More and more medical groups, including small practices and home healthcare, are tapping accountants for expanded services. Why? At the end of the day, a medical practice is a business.
Having accounting and payroll services by your side builds a solid foundation for evaluating the health of your business and provides access to financial tools to make informed decisions on important benchmarks in the healthcare industry. In addition to handling the basics, like bookkeeping, monthly statements, payroll, and taxes, some accounting services also include structured business advice on compensation trends, profitability, and operating budgets.
Not all accountants, however, are created equal. Finding the right fit for your practice is a crucial step in the process.
Healthcare Accounting Services
An experienced healthcare accounting service will have a background in revenue enhancement, valuation, mergers and acquisitions, and practice restructuring.
Outsourcing accounting services for your medical practice can also provide additional security. Most practices benefit from more oversight of their monthly operations, and the thought of having a single in-house person (even if they’re an all-star) handling the entire financial responsibility of a practice can be unnerving, especially when it comes to tax liability.
Whether you are thinking about changing accountants or are looking to outsource monthly accounting services for the first time, it’s important to have an open conversation regarding experience and expectations.
To help you get the conversation started, here are 12 questions to ask your potential healthcare accounting service:
- Do they know the healthcare industry, including financial benchmarks?
- How much experience do they have with medical practices?
- Do they provide financial planning assistance?
- How big is the firm? Is it one person, or is there a staff?
- Is their fee structure fixed, or do they charge for every phone call?
- What are their certifications?
- If you need to get a loan, does the firm have relationships with banks?
- What kind of support do they offer if you get audited?
- Are they just end-of-year tax preparers, or do they offer proactive tax planning?
- Will they reconcile your accounts every month? Do they provide a solid audit trail?
- Do they also do payroll?
- Will they prepare a financial statement for you every month – and help you analyze and understand it?
If you aren’t satisfied with the responses, it's a sign that you need to move on. Choosing the right healthcare accounting service is extremely important for your business, so it’s good to be selective.
Download our Accounting Comparison Chart to determine which level of service is right for your medical practice.