It is a widely acknowledged opinion that doctors aren’t exactly pros when it comes to managing their practice’s finances. Virtually all medical clinic owners will have an accountant to ensure efficient financial management. In recent years, medical clinics have preferred to outsource accounting to Public Business Accountants at more reasonable costs than hiring an in-house accountant. Outsourcing your accounting function offers an excellent balance between quality and costs, allowing you to focus on what you do best: practice medicine.
- Balance spend and quality of care
- Identify and rectify transaction errors
- Avoid underuse, overuse and waste
- Prepare a sound operational budget
- Ensure the accuracy of financial records
- Manage financial risk wisely
- Maintain tax and regulatory compliance
Monthly reporting is essential!
Patient revenue cycle management requires basic accounting procedures. A monthly report helps you make sense of your practice’s financial performance. The report can contain a variety of financial information, including payments received, status of claims processing and revenue. A monthly check-up assures billing compliance, improves claims reimbursement, and drives good clinical outcomes.
You have worked hard to establish your medical clinic and provide an essential service to the community. Stay on the path of noble work in a financially astute and stress-free manner with our accounting and tax guidance.
Qaiser (Ali) Ali, PBA, BBA, BA (Hons)
Accounting, Finance and Tax Consultant | SAR Accounting & Tax Solutions
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