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 -

Specialisation

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.  

Compliance

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.

GET A 30 MIN FREE CONSULTATION

List of Accounting & Bookkeeping Services 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 Financial Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenues, Expenses & Cash Flows
  • Planning Individual & Corporation Taxes
  • Finalizing State & Federal Taxes and Payments
Read More

Accounts Payable

We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.

Read More

Accounts Receivable

If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.

Read More

Financial Reporting

With years of experience working with US clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. We can even get in touch with your CPA and make sure everything is there as and when he wants.

Read More

Payrolls

We look after payrolls for our clients, including pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and state income tax, social security and Medicare contribution amount, payment of tax, and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

Read More

Business Set-Up Assistance & Advisory

We help you out in structuring your business that suggests which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).

Read More

TAX Filing

With the experienced Accountant and CPA in our team who has been serving USA Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way.

Read More

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 –

Compliance

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.

Experience

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.

Cost

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.

Consultation

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.

Report

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.

CONTACT US

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.
callbg

Get 30 Mins Free Personalized Consultancy