Bookkeeping is an important aspect of running any business or organisation but for medical practices and healthcare providers, accountability is even more important.
Accounts must be detailed, accurate and able to withstand the scrutiny of annual audits. At the same time, financial data must be accessible and informative so that managers can evaluate their spending and its impact on patient care.
The Advantages Of Outsourced Bookkeeping For Medical Practices
Bookkeeping for medical practices can be completed in-house, of course. However, there are significant benefits if you choose to outsource your accounts to an external specialist.
1) Improved Patient Care
Medical practices are under greater pressure than ever, even without taking into consideration the current global crisis over COVID-19. Patient safety and wellbeing are, of course, the priority, but the pressure on both frontline professionals and backroom staff is intense to meet targets, maintain high standards of record keeping and sustain demanding standards. Being able to outsource your accounts can free up colleagues from time-consuming duties, enabling a redistribution of patient-focused tasks that improve standards of care.
2) More Accurate Financial Records
Healthcare bookkeeping is challenging due to the high degree of accuracy that is required but, in a busy environment with multiple demands on the budget, it is easy to make mistakes. Furthermore, with strict policies and procedures to follow to ensure appropriate spending – especially if taxpayers’ money is involved – colleagues with bookkeeping responsibilities must ensure that the practice remains compliant, especially for the purpose of annual audits.
Outsourcing bookkeeping services to a specialist provider who is au fait with auditing requirements can save you time and money, eradicating the need to keep colleagues up-to-date with regulations and enabling you to refocus your office staff onto other healthcare priorities.
3) Secure, Cloud Storage Of Accounts
Medical facilities, such as doctors’ surgeries and dental practices, are already swamped by paperwork, even before financial records are considered. Every document may need to be put through a lengthy management process – scanning, duplicating, indexing and shredding – which consumes working hours.
By outsourcing your bookkeeping to an external partner, you can be confident that all financial records and documents will be managed on your behalf, with secure storage in the cloud reducing the need to allocate space for extensive filing. A cloud-based accounts provider will also ensure that confidential or sensitive data is retained in line with legal requirements, ensuring your healthcare practice meets all necessary regulations.
4) Lower Costs
In healthcare, prudent spending is critical to ensure the appropriate use of taxpayers’ money and improve the patient experience. Outsourcing your accounts can offer a more cost-effective solution, cutting wages and training costs, enabling you to divert the savings into frontline patient care.
Find Out More
At David Howard, our bookkeeping experts offer your medical practice a streamlined, cloud-based service that could slash your costs, free-up much-needed office space and enable you to transform your patients’ care. Get in touch today for more information.