The healthcare industry is complex, which means ensuring strong accounting practices are in place can help by providing clarity and stability in a practice. It’s a good time of year to take stock of your accounting practices and see if there are any areas for improvement. Here are some fundamental tips to strengthen your practice’s […]
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Tracking the Right KPIs for Your Medical Practice
It’s easy for a medical practice to get tunnel vision, focusing only on the number at the bottom of the revenue reports. But key performance indicators (KPIs) are vital signs that broaden your view, allowing you to manage the current and future health of your practice. Revenue alone doesn’t tell the whole story. Are you […]
Mistakes to Avoid in Medical Bookkeeping
When it comes to medical bookkeeping, it’s easy for health professionals to focus fully on the medical practice and forget about the finances. While patients are the top priority, failing to pay attention to bookkeeping can have many pitfalls. We’ve previously written about common accounting mistakes in medical practices. However, there are many more bookkeeping […]
Strategies to Master Medical Practice Financial Management
Healthy medical practice financial management can be compared to supporting your patients in maintaining a healthy lifestyle. Just like a patient’s health thrives with basic hygiene, a healthy diet, physical activities, and occasional checkups, a medical practice’s financial health can benefit from careful care. Let’s explore best practices so your medical practice financial management is […]
How a Medical Practice Accountant Can Save You Money
Investing in a specialized accountant can feel like a big step, but working with a medical practice accountant can bring returns on investment far exceeding your expectations. In addition to saving money, medical practice accountants can decrease your stress levels by ensuring your accounting systems are organized, compliant, and minimize your time and energy spent […]
Maximizing Profitability with Accounting for Medical Practices
Accounting for medical practices is key for healthcare teams to carry out their work effectively. Patient and team care is always the priority. However, without maximizing profitability, the practice’s ability to maintain and improve its services may stall. Let’s review how to maximize profitability in accounting for medical practices. Unique Needs of Accounting for Medical […]