Medical Practice Accounting
Hinkle + Landers, PC provides audit, consulting, and tax services to federally qualified health care centers and other healthcare organizations in Albuquerque and throughout New Mexico. Our medical practice accounting professionals are skilled at analyzing the financial data of your organization. We understand the funding sources and revenue streams of healthcare organizations and can help increase your profitability.
Helping Medical Practices & Practitioners
Medical practices face a number of accounting issues specific to the setting. If you are searching for a medical practice accountant in New Mexico, it is vital to make sure that the firm you select has a thorough understanding of not only best practices in business accounting, but also those idiosyncrasies unique to the medical profession.
Hinkle + Landers, PC Understands Healthcare Accounting Requirements
While businesses in many industries are paid directly by the consumers of their products or services, this is rarely the case in the current healthcare system. Medical providers are unique in working under a variety of reimbursement contracts, some of which have varying documentation requirements. Federal and/or state contracts for services provided through Medicare and/or Medicaid funding also have rigid requirements. Reimbursement amounts and timelines can also vary between payors, adding complexity to multiple revenue streams.
In recent years there has been an ever-growing focus on ensuring that tight internal controls are in place to protect against fraud and abuse. As governmental agencies and insurance companies take steps to ensure that they are protected against fraudulent claims, medical practices do not want to be in the position of being under suspicion of fraud due to sloppy or incomplete accounting practices. This makes it even more vital that providers obtain a skilled medical practice accountant to provide an objective review to ensure financial best practices are adhered to.
The recent requirement that all “credit balances” or overpayments be refunded to payers within 60 days has created stress for many medical bookkeepers, however, if a solid accounting system is in place, this practice should be a routine element of ensuring that monthly A/R is clean and accurate, adding to a stable and more consistent cash flow. Identifying and immediately addressing such errors also leads to patient satisfaction and long-term business growth and success.
We Can Help Improve Your Performance Scorecard
Another factor specific to medical practice is that performance scorecards for providers have expanded to focus not only on patient satisfaction and quality of care provided, to also include cost of care. These scorecards feed into rating systems which are promoted to consumers as a tool to use in selecting their providers. Insurers including Medicare and Medicaid programs encourage healthcare consumers to consider cost of care when searching for a provider. Standard reimbursements by type of procedure has also become the norm, and medical facilities are pressed to improve staff and workflow efficiency to maximize net revenue.
As operational staff, facility costs, equipment and supplies kept on-site all impact the cost of care provided, it is essential that these expenses be tracked accurately and with adequate detail to document necessary expenses as well as to identify areas for improvement. Our specialists understand the tax implications of business decisions such as contracting vs hiring staff, and purchasing vs leasing space and equipment, and how these apply to both for-profit and non-profit medical clinics. We have experienced and skilled CPAs who can assist in your medical practice tax planning and preparation.
Hinkle + Landers, PC Can Assist with your Full Spectrum of Accounting Needs
Hinkle + Landers, PC’s medical practice accounting specialists can assist throughout the process in a number of ways. Our skilled bookkeeping and payroll staff can take over those functions for smaller practices, freeing full-time staff to assist with other necessary documentation and patient care. We understand the regulations that apply to industry finances, and can help establish strong internal controls, or identify areas for improvement in controls already in place. We can demonstrate in easily understandable reports where your greatest financial outputs and liabilities lie, and provide consultation on how operational procedures can be streamlined to produce greater efficiency at less cost.
Our skilled team of medical practice financial auditors can examine your records in detail to identify not only compliance issues that need to be resolved, but also opportunities for cost savings and improved profit margins. We stay abreast of trends and compliance requirements for you, so you can dedicate more of your time to serving your patients. And our healthcare tax experts can help you plan so that less of your hard-earned money is spent on financial liabilities.
Contact Our Experienced Healthcare Accountants
Contact us today for a consultation, and learn how Hinkle + Landers, PC’s healthcare accountants can help your practice grow and thrive.
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