Private Practices and Clinics

We use software integration and automation to manage cash flow and collections. Enabling these two processes is all it takes to drastically reduce the admin burden (and stress) resting on your financial team’s shoulders. This does two things:

• You always know what is owed.
• Time saved improves efficiency and productivity.

We achieve this by using advanced software that:

• Generates and manages patient and insurance invoices.
• Tracks outstanding balances and aged receivables.
• Identifies bottlenecks and delays in your revenue cycle.

Our expert bookkeepers, controllers, and CFOs:

• Analyze gaps in billing and collections to implement revenue recovery strategies that reduce the days in AR and accelerate payment times.
• Use automated billing software that syncs with accounting systems to accelerate the collection process.

This comprehensive approach streamlines billing, but that’s not all. It also ensures you have the cash flow available to run your practice effectively and avoid gaps where expenses exceed income.

Yes, you can. Integration is our forte, and we frequently link bookkeeping processes with EHRs, practice management tools, and billing software to facilitate the smooth flow of data between systems. We include automation capabilities because they increase accuracy and reduce errors, primarily because they eliminate manual data entry and Excel spreadsheets.

Eliminating manual data also ensures that patient and encounter data aren’t duplicated across departments. Instead, you get a unified view of your system, which assists informed decision-making.

You don’t need to purchase a brand-new system. Our industry-specific financial and accounting specialists easily merge modules with your existing setup, without any complex re-engineering. Automation is naturally included to improve data sharing and syncing.

For example, we link clinical activity with financial reporting so you can see the true cost of care. The upshot is real-time insights into revenue and your overall financial health.

You want a financially healthy practice. To achieve this, it’s necessary to keep track of several key metrics or KPIs. The aim is to use the resulting data to either reach your financial objectives, maintain your financial health, or reach for higher goals.

Metrics to measure include:

• Net Revenue Per Patient Visit: This helps you identify opportunities for optimization, like delegating certain tasks to nursing staff.
• Patient Volume Trends: This relates to patterns in demand, like flu outbreaks. You can adjust your resources to manage high demand and dial back to pre-season numbers.
• Revenue Per Payer Type: Payers include insurance companies, the government, and private patients. This data helps you adjust pricing or set limits based on reimbursement rates.
• Days in Accounts Receivable: If you find that the number is high, you should probably re-evaluate your billing and collections processes because the lower the number, the more efficient the process.
• Operating Profit Margins: This is a biggie because it reveals your balance after deducting direct and indirect costs.

These metrics aren’t just nice to have; they play an important role when it comes to improving operations and enhancing patient experiences. Our accounting specialists can help you customize ERP software, like Sage Intacct, to ensure you include metrics relevant to your business.

Managing payroll for a healthcare practice can be complex due to varying physician salaries, nurse overtime, and payments to independent contractors. Outsourcing payroll administration ensures that these tasks are handled with accuracy and care, without burdening your in-house staff.

We run and record payroll in your accounting system, track compensation and hours accurately, and maintain up-to-date payroll records across all staff roles. This service also includes efficiently handling payroll taxes to ensure compliance with federal and state regulations.

By using specialized software like Sage 300 People, we can also manage complex shift patterns and provide employee self-service tools, which reduces administrative questions and empowers staff to access their payslips and leave balances directly.

Yes, it absolutely is. One of our priorities is to design a system that is inherently scalable. That’s why we use cloud-based accounting platforms that easily accommodate growth. Sage Intacct, for instance, is the perfect tool as it scales alongside your practice, whether it’s adding providers, opening new locations, or introducing new services.

Scalability features handle increased transaction volumes and enable you to add new entities without disrupting operations. This is particularly important for multi-office or multi-site practices, which must maintain consistency across the board, while still providing a centralized view of your practice’s performance.

We work closely with you to keep the ball rolling, assessing systems regularly and ensuring they are primed to support future growth and expansion plans.