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Healthcare professionals go into business to help others with their medical issues, not to balance checkbooks and pay bills. Spending your time sitting at a desk looking at financial information is likely not one of your favorite duties, but it is a fact of life that your staff must get paid, your creditors must receive payment and your finances need to be in order, especially when it comes to tax filing. TMD Accounting Services is here to help as your medical accounting service.

Understanding the Unique Financial Challenges in the Healthcare Industry

When it comes to healthcare accounting, there is no question it can be confusing, complicated and stressful. There are more factors involved in accounting for your medical practice than for most small businesses. You not only need to be sure to account for payments from your patients, but you also deal with insurance companies as well as federal agencies like Medicare and Medicaid whose regulations are constantly changing. This is where a healthcare accounting can help. There is no question that the healthcare industry has complicated revenue streams and reimbursement models, and our experts can help guide you through the process.

The Role of Healthcare Accounting in Supporting Healthcare Providers

TMD Accounting has over 40 years’ experience in accounting and financial management for a wide range of industries, including the medical field. As a medical accounting service, we offer tailored solutions for revenue optimization and expense control. In addition, we offer medical billing and revenue cycle management along with preparation and analysis of financial statements. Because tax preparation and planning can be complicated with healthcare accounting, we help your practice prepare for that necessity as well. We can also assist with financial decision-making that can help grow your practice.

Billing Patients and Insurance

Although the increased use of electronic forms has made it much easier to manage patient information, billing is not quite as simple. There are many components to medical billing today, including insurance regulations, federal guidelines and the needs of a patient that may make billing a bit more complicated. An error in insurance billing could result in a denied claim, even if the error is minor. Although electronic billing is now an option, many patients still prefer to receive the bill in the mail, even if they are able to make a payment online.

You also must deal with patients who are unable to pay their bills or who pay them late due to financial issues. Keep in mind a denied claim could mean you must bill the patient more than they expected, leading to additional delays in payment as both you and the patient try to navigate the complicated world of health insurance.

Medical Collections

One area that most medical professionals do not want to discuss is the fact that they will have to collect money from patients. Although healthcare providers understand that medical issues can occur suddenly and that there is often no way to prepare for the added expense of an emergency, the fact remains that you need to receive the money owed to you in order to keep your staff employed and your office running. Although you likely are willing to work with patients who are struggling financially, there are times when you simply must take additional actions in order to receive payment. That is where our experts can assist your practice. We can help you create a viable collection procedure that may reduce the delay in payments and help keep your cash flow positive.

Financial Statements by Medical Accounting Service

Like every business, healthcare professionals must complete standard accounting financial statements. Our medical accounting service can assist you with completion of cash flow statement, balance sheets, income statements and more. We can also review your cash flow, receivables, payables, expenses, revenue and liabilities to see where you might be able to reduce costs and increase income. We can also help you understand those reports so that you can make better decisions about your practice. You are responsible for monitoring the health of your patients, so it is advisable that you choose an expert to monitor the financial health of your practice.

Medical Practices and Accounts Receivable

One of the most important accounting requirements is management of accounts receivable. It is this financial tool that will provide you with positive cash flow. If you don’t have a positive cash flow, paying bills is more difficult and this may include paying your employees. You may have an established billing team in your practice, but working with healthcare accounting experts can give them additional tools that they may be unaware exist. You may also be able to streamline processes to free some of your staff of the billing matters so they can focus on other aspects of your practice.

Compliance and Regulation

A medical accounting service can also help you with a critical part of the business end of your practice – regulation and compliance. There are strict rules regarding patient privacy under the Health Insurance Portability and Accountability Act (HIPAA), a federal law designed to protect patient information. In addition, there are many compliance and regulatory rules related to Medicare, Medicaid and insurance, something a medical accounting service can assist with.

Key Services Provided by our Healthcare Accounting Service

As your medical accounting service, we offer expertise in healthcare accounting and financial management. Our focus is on creating solutions tailored specifically for your medical practice that will optimize revenue and help you gain better control of your expenses. Because we are well-versed in the importance of compliance in this industry, we can provide you with guidance and advice on how to be sure you are reporting properly and complying with the requirements that will keep your practice running smoothly. Because we proactively monitor and analyze your finances, you can rest easy knowing that the financial health of your practice is being handled by experts.

Looking For a Medical Accounting Service?

If you are a healthcare provider and need assistance with your healthcare accounting, contact TMD Accounting Services today to see how we can help. As a medical accounting service with decades of experience, we can help you reach your financial goals and help manage your accounting needs with flexibility, reliability and affordability. We live by our motto every day “where numbers matter and people count.” Learn more by calling 1-856-228-2205.