In the healthcare industry, patients should always come first. Medical practices should be able to channel all their energy and resources into caring for those who need their services, not getting bogged down in administrative tasks that cost an arm and a leg to maintain internally. There are several key benefits to offloading the headache of internal accounting services to financial accounting firms.
Cost Savings and Flexibility
Outsourcing financial accounting needs dramatically reduces costs in comparison to maintaining an internal accounting department. You avoid the expense of hiring full-time staff, paying salaries and benefits, and maintaining office space. Instead, you pay only for the services you need, when you need them. If those needs change one day, you won’t have to deal with the hassle of restructuring, downsizing, or expanding departments. Flexibility of this caliber is essential to an enterprise’s success in today’s fast-paced world.
Contracting an accounting firm brings not only their deep expertise in the industry, but also the infrastructure that allows them to operate at the highest level. The advanced technology and software that accounting firms use to provide optimal service to their clients may be too expensive for a small department to purchase.
Maximized Efficiency and Transparency
This technology available to professionals at accounting firms also allows for widespread automation of otherwise mundane and meticulous tasks. This eliminates the burden of extra tasks on your busy team. Advanced accounting technology also helps practices better understand their cash flows and expenses through easily digestible statistical analysis and graphical representation.
A lack of clarity on a company’s finances can lead to its demise. To avoid issues with financial accountability, leave these responsibilities in the hands of those that have a proven track record of honesty and candor. Firms that operate in the accounting sector are bound by regulations that require sweeping transparency to their clients.
Certified Compliance and Risk Reduction
Outsourcing financial services to professionals specialized in healthcare accounting significantly reduces the risk of non-compliance with HIPAA, Medicare, and other regulatory requirements. Their expertise ensures that your practice adheres to the latest industry regulations, minimizing the chance of costly violations. Tax and accounting codes are constantly evolving, so it takes significant expertise and resources to stay up to date with these rules.
Healthcare accounting consists of a vast array of services. A medical practice needs everything from tax preparation and insurance billings to credit card and bank reconciliation, and everything in between. An outsourced bookkeeping team can manage all these tasks and more while ensuring compliance with tax regulations throughout the year.
Outsource to the Professionals at The Hechtman Group
At The Hechtman Group, we provide personalized attention and expert advice, tailored specifically to your firm’s unique needs. Our team of professionals specializes in delivering efficient solutions designed to protect your practice’s financial health.
Contact us today to receive a holistic strategy and overview of what this transition would look like. Our dedicated team will assist you and your practice every step of the way.
At The Hechtman Group LLC, we understand the burdens small businesses endure in assuming more than one role to support the organization. That’s why we offer highly experienced client advisory services (CAS) for companies who can benefit from outsourcing their accounting, CFO, or Controller consulting needs. Additionally, our comprehensive expertise in QuickBooks certified ProAdvisor means that we can create a tailored accounting solution to centralize your finances and simplify your books. Our CPAs and accountants can guide you through all the necessary steps while also creating best practice opportunities for long-term growth.