Managing medical accounts receivable is an important pillar in supporting your medical practice. Effective accounts receivable management not only contributes to sound financial health, but also improves a practice’s operational efficiency. Medical accounts receivable are an important part of your current assets. They are the funds owed to a healthcare provider for services rendered, including: […]
Medical Accounting
Best Practices in Accounting for Chiropractors
Accounting for chiropractors brings its own world of challenges and opportunities. Staying on top of these unique nuances can play a key role in business success. In this article, we’ll explore best practices to build a solid foundation for your finances. Let’s get cracking! Best Practices in Accounting for Chiropractors Keep Accurate Records While many […]
How to Read Financial Statements for Medical Practices
Reading financial statements is a crucial part of understanding any medical practice’s finances. Financial statements can be considered as a type of map for medical practices. They provide an idea of the financial landscape and some possible routes, but you must understand them to choose the path that makes sense for your goals. Throughout this […]
Benefits of Working with Accountants for Doctors
When it comes to managing the finances of medical practices, not just any accounting firm will suffice. The complex tax laws and financial intricacies specific to healthcare require specialized accountants for doctors who understand the industry’s quirks and nuances. Seasoned professionals who not only balance the books, but can provide guidance to ensure the medical […]
Medical Billing Best Practices
Proper medical billing is critical for any healthcare practice. Incorrect or delayed billing can have a huge impact on your cash flow and, ultimately, whether your practice thrives years into the future. Even minor errors can cause significant delays and force you to re-work through the reimbursement process, costing time and money, so getting it […]
Accounting for Private Practice Therapists
When you run a private therapy practice, you are running a business, which means you need to consider the requirements for accounting for private practice. However, many therapists have very little, if any, training or experience in financial planning and business maintenance. But that does not make maintaining and keeping books for your business any […]