must outsource your bookkeeping to a specialised bookkeeping service.
1. More time and resources for patient care
Medical & allied health institutions are under intense pressure to deliver results.
They must protect patients, provide quality care and education, and keep costs low. In many cases, this means ensuring that the financial side of their operations runs smoothly and efficiently.
Outsourcing their bookkeeping services is one of the most important things that medical practice can do to ensure their financial success.
When you have a specialised bookkeeper on your team, you don’t have to worry about staying up to date on all of the different tax laws that apply to your industry or ensuring that your bookkeeping follow all the regulations in effect at any given time.
Instead, you can concentrate on improving patient care and staying current with clinical advances, knowing that your financial operations are handled by someone who knows what they’re doing!
2. Claims Submission Turnaround Times Reduced (HICAPS and Tyro)
There is no need to wait weeks or months for reimbursement from insurance companies or government programmes when you use an outsourced medical billing company to submit claims. Most outsourced billing companies submit claims quickly so physicians can receive insurance payments.
3. Expertise Availability
Medical practices must be current on the latest developments in the medical industry. This includes any laws, regulations, or other policies that may impact your practice. Bookkeepers, such as Sudoku Bookkeeping, who provide assistance to medical & allied health institutions, typically have advisors with specialised knowledge in this field. By hiring an outside firm to handle your healthcare company’s bookkeeping needs, you can save time and money on recruiting and training in-house staff.
4. Lowering Stress Levels
Medical professionals are frequently caught up in day-to-day operations, only realising how stressed they are once they take a step back and objectively evaluate their workloads. Outsourcing some administrative and financial tasks will help relieve some stress by giving employees more time to focus on patient care activities rather than routine tasks that do not directly contribute to patient outcomes but do consume valuable time and resources.
5. Reduce the possibility of an audit.
Access to qualified personnel also ensures that your bookkeeping duties are completed on time. Because they have access to cutting-edge tools and software, you can entrust your bookkeeping tasks to an outsourced service. An experienced third-party bookkeeper can help you reduce risk and ensure state and federal regulations compliance. You can be confident that your bookkeeping procedures are current, with relevant and appropriate record-keeping, and that compliance is in order with an experienced team handling your accounts. If the Australian Taxation Office (ATO) needs to conduct a review or audit, this simplifies the process.
6. Make the most of your resources.
Outsourcing allows medical practices to maximise resources while reducing time spent on administrative tasks. For example, suppose you have an office manager who handles financial tasks like accounts receivable and payable. In that case, they may now be able to focus on other responsibilities like customer service and medical record keeping. Outsourced bookkeepers can assist with other functions, such as strategic tax planning and incorporation. This allows doctors, nurses, and other staff members to focus on patient care rather than financial concerns.
7. Individualised Solutions
Professional bookkeeping services may tailor several services to your specific needs, going far beyond what an in-house bookkeeper would normally provide. Bookkeepers, such as Sudoku Bookkeeping, may provide in-depth reports that provide insightful analyses of your company’s cash flow, expenditures, profit margin, and more. Not only that, but they will also advise on how to prevent any negative patterns from recurring.
Sudoku Bookkeeping Can Handle Your Finance and Bookkeeping Needs!
The advantages of outsourcing your medical bookkeeping are obvious. You’re getting a team of industry experts who can provide you with a variety of services, including:
Sudoku Bookkeeping is a market leader providing healthcare organisations with outsourced financial and bookkeeping services. We have extensive experience in medical bookkeeping and can help you with all aspects of bookkeeping, including financial reporting and analysis, accounts receivable/payable management, cash flow management, and more.
We understand the complexities of healthcare and have great admiration for the work you do. Allow us to handle your bookkeeping so you can focus on your patients!