Running any medical practice comes with all sorts of challenges. Some you expect, and others blindside you. Many people do not see all the hurdles that will come their way through medical accounting errors or mistakes. GJR Consulting has years of experience working with doctors, dentists, and other healthcare providers to help get their finances on the right track.
4 Most Common Mistakes in Medical Accounting Services
The healthcare industry has many unique aspects, but the challenges of maintaining accounting and financial records are universal across most businesses. These are some of the issues you can run into without professional accounting services on your side.
- You’re trying to manage everything yourself.
Many of us like to think of ourselves as a jack of all trades. You might even like being involved in every aspect of your practice, but no one can do it all. As your medical or dental practice grows, you’re going to find all new responsibilities. Don’t limit yourself by refusing to partner with someone else. GJR Consulting can take over your medical practice accounting and let you focus on all your other responsibilities.
- You don’t follow a set schedule for financial reporting.
Do you have a five-year plan for your growth and revenue? Without accurate cash flow forecasting, you won’t be able to build for the future. You need a system in place for regular financial reporting to know where you started, where you are, and where you’re going.
- You aren’t using, or you don’t know how to use, your accounting software.
Healthcare professionals are expected to know how to use a broad range of technologies. You might not have thought to invest in the best accounting software or how to train your staff in the best practices for using it. GJR Consulting offers bookkeeping services and training in software like QuickBooks for your staff.
- You aren’t able to keep up with billing or coding changes.
Even in dental accounting services, there are always going to be regulation changes in new billing codes or new laws. Without professional assistance, you’ll never keep up. Our accounting firm is continually educating ourselves and training in the latest tax services across multiple industries.
We Can Resolve Accounting Issues for Doctors and Dentists
Accounting and tax planning for any business requires professional expertise and experience. The medical field operates under some of the highest standards and strictest regulations in the country. Don’t let these mistakes happen in your practice. GJR Consulting is here to provide the help that doctors, dentists, and other healthcare professionals need.
To learn more about the ways GJR Consulting can improve your medical accounting services, call us today.
When people think about what it takes to run a medical practice, most will jump right to things like quality care and bedside manner. No one could argue those aren’t important, but many people forget about the importance of accounting services for doctors and dentists. A medical or dental practice is still a business and has to manage expenses, profits, and payroll to be successful. GJR Consulting is an accounting firm in California that understands the financial challenges of the healthcare industry and is prepared to help.
Accounting Services for Doctors Are Essential
The most direct way of explaining the importance of accounting in the medical or dental industries is to look at the cycle of revenue management. Without accurate revenue management, there’s no money for new medical equipment or payroll for the staff at your medical practice. Your financial statements need to be maintained and routinely checked for accuracy. Without this service, you won’t know how much money you have to spend or how much you can expect in the coming years.
Money in the Healthcare Industry Gets Complicated Quickly
The majority of payments that dentists and doctors receive in the United States come from the insurance companies that manage the health insurance of their patients. This process complicates your revenue collection, and you’ll see the same accounting issues for dentists. The entire healthcare sector depends on insurance to pay the bulk of their bills and keep their doors open.
The good news is GJR Consulting is here to help you manage this cash flow. Without accurate financial statements, you can’t expect those insurance companies to pay their bills. Even when everything is accurate, there can still be issues with receiving payment. That is why you need to be equipped with the best accounting services possible. With rock-solid bookkeeping, at least you’ll know your figures are correct when you’re dealing with conflicted insurance payouts.
Issues Healthcare Accounting Is There to Prevent
Part of your practice management needs to focus on the crucial role accounting plays in the organization’s success. Even with the most medically experienced staff, they can forget or confuse vital parts of the financial process. Common issues like this include:
- Insufficient Staff Communication: Does your staff understand the importance of their role in the financial process? For everything to work properly, you need everyone to understand their role. Taking the time to explain this to your staff can make a real difference.
- Inadequate Training: It is likely that even the most aware medical staffs are still performing a wide variety of tasks every day. You cannot expect them to know everything they need to for medical tasks and bookkeeping at the same time. You can work with GJR to train your staff on software like Quickbooks for your practice.
- Reactive Planning: There are going to be bumps along the road. Using reactive strategies is like tying one hand behind your back. You need an accounting firm on your side working proactively to stay ahead of financial issues and establishing a stable base for services like tax preparation. You can fall back on your records when questions arise because you’ll be able to trust the work of your accounting partner.
The services at GJR Consulting can prevent many of these issues with our tax planning and bookkeeping training practices. We can help new businesses set up a strong foundation for the future, and we can aid existing practices with their recurring issues. To learn more about how we can help your healthcare practice, call us today.
About GJR Consulting
Our CPA firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.