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Accounting and Bookkeeping Challenges in the Healthcare Industry

Healthcare Industry in the United Kingdom is known for having one of the best healthcare systems globally. If you have a business in the healthcare industry, you already know how to provide better healthcare services to the nation. What you start neglecting is your business's financial health. Healthcare Industry is also not exempted from obstacles concerning accounting, bookkeeping, taxation, and so forth, like every other business. A few of the challenges faced in accounting for medical practices in regards to accounting are -

Specialisation

Hiring an in-house professional accountant is not viable as you might find it difficult to hire someone with experience and expertise in medical practice accounting. And additionally, they might not be able to apply standard costing procedures for setting a value for the product and services offered at your organisation.

Compliance

Accounting in healthcare is a non-core function. Its primary function is to provide the best medical service. And so, there comes a time when your organisation is negligent about law and legislation specific to bookkeeping and accounting, after which you end up committing non-compliance.

Big data

Medical practices and the health care industry is a sector where the data that needs to be recorded daily is voluminous. It becomes necessary to set a proper system in place, allowing every medical practice and health care business to record these data efficiently.

Healthcare Accounting Services By Whiz Consulting

Whiz Consulting is dedicated to providing the best in class bookkeeping & accounting in the healthcare industry. We have extended experience with management accounting & financial accounting in the healthcare industry. Our team of professional accountants and bookkeepers applies their in-depth knowledge of the sector to set your medical practice up for financial success.

Accounting & bookkeeping for medical practices is a crucial function and must be conducted with attention to detail, which consumes much time. We provide customised professional medical bookkeeping and accounting services to overcome this problem, allowing your business to increase productivity and improve client service.

We offer services that will help you deal with voluminous bookkeeping and complex accounting. We have a team of professional accountants who have provided accounting services for health professionals and various sectors like old age caring, healthcare, franchising, and much more. We have conducted accounting for hospitals, clinics, individual doctors, and more. We make use of best-specialised accounting software for hospitals and medical care organisations. We also use additional software apart from accounting software for medical practices according to the level of complexities your business faces.

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Accounting & Bookkeeping Services We offer for Healthcare Industry

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & Credit Card Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financials Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on managing revenue, expenses, cash flow
  • HMRC VAT Filing
  • Preparing & Planning for taxes
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Accounts Payable

We provide daily, biweekly, or weekly accounts payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers invoice scanning to ensuring payment terms adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

Accounts receivable is a vital part of any business; without it, you cannot expect your business to sustain itself, let alone talk about growing. You must be sure how much you receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client's behalf to ensure that our clients receive money from the debtors, which is done in time.

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Financial Reporting

We know exactly what is needed for UK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with UK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with your chartered accountant and ensure everything is there as and when he wants, you can trust us with your financial reporting requirements and ensure you adhere to all UK GAAP standards.

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Payrolls

Whiz Consulting's outsourced payroll services include receipt and analysis of payroll data, reporting payroll taxes, issuing payments and reports to employees, and reporting data to end-user. We look after our clients' biweekly, weekly, or monthly payrolls, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.

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TAX Filing

Our team of experts will take care of all tax compliance like VAT, HMRC, etc. With our experience handling United Kingdom accounting and bookkeeping, we can prepare and lodge your tax returns for any business. We also provide tax advisory services and assist our clients in planning tax liability most efficiently.

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Why Choose Whiz Consulting for Healthcare Accounting Services?

Whiz Consulting is a trusted healthcare accounting firm in the United Kingdom and provides accounting services to organisations irrespective of their scale of operation. With your accounting and bookkeeping function in place, you can conduct your business, focusing fully on the core function. So, if you are looking for accounting and bookkeeping services, here is why you should choose us -

Compliance

We are there to ensure that your healthcare organisation doesn't commit non-compliance. Be it accounting principles and existing rules and regulations prevailing in the industry, at Whiz Consulting, we are well familiar with these norms. We take care of compliance so you can focus on your business activity.

Decade long Experience

Our experts, with the experience of over a decade and in-depth knowledge of the healthcare industry and understanding of specific requirements, will help you streamline your bookkeeping and accounting systems, increase productivity, and lower taxes.

Cost-Effective

A professional accountant as a full-time employee can be a not so cost-effective idea for small or medium enterprises. Our bookkeeping and accounting service will help you cost-effectively perform your accounting activities while not compromising the quality of service.

Business Growth

While we take care of your vital function, you can focus on your core function, thus helping you bring scalability and experience to grip the bookkeeping and accounting needs of the business.

Boundless Consultation

Once you avail of our service, you will access unlimited phone and email consultations with our experts. Our experts consist of bookkeeping and accounting professionals who will provide customised service per your exclusive business needs.

Consistent Report

Regularly detailed reports or customised reports are presented. This enables businesses to maintain their financial status or grow the business. The report will act as a financial health check-up.

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Frequently Asked Questions (FAQs)

A healthcare accountant has to perform all the essential functions of financial nature like bookkeeping, managing finances, etc., as per the organisation’s requirements. Healthcare accountants’ primary and most essential services include recording and reporting the patient’s payments and reviewing the accuracy of medical insurance claims.

The healthcare accountants also review the validity of the bills due and handle the responsibility of recording and managing the payroll details. Besides the primary services mentioned before, healthcare accountants are also responsible for preparing financial reports for taxation and auditing purposes.

A healthcare accounting has some additional duties besides the ones mentioned above, such as keeping the staff files, interacting with the patients and the other outside agencies, and collecting payments.
Healthcare accountants are required to prepare and monitor the budget of healthcare organizations. It includes managing the expenses on various activities, ranging from overall necessary supplies to specific department expenses. Department expenses include getting state-of-the-art equipment, adequate staffing, etc. Lack of proper budgeting and management negatively impacts these functions, affecting patient satisfaction levels.
Some healthcare institutions that need to hire an accountant include:
• Hospitals
• Private care facilities
• Urgent care centers
• Medical clinics
• Physician groups
• Surgery centers
• Behavioural health facilities
• Health insurance companies
• Home healthcare providers
• Imaging and diagnostics centers
Yes, healthcare accountants and medical accountants are the same. These are just two terms used to represent the same position and can be used alternatively. A healthcare accountant or medical accountant manages the healthcare organisations’ financial part, conducts internal auditing, and prepares reports required for taxation and external auditing. To get the best accountant, go for the ones who have certifications like ACCA, ACA, and CIMA from chartered accountancy bodies such as ICAEW.

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