Top-Tier Healthcare Accounting Services

Challenges For Accounting in the Healthcare Industry

The healthcare industry holds paramount importance for any nation, and the United States is no exception. With a focus on providing top-notch services to its citizens, the U.S. medical practices industry strives to contribute significantly. However, amid this commitment, organizations often overlook the financial well-being of their businesses. Similar to various sectors in different industries, the healthcare industry encounters challenges in accounting, bookkeeping, taxation, and more. Some of the prevalent challenges in the accounting process within the healthcare industry include:

Compliance

Given the scrutiny from government bodies, the healthcare industry demands meticulous adherence to state and federal laws and regulations. Ensuring compliance in medical practice accounting and bookkeeping is essential to avoid any potential discrepancies.

Specialization

In-house accountants may lack specific experience in medical practice accounting. However, it is imperative to apply standard costing procedures effectively, determining rates for products and services offered by the organization.

Big Data

The healthcare sector manages substantial data volumes daily, and U.S. medical practices and healthcare businesses are no exception. Accurate recording of this voluminous data without errors or omissions is crucial for every medical practice and healthcare entity.

Healthcare Accounting Services by GoLive FPO Customized to Your Need

At GoLive FPO, we offer top-tier healthcare accounting services customized for the Healthcare Industry. With over four years of hands-on experience in close collaboration with the healthcare sector, our professional accountants, equipped with extensive industry knowledge, pave the way for the financial success of your medical practice. Serving the U.S. Healthcare Industry for an extended period, we stand out as one of the premier healthcare accounting services in the USA. Whether you require healthcare accounting services in Miami, Denver, Chicago, Austin, Los Angeles, San Francisco, New York City, or any other part of the USA, we ensure seamless accounting services for your organization.

Our team, well-versed in the nuances of the healthcare industry, provides tailored professional accounting and bookkeeping services for healthcare organizations. Recognizing the need for meticulous attention to detail in medical practice accounting and bookkeeping, our services enable you to streamline your finances for enhanced productivity and superior client service. With expertise spanning various sectors within the healthcare industry, including Old Age care, Hospitals, Individual Physicians, and more, our professional accountants manage everything from voluminous data entry to the preparation and filing of financial reports. We aim to deliver excellent service aligned with the intricate nature of the industry.

Count on our bookkeeping services tailored for the medical practices industry to guide you through every facet of the accounting and bookkeeping process. By simplifying accounting for medical professionals, we empower you to concentrate on your patients' health while we safeguard your financial well-being.

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 Financials 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
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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.

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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.

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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.

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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.

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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

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Business Activity System Preparation

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).

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Why Hire GoLive FPO for your Organization’s Healthcare Accounting Services?

By entrusting your accounting and bookkeeping tasks to us, you can seamlessly manage your business while concentrating entirely on its core functions. Our accounting and bookkeeping services cater to medical practices of all sizes in the USA. Here are compelling reasons to choose us for your accounting and bookkeeping needs:

Compliance

Our team is well-versed in accounting principles and thoroughly acquainted with all current rules and regulations in the industry. This ensures that your organization remains in compliance, avoiding any legal issues.

Experience

With over a decade of experience in providing bookkeeping and accounting services, we possess the technical expertise required for the unique demands of the healthcare industry.

Cost

Finding a professional accountant with in-depth knowledge of the healthcare industry can be challenging and costly. Opting for our services provides a more cost-effective alternative, saving you resources and ensuring expert handling of your financial tasks.

Business Growth

With us managing your accounting, bookkeeping, taxation, and payroll processing, you can confidently focus on your core functions, fostering business growth.

Consultation

Our service offers unlimited phone and email consultations with our experts, ensuring prompt resolution of any queries or issues you may encounter.

Report

We deliver consistent, detailed reports crucial for business financial planning. Additionally, we provide customized reports at periodic intervals based on your specific requirements.

Frequently Asked Questions (FAQs)

Healthcare accounting, a subset of financial management within healthcare organizations, shares similarities with general professional accounting processes but has unique characteristics. It involves handling the financial functions specific to healthcare organizations or individual healthcare practitioners. This encompasses managing financial transactions related to patients and healthcare providers and navigating through complex layers associated with healthcare functions. These layers represent various stakeholders in healthcare, including patients, insurance companies, healthcare providers, pharmaceutical firms, and government agencies. Each party has its accounting processes, and at times, these processes may intersect.
While basic accounting functions are universal across professions, healthcare accounting possesses distinctive features, such as:
• Managing accounts receivables with reserves set up in compliance with government standards.
• Handling capital investments in medical facilities and advanced equipment to ensure quality service delivery.
• Adhering to correct valuation methods and procedures for the services rendered.
• Ensuring compliance with government laws to claim tax exemptions.
Healthcare entails numerous components, introducing complexity for accountants who must navigate intricate economic aspects related to patient payments, including government programs and private insurance.
The cost of hiring a healthcare accountant is influenced by various factors, including their education, experience, organization size, and geographical location. Additionally, the chosen method for accounting services—whether in-house or outsourcing—affects the overall cost. In-house accountants receive a fixed salary as permanent employees based on industry standards. On the other hand, outsourcing typically involves hourly payments, considering the type and extent of consultation required. The average cost of hiring a healthcare accountant ranges from $25 to $35 per hour.
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