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.