Whether you are a Doctor, Dentist, Chiropractor or other HealthCare professional, accounting for your practice is crucial to understanding the profitability of your business. Financial statements provide an accurate picture of what you are spending your money on. Additionally, they allow you as a business owner to make more informed decisions, like; Can I afford to give my staff a raise? Do we have sufficient capital to purchase new equipment? How much am I going to owe in taxes? Have my vaccine or medical supply costs gone up?
HealthCare accounting allows decision makers at your practice to have the information at their fingertips to answer these questions above. Just looking at the bank account and seeing how much you have is not going to cut it! As the owner of your practice, you have a fiduciary responsibility to ensure your finances are in order, and what better way to ensure that than adding HealthCare Accounting to your tools. Timely accurate financials allow banks to make decisions on extending credit to your practice. They allow your financial planners to determine how much you can save for retirement. Healthcare financials give you the power to make the educated decisions for your company’s finances, the same way an X-ray can tell you where a bone may be broken.
Aside from just getting accurate financial statements HealthCare Accounting has some nuances that fall outside the norm. For example, if your patient practice is required to be HIPAA compliant, then your accounting records are also required to be HIPAA compliant! At Interactive Accountants, we know the in’s and out’s of HealthCare Accounting to make sure your practice is complying with the HIPAA regulations surrounding your accounting records. So whether you’re a Doctor, Dentist, Chiropractor or other HeathCare professional, Interactive Accountants has you covered.
Another area of focus for HealthCare Accounting is creating Key Performance Indicators (KPI’s). KPI’s in this arena include average billing per patient, staff to patient ratio, patient room turnover, overall patient satisfaction rate, patient follow up, average hourly staff cost and patient wait time. Developing these KPI’s and tracking them can help you as a business owner measure the success of your practice. At Interactive Accountants, we help our focused plan clients develop such KPI’s and teach them how to monitor them, so they can measure non-financial HealthCare Accounting trends. These KPI’s are different for Doctors, Dentists, Chiropractors and other HeathCare professionals, so be sure to contact Interactive Accountants before you start this process.
We monthly or quarterly deliver and review:
Medical offices deal with a number of billing problems that are specific to them, whether through private patients or working with patients with health insurance. We take into account collection cycles to safely manage the cash flow of your practice. Having a clear vision of the bank accounts, accounts receivable, and accounts payable, gives you a healthy practice and peace of mind. More often than not, Healthcare providers are also formed as partnerships, where the practice has multiple owners and the bookkeeping needs to account for this. Using our cloud-based accounting solution, Interactive Accountants can classify your accounting records by owner and present financials that not only show the profit/loss of the practice as a whole, but also by each owner. This invaluable service allows multi-owner practices the insights into profits generated by owner.
Tax law is forever changing and as a Healthcare professional, you don’t have the time to keep up with these new tax laws while trying to keep up with all the updates to insurance and new treatments. Enter Interactive Accountants, where our dedicated tax team is on the case. All of our CPA’s are required to maintain 40 hours of continuing education every year and our Enrolled Agent’s take at least 20 hours of continuing education every year, to make sure we are on top of every new tax law that affects you and your business. We take the time every quarter to review your tax situation and discuss planning opportunities. We will discuss the changes in your business and personal life and incorporate the best tax deductions or credits that are available to you under current law. A proactive approach to your tax matters is always taken at Interactive Accountants! If you have any concer about Taxes for Doctors, Taxes for Dentists, or Taxes for Chiropractors please contact us.
If you are a Healthcare professional, you need a CPA firm that truly understands what you’re working with, and that firm is Interactive Accountants. So give us a call or schedule a free consultation with our owner Matthew Shiebler, CPA. He’s been practicing accounting for over 25 years now and is a business owner, just like you!