Medical Accounting for Doctors: Why We Recommend NetSuite

A doctor’s office that uses NetSuite for medical accounting.

Far too many physicians in the U.S. spend their time focusing on the business side of their practice and financial reporting than on patient care.

In fact, a recent study found that doctors waste more than two-thirds of their time on paperwork-related activity, including entering data into software systems. We know this isn’t what you intended when you graduated from medical school and started your career.

What’s the solution to support the business side of your practice? We recommend outsourcing accounting and implementing a robust ERP software suite. After all, medical accounting for doctors is a crucial part of a healthcare practice. Yet, it also shouldn’t take away from patient care and creating positive outcomes for your patients.

Our team at Finlyte has the capabilities to move your practice forward. Find out how to support the business side of your practice so that you can focus on what matters most.

Get Back Your Time by Handing off Business Activity

The team at Finlyte works with medical practitioners across the country to handle accounting duties and utilize the best-in-class Oracle NetSuite ERP platform to simplify business management in healthcare. Learn more about the advantages of our solution that can be tailored to fit your practice’s needs.

1. Outsource Portions of Medical Accounting

By divvying up some of the daily financial tasks of your practice, you can spend more time focusing on your patients. While some doctors may be hesitant to give up some of their control and direction over their finances, it’s beneficial to employ a firm with ample experience and compliance knowledge to alleviate some of the pressure.

When you find a responsible and experienced provider like Finlyte, it can be easier to let professionals take the wheel of your accounting duties.

Our BPO (business process outsourcing) program creates a partnership between your healthcare professionals and our team of experts to simplify practice management by streamlining accounting and bookkeeping efforts.

Coupled with the robust NetSuite platform, we can help you take the guesswork out of healthcare accounting, financial management, and tax planning by creating and organizing helpful accounting and tax documents.

So, how does it work? We can take over all, most, or all of your day-to-day accounting needs. We can be intensely involved or minimally noticeable. Either way, our accounting professionals can address specific needs for your practice.

While some medical professionals want us to lightly oversee business accounts, others prefer us to be deeply involved in medical practice accounting. Some of our clients even rely on our team for business advisory to provide guidance on accounting and related business decisions.

2. Implement Oracle NetSuite to Support Practice Management

Medical accounting for doctors consists of collecting an immense amount of information regarding financial statements, patient accounts, and vendors. So, it isn’t surprising that it can consume chunks of time if you don’t have access to a robust platform.

That’s why we recommend utilizing Oracle NetSuite ERP:

  • Simplify medical accounting for doctors.
  • Enable you to quickly and efficiently share data.
  • Generate necessary reports – all in a safe and secure environment.

The value and benefits of NetSuite outweigh any minor inconvenience that implementing this platform may create. We specialize in implementing NetSuite for medical clients. Our team works diligently with physicians to get you set up, minimize downtime, and support security by ensuring that no patient care data is compromised in the process.

To ensure successful implementation, we will review a preliminary checklist with you and create a roadmap for success before implementing the software. You’ll have a thorough understanding of what to expect, who to reach out to with questions, and a timeline for completion. At Finlyte, we strive for transparency with medical professionals and your team.

Contact Finlyte to Solve Medical Accounting for Doctors

Now is a great time to implement our solution. By outsourcing medical accounting and implementing NetSuite, you can get back precious time caring for patients, not spending countless hours performing business activities.

We’d be glad to discuss your practice’s accounting requirements, what’s causing the most challenges for your practice, and potential solutions. Our team can also provide you with more information about our NetSuite implementation process so that you can see the power of simplifying accounting processes to save time and costs over time.

Overall, we want to help you offload tedious accounting tasks so that you can spend more time on what matters to you and your practice. After all, you went into the healthcare field to care for patients. So, we’d like to help you get back valuable time and energy.

Schedule a consultation with our team today to discuss our solution to solve medical accounting for doctors. We are ready to help your practice thrive.