Patient care is at the top of the priority list for any healthcare organization. Yet, the monotony and tediousness of medical bookkeeping often interferes with the level of care providers are able to offer their patients. It doesn’t have to be this way, though.
Finlyte is an innovative business solutions provider that creates solutions for healthcare organizations to streamline bookkeeping and recordkeeping processes – no matter how complex or complicated your responsibilities are.
Our medical bookkeeping services help healthcare organizations reduce stress, eliminate inefficiencies, and get organized. Through our support, we can help you run an efficient and compliant operation that delivers exceptional patient care to patients.
What Types of Healthcare Providers Can Benefit from Our Medical Bookkeeping Services?
Every healthcare provider experiences different challenges. We support healthcare providers in numerous medical settings by tailoring our services to your needs.
Let’s take a look at some of the bookkeeping challenges that we can solve for these four types of healthcare providers:
- Urgent Care
- Medical Practices
- Dental Practices
- Vet Clinics
1. Urgent Care
If your organization is involved in the urgent care sector, you understand the hectic nature of this medical service. There is little room for error when providing diagnosis and treatment services in such a fast-paced environment, so you can’t let bookkeeping get in the way of delivering care.
Due to the sheer number of patients that go through urgent care facilities regularly, keeping thorough and accurate records is essential. Your organization needs to be able to maintain patient records, result sheets, and diagnosis information to help with medical billing and coding that will ensure you receive payment for services rendered.
To support cash flow, urgent care facilities need access to timely accounting and bookkeeping services. Without adequate bookkeeping, your organization could risk billing errors, a reduction in revenue collected, incomplete financial data, and improper financial reporting.
2. Medical Practices
Outsourced bookkeeping services for medical practices can significantly affect patient care by allowing providers more time to focus on patient treatment and outcomes.
Oftentimes, the staff members in medical practices are strapped for time handling other duties besides back-office accounting processes. Or, there are not enough staff members to perform critical business tasks, leaving the responsibilities to fall on inexperienced team members.
Outsourcing medical bookkeeping will save time and effort, reduce the risk of accounting errors, and enhance the daily routines of everyone involved in the practice.
3. Dental Practices
Dental practices also have unique bookkeeping needs. These practices must meet different insurance standards, as dental insurance is often separate from medical insurance. Not to mention, dental clinics often run on tight budgets due to the increasing cost of equipment and the presence of dental school debt for graduates who open their own practice.
In addition to the financial constraints, dental practices typically have limited staff to tackle financial responsibilities:
- Accurate recordkeeping for tax returns.
- Tracking inventory and supplies.
- Recording expenses associated with the cost of repairs for dental equipment.
While the financial and bookkeeping needs of dental practices can vary from medical practices and urgent care centers, they face similar challenges of needing a solution to streamline bookkeeping to free up staff for critical patient-centric tasks. This way, practices can regain control of their business to support growth initiatives.
4. Veterinarian Clinics
Although they aren’t treating human patients, veterinary clinics must adhere to strict financial and bookkeeping processes in accordance with industry guidelines.
While many veterinarian clinics do not have to deal with medical or dental insurance, they must accurately track patient accounts to ensure thorough and prompt payment remittance.
Patients also walk in to purchase supplies and medicines for their animals, which creates additional bookkeeping requirements to keep track of inventory costs and revenue. For inexperienced members of the clinic, there could be a learning curve required to get up to speed on proper bookkeeping.
Therefore, it’s best to work with an outsourced service provider who can help with basic accounting tasks, support cash flow recordkeeping, and maintain proper books for reporting purposes.
How Finlyte Can Help with Medical Bookkeeping Services
No matter the size of your healthcare practice or the type of care you offer, Finlyte has a solution for your organization. In fact, we have created several bundled services to support your back office, allowing each practice to get exactly what they need from our company.
From Accounting to Payroll to Human Resources, our team can meet a need in each business area. By tapping into our outsourced medical bookkeeping services and working with our award-winning team of experts, your organization will be positioned for growth.
We understand the needs of smaller practices, mid-size organizations with multiple facilities, and large medical practices with facilities spread across the country. Just take a look at this case study. We recently helped a dental service provider gain financial clarity and improve the efficiency of their accounting processes during rapid growth.
Schedule a consultation with the Finlyte team today to discuss your specific challenges. Let’s identify a solution that fits your need so your team can focus on patients.