Challenges For Accounting in the Healthcare Industry

Healthcare Industry is a vital industry for any nation and it is no different for the US. US medical practices industry aims to provide the best service to its citizen and every organization is doing their bit to help achieve this. But while doing, so organizations end up neglecting its own business financial health. Organizations face challenges concerning accounting, bookkeeping, taxation and so forth, just like any other sector of different industries. Some of the challenges that comes up in the process of accounting in healthcare industry are -


An in-house professional accountant might not have experience of medical practice accounting, but what they need to know is how to apply standard costing procedure of the industry. It is crucial for setting a rate for the products and services offered at the organization.  


The healthcare industry attracts a lot of attention from the government and is closely inspected for any form of fault or error. It is essential to make sure your medical practice accounting and bookkeeping is compliant to all state as well as federal law and regulation.

Big data

The healthcare industry deals with voluminous data on a day to day basis. And it is no different for the US medical practices and healthcare industry. It is essential for every medical practice and health care business record these data without any error and missing out on any data.

Accounting & Bookkeeping Healthcare Services by Whiz Consulting Customized to your Need

Whiz Consulting has been providing accounting and bookkeeping services for the US Healthcare Industry from an extended period now. We one of the best healthcare accounting firms in the USA, whether you want healthcare accounting services in Miami, Denver, Chicago, Austin or Los Angeles,San Francisco, New York City or other USA parts, we will provide you with seamless accounting service for your organization. We have worked closely with the healthcare industry, and we have provided accounting, bookkeeping, taxation and payroll processing services with the help of our professional accountants who have in-depth knowledge of the industry.

We provide customized professional accounting and bookkeeping services for healthcare organisation. We understand that a great deal of attention to details is required in accounting and bookkeeping for medical practices field. With our service, you can streamline your finance for improved productivity and better client service. Our team of professional accountants for the healthcare industry has worked for numerous sectors within the healthcare industry which includes Old Age Caring, Hospitals, Individual Physicians and much more. Right from voluminous data entry to the preparation the financial reports and then filing the same, we help the organizations with excellent service that match up to the intricate nature of the industry.

Our bookkeeping services for medical practices industry will help you with every aspect of accounting and bookkeeping process. We streamline accounting for medical professionals so you can focus on the your patients health while we take care of your financial health.

List of Accounting & Bookkeeping Services for Healthcare Industry

Why Hire Whiz Consulting for your Organization’s Accounting and Bookkeeping?

With accounting and bookkeeping function in place, you can seamlessly conduct your business while focusing entirely on the core function. Our accounting and bookkeeping services for medical practices in USA is available for every type of business irrespective of the size of the organization. Here is why you should choose us for your accounting and bookkeeping services –


Our team is well familiar with the accounting principles along with all existing rules and regulations prevailing to the industry, which ensure that your organization does not commit non-compliance.


We have experience of over a decade in providing bookkeeping and accounting service. And additionally, we have the technical know-how of all the requirements specific to the healthcare industry.


A professional accountant with in-depth knowledge of Healthcare industry can be challenging to find, and also it is difficult to determine whether he/she is an expert or not. But more importantly, it is a costlier alternative to hiring our service. 

Business Growth

You can be assured that we will take care of your accounting, bookkeeping, taxation and payroll processing efficiently and effectively, so you can put all your efforts in the core function, helping you grow your business.


With our service, we provide boundless phone and e-mail consultations with our experts. This enables us to solve any of your query or issue in record time.


We provide consistent, detailed reports that are essential for business financial planning. We also offer reports customized to your requirement on periodic intervals requested by you.


Frequently Asked Questions (FAQs)

Keeping a record of the incomes and expenses of an organization and adequately managing it is very important, especially for healthcare organizations. But records are required to be prepared in compliance with the rules and standards set for the healthcare industry. Healthcare accounting provides the following benefits, making it essential for the healthcare organizations:
• Billing and insurance claim management: One of the most important elements of healthcare accounting is managing the bills and insurance claims. Even though electronic record-keeping has made the process easier, it still takes time. Having a healthcare accountant manage these processes more quickly and efficiently as they have the proper knowledge.
• Preparation of financial statements: Healthcare organizations must report to their stakeholders, i.e., banks, investors, and government entities. For this purpose, it is essential to keep proper records and prepare financial statements accurately. These financial statements are also required for taxation and financial purposes.
• Ensuring statutory compliance: All healthcare organizations’ records and financial statements must comply with the government’s laws and regulations. There are different sets of rules and regulations for each industry.
• Making informed business decisions: The most significant benefit of healthcare accounting is its ability to help in making informed decisions about the business. Accounting presents the organization’s current status and enables preparing strategies and making decisions for the organization’s future.
There are two types of accounting, cash accounting, and accrual accounting. In cash accounting, incomes and expenses are recorded when the cash is exchanged, while in the case of accrual accounting, revenues and expenses are recorded when they occur. Healthcare organizations use the accrual basis of accounting, meaning the incomes and expenses are recorded when the transactions occur.
Accrual accounting is considered the standard accounting basis used by most businesses as it allows the books to present the current financial status more accurately.
The minimum basic qualification required to become an accountant in the USA is a bachelor’s degree obtained from an accredited institution. There is no specific qualification for being a healthcare accountant. However, having prior experience in handling the healthcare industry’s accounting is an add-on.

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