Taking on the administrative burden of bookkeeping can have a doubly negative impact on your medical practice. First, since it’s not your specialty, wading through compliance laws and triple checking your work to catch costly errors can feel like an uphill slog.
Second, healthcare bookkeeping directs your valuable time away from where you truly shine: diagnosing and supporting patients. This situation will impact your organizational culture, leading to feeling less joy and meaning in your work.
If this sounds like your reality, it’s time to consider bookkeeping for medical practices.
Signs It’s Time to Pursue Bookkeeping for Medical Practices
Practice inefficiency and organizational culture hurdles are two things driving physician burnout. In fact, according to a recent study published by the American Medical Association (AMA), the national physician burnout rate is now higher than 50%.
If you’re a medical practitioner who loves to do their own bookkeeping, stop reading now. But if any of the below sound like things you’d love to ditch, keep reading.
- Losing hours (days?) of time doing your own books.
- Making decisions for your practice based on disconnected data.
- Struggling to find a qualified bookkeeper when team members leave.
- Feeling like you’re pushing papers, not treating patients.
Okay, so you’re probably nodding along with these signs that it’s time to find an outsourced resource. And finding a reliable, qualified bookkeeping service to support your practice may already be on your to-do list.
But you’re a leader wearing many hats – human resources, marketing, accounting, treating patients – so that to-do list is longer than a CVS receipt. To help you get started, consider five things to look for in a bookkeeping partner:
- They make managing your practice easier, not harder.
- They have deep knowledge of the healthcare industry.
- They offer dedicated support on your schedule.
- They are trusted and reliable – and can prove it.
- They work with your budget – both now and as you grow.
The knowledgeable team of professionals at Finlyte checks these boxes. See how we can help your practice through our dedicated support for healthcare professionals.
Finlyte Puts Your Healthcare Practice First
At Finlyte, we’re passionate about freeing leaders like you from the burden of focusing on finances. Finlyte will help your medical practice see a significant reduction in upfront and ongoing costs through our outsourced accounting services.
Plus, we couple these services with the implementation of the industry-leading Oracle NetSuite ERP platform to support your growing practice. Finlyte was even named NetSuite’s Breakthrough BPO Partner of the Year in 2022 because of our proven capabilities.
Our strategy is to limit your initial investment in NetSuite while providing scalable outsourced back-office services that fit your practice’s current and future operating reality. Our team integrates with yours in just a few days, changing everything. We help you get back to doing what you love: caring for patients.
It can feel like a big decision to let someone else take over your medical practice’s bookkeeping. But what you’re doing now isn’t sustainable, is it? Now is the time to alleviate the hours you’re working and the stress that keeps you up at night.
Here are three reasons outsourcing your healthcare bookkeeping to Finlyte will improve your life.
1. Finlyte Bookkeeping Services Drive Efficiency
Doing your own accounting through a basic solution like QuickBooks can bring added work you weren’t anticipating. Do these things sound familiar?
- Spreadsheet overload
- Manual processes
- Limited customization
- Disparate data
And when you run into a hurdle, you have to dig in and research workarounds and solutions. Hiring a bookkeeper for your team can be expensive – and bookkeepers with medical experience can be difficult to find. Since they’re in such high demand, they can move to a new opportunity within a few years, leaving you in a lurch.
With Finlyte on your team, forget about manually pulling reports and digging through data. Access the information you need – when you need it. Finlyte’s support runs around the clock, so there’s no downtime if someone on your team quits or – better yet – gets promoted.
Our robust knowledge of both healthcare and accounting means less work for you, while our ERP system connects data in ways that make visibility across your business a breeze.
2. Information You Can Rely on to Make Business Decisions
Trying to make decisions for the health of your medical practice based on outdated or incomplete bookkeeping data is like trying to diagnose a patient without their medical history. You can do it, but it will be a lot harder, and you’ll have to dig deeper and run more tests.
For your business, making decisions by pulling information from a zillion spreadsheets and disconnected systems makes your life harder – and may be hindering opportunities for growth.
Powered by NetSuite, the best ERP software available for the healthcare industry, you’ll have access to standard reporting and dashboards that provide end-to-end visibility into your financial and operational metrics.
- You’ll enjoy preconfigured reports like Physician Compensation Models and average revenue per patient.
- Month-end close and financial statement publication increase visibility into revenue from each insurance provider.
- You’ll enjoy complete fixed asset lifecycle tracking and reporting from acquisition to retirement.
3. Improved Patient Care (No, Really)
Physician fatigue has a negative impact not only on one’s well-being but also on patient care. Just look at the findings on physician burnout reported in a prominent medical study:
- Low job satisfaction
- Decreased work productivity
- Medical errors
- Poor quality of patient care
- Early retirement
- Healthcare system failure
Imagine a future where you’re spending no time unsnarling accounting headaches, where you have access to a dedicated Finlyte support representative who is well-versed in NetSuite implementations and has deep experience in the healthcare industry.
In this future, you’re spending time weekly reviewing your connected data and identifying insights to drive your business forward. In this very realistic future, your patients may notice a spring in your step and joy in your smile again because you’re spending your energy on what you love: taking care of patients. And when you’re happy and energized, patient care improves.
Reliable Bookkeeping for Medical Practices: Crucial To Your Growth
Accounts receivable, accounts payable, cash flow, financial reports. You need all of these things to run a smooth medical practice. But you don’t need to do the work yourself. It’s time to prioritize bookkeeping for medical practices.
Finlyte’s dedicated healthcare solution powered by NetSuite is helping hundreds of medical professionals nationwide. And it comes backed with a 6-month guarantee, which means you’ve really got nothing to lose and everything to gain.
Ready to get started on a new journey relying on a team of experts to support the business needs of your practice? Let’s talk. Contact us today to schedule a consultation.