Which Practices Can Benefit From Medical Accounting?

Medical accounting is an important part of the medical field. It can help ensure that practices follow all regulations and laws to keep their doors open and running smoothly.

Medical organizations often need medical accounting to ensure they have the appropriate documentation for every expense, including insurance verification, filing taxes, tracking reimbursements from patients or third parties, and many other tasks that the practice will encounter in a given month.

In this blog, we will describe which practices can benefit from medical accounting and how they do it.

Private Practice

This type of practice can benefit from medical accounting by tracking their patient's health care credit. This is called a Health Care Credit (HCC). Physicians with an HCC can reduce the amount they owe in taxes, which also reduces how much they have to pay out-of-pocket each year.Medical accounting can also help track payments, billing, and reimbursements so that the physician knows how much they can save on their taxes.

Group Practice

This type of practice can benefit from medical accounting by consolidating their billing. This makes it easier to track reimbursements and payments and keep an eye on budgeting.Medical accounting also helps practices stay compliant with the Affordable Care Act (ACA). The ACA requires that all group practices have a billing specialist on staff. By having a medical accountant in practice, they can meet this requirement.

Hospital-Based

Medical accounting can help hospitals organize their budgets for supplies, projects, new hires, equipment, and procedures.Having medical accountants in place is also important for hospitals with many assets that have over $500,000 worth of equipment or other big-ticket items on hand. The accounting services can track depreciation and help the practice avoid tax consequences from these transactions when they are ready to sell their equipment at the end of their useful life.

Outsourcing Practice

Medical accountants can help practices keep track of their third-party billing and ensure they are getting the best rates possible, especially if more than one provider is involved in any given transaction.This will also cover all out-of-network transactions that may have to be made throughout the year.

Receive Help From Experts in Medical Accounting

Medical accounting is an important part of the medical field and can help practices in many ways. Physicians and hospital managers can ensure their finances are taken care of, following all regulations and laws. This will help keep them running smoothly to focus on what's important - providing quality care to their patients.

At Roberts Accounting, our CPAs provide your business with years of experience working with medical accounting for practices of all kinds and helping you keep track of their financial decisions. Overall, employees, patients, physicians, and institutions can benefit from our services.

We make it our goal to help you stay on top of your finances and make the best decisions possible for your institution's success.