The Best Accounting Services for Medical Practices

A healthcare professional using the best accounting service for medical practices.

In an ideal world, a physician or healthcare professional can focus solely on the care of their patient and improved outcomes. Yet, that is rarely all a healthcare professional is responsible for. In reality, healthcare professionals have to take on the day-to-day operations of their facilities and oversee accounting and bookkeeping.

For this reason, streamlining healthcare accounting services is crucial to the overall operation of any healthcare entity:

  • Provides medical professionals with more time to focus on patient care.
  • Ensures adequate billing.
  • Supports prompt payment of accounts payable.
  • Enables proper tracking of accounts receivable.
  • Simplifies information gathering in the organization.

However, not all accounting services for medical practices are the right fit. A healthcare organization must opt for a company that understands the ins and outs of medical care, medical billing, Medicare and Medicaid, and healthcare regulation.

Where should you turn? Consider Finlyte, a leading provider of outsourced accounting services for healthcare. We can assist healthcare professionals with critical accounting tasks.

Inside Our Accounting Services for Medical Practices

Our team can help by providing bookkeeping services, enhancing your medical accounting processes, tracking cash flow, and maintaining records for tax planning in advance.

Accounts Receivable

The proper organization of accounts that require payment remittance to your organization is critical for daily functioning. To bill clients adequately and track accounts receivable, our team can assist with the following tasks:

  • Create and submit invoices.
  • Processing payments.
  • Performing account reconciliations.
  • Cash Management.

By outsourcing these tasks, your medical office can expend less focus on daily accounts receivable monitoring and more energy on quality patient care.

Accounts Payable

Just as crucial as the receipt of funds is payment remittance for owed invoices. Finlyte can assist with maintaining accounts payable for our clients. Our team can monitor and process receivables and receipts to ensure bills are paid promptly.

By outsourcing these tasks, you will gain confidence that a team of professionals is standing behind you, looking out for these critical issues:

  • Identify errors in billing to avoid unnecessary charges.
  • Review accounts payable contracts for upcoming fee changes.
  • Ensure adequate vendor coding.

Cash Flow Management

Budgeting and forecasting are essential parts of accounting services for medical practices. These functions ensure that doctors and medical practitioners have cash on hand to pay bills and maintain a positive cash flow.

Finlyte prides itself in offering cash flow reporting for awareness and modeling that can improve financial practices and budgeting for healthcare organizations:

  • Spread out more significant expenses.
  • Predict future cash flow.
  • Manage any financial bottlenecks that may appear.

Financial Reporting

Accounting services for medical practices often involve regular financial reporting. Not only do doctors and medical practitioners benefit from seeing exact numbers regarding their practice’s finances, but Board members and donors will likely request financial reports regularly.

Finlyte can compile and disperse reports such as the following:

  • Monthly bank reconciliations.
  • Monthly credit card reconciliations.
  • Regular expense reports.

Tax Planning

Taxation in the healthcare industry is highly complex. So, preparing tax information and tracking important tax-related information in timely and thorough management is necessary. Here’s how Finlyte can help:

  • Assist with 401K management.
  • Perform yearly 1099 processing.
  • Validate W9 collections.

These are just a few ways Finlyt can assist with tax planning processes. Tax planning services can be performed from a human resources standpoint, or we can assist with CFO responsibilities in this area.

Finlyte is Prepared to Implement Accounting Best Practices

Every practice is different, which is why we provide practice management consulting individually. Our professionals will sit down with practitioners and your team to understand your goals, challenges, and processes to develop a plan that works for your healthcare team.

By creating practical solutions for complicated financing practices, Finlyte is able to take responsibility for your practice’s finances so you can concentrate on patient care.

Through our outsourced accounting services, you can rest assured that our team has the experience and knowledge necessary to enhance the practice or organization you’ve worked hard to build.

We even offer dedicated support should you ever encounter an issue you need help with. So, what are you waiting for? Let’s set up a consultation, so you can see everything Finlyte has to offer in the area of accounting services for medical practices.