Bookkeeping For Doctors Office

Bookkeeping For Doctors Office in Miami

Bookkeeping For Doctors Office – Every business can benefit from bookkeeping services, since it’s an efficient way to stay organized, stay aware of all of your expenses and learn from the financials of your business. But for medical practices, it’s even more important to leverage bookkeeping tasks since there’s a lot of information being recorded every day.

And if it’s large practice or if the practice involved a group of doctors or even several areas of focus, there’s even more to keep track of. Just think about it…from patients’ personal information such as name and an address to their prescriptions and even past diagnoses, to test payments to dealing with insurances, and that’s just the tip of the iceberg.

Bookkeeping for doctors office also involves additional accounting figures such as overhead, medical equipment, labor costs such as a cleanup crew, perhaps even ambulatory services and other third-party services rendered from time to time. That’s without counting on annual office parties, out-of-state conventions, additional training and the like. It can get confusing and challenging to keep up with all expenditure and money allocation from month to month.

Doctors Collecting Payments

Medical practices just like any other business have to record operating costs, so bookkeeping for doctors office helps track how much it actually costs a physician to do business. Rent, electricity, office equipment such as computers and software and nurses all count toward these operating expenses. Even a phone service that answers while the medical practice is closed is a recurring expense.

And besides recording costs, there’s also just annual updating that needs to be done. From medical records with patients’ information to the health insurance policies they have to billing information, it’s all crucial for collecting payments. Without it, the medical practice can have serious issues with accounts receivables.

Doctors Working Together

Collaboration is another area where bookkeeping for doctors office can come in handy. Most medical practices don’t handle every service possible, so most of the time they rely on other doctors or other facilities. They may represent a group of gynecologists, but need the help of an endocrinologist for a specific patient. Maybe they’re in pediatrics, but need a specific test that’s only done in clinics with senior patients.

Collaboration ranges across hospitals, testing laboratories, surgical centers, even across states sometimes. In order for patient to get blood work done for example at a lab, his or her physician needs to coordinate with that laboratory as well as his or her insurance company so that everyone can get paid on time and for the patient to be covered under their plan. If this isn’t done right, there will be a lot of miscommunication and balances left unpaid. Good bookkeeping for doctors offices makes all of that possible and seamless.

Tax Season For Doctors

Just like any business and any individual, medical practices also have to turn in their tax returns every year. Concise books makes tax season a little easier on physicians that are too busy with their patients to devote time to numbers. Bookkeeping services for doctors’ office helps with gathering all information to get a clear picture about income, expenditure, profit, loss, investments and savings.

Good bookkeeping allows medical practices to see what area of their business is profitable and which one needs a little bit of work. There may be a way to decrease expenses. Books may even show that it’s worth it to eliminate a service or close down one day a week. Good bookkeeping for doctors office can really make a difference in the bottom line.

If you have a medical practice and need assistance with bookkeeping for doctors office, call Manal Oliver at 305.868.7620 for virtual bookkeeping help. She has over 30 years worth of experience not only in bookkeeping, but also accounting so you know you’re in good hands. From accounts payable and receivable to payroll and financial oversight, Manal can help you get all of your paperwork in order in no time.