Physicians must focus on improving patients’ health. While healthcare professionals are in the business of saving lives, they are still business at the end of the day.
Their responsibilities also include managing financial information and handling medical records. Fortunately, medical accountants exist.
The healthcare industry is a complex body in terms of financial perspective.
Grand View Research’s report shows that the healthcare finance industry was valued at US $111 billion in 2021. It is also expected to grow at a compound annual growth rate (CAGR) of 7.7%.
These figures show that the healthcare sector needs support to meet its operational goals.
Given the demanding nature of physicians and other medical professionals, there is a need for someone who can take care of essential tasks.
What is a medical accountant?
Medical accountants are finance professionals. They specialize in multiple areas, including budgeting, managing finances, bookkeeping, and internal auditing and accounting.
The duties and responsibilities of a medical accountant are similar to a regular accountant. What sets the two apart is the special knowledge of medical accountants in the healthcare industry.
They balance the financial records of healthcare organizations, health insurance companies, and private care facilities.
Medical accountants should know the rules and regulations in the industry. This way, they can remain compliant with all healthcare-specific policies and provide accurate financial statements.
Medical accountant duties and responsibilities
Being a medical accountant is more than crunching numbers; it is a noble career pursuit.
At its core, they help healthcare organizations be in the best position to provide quality patient care continuously. But aside from that, medical accountants have specific roles to play.
Listed below are only three branches of accounting to explore:
Handling balance sheets
One of the vital things that medical accountants handle is the balance sheet. It is “a financial statement that captures a company’s assets, liabilities, and shareholders’ equity” at a given time.
A balance sheet breaks down what a company owes and owns and the amount invested by owners. Medical accountants accurately report and estimate the dollar values of all figures in the balance sheet at year ends.
This report should show the financial position of the company at that time.
Medical billing is error-prone. It involves insurance claims, billing, payment processing, and denied claims follow-up. The role of medical accountants in billing starts from scheduling the appointment to making sure that the patient sees the doctor.
Medical accountants create or update the patient’s medical record after the physician checks the patient.
They also organize these records for easier access and generate billing records for the insurance company or clearing house.
Bookkeeping is the process by which companies record all their financial transactions. Committing mistakes during the process is costly.
Business owners can only make well-informed decisions if the books are accurate and updated.
Medical accountants can provide tools and information to manage the company’s payroll. Moreover, they can also identify inefficiencies, ensure proper books, and save money.
5 benefits of outsourcing a medical accountant
Physicians usually are not accounting experts. Thus, they are prone to messing up the books and overlooking tax planning strategies.
But what makes the role of medical accountants so vital to healthcare organizations’ success that they need to hire someone to handle such responsibilities?
Here are the top five reasons to consider outsourcing medical accountants today:
1. Quality service
The healthcare industry needs proper management and documentation. Qualified medical accountants can deliver financial accounting accurately and timely.
Moreover, they have access to the latest technology to carry out operations effectively. In a nutshell, better accountancy leads to effective business planning.
2. Cheaper costs
One of the most significant advantages of outsourcing medical accountants is the reduced cost. In-house employees are expensive.
But with outsourcing, huge savings await! There will be reduced administrative costs, zero training costs, and fewer workforce and infrastructure.
3. Increased focus on patient care
With someone to take care of the organization’s financials, physicians will have more time to provide quality patient care.
Without the administrative burden, they can focus their time and energy on things that matter–saving lives and paying attention to patients.
4. No costly mistakes
The healthcare industry is a sensitive field. From dealing with patient records and medical information, one mistake can be expensive. Thus, being in the industry requires sound knowledge and due diligence.
Fortunately, this is what outsourced medical assistants can deliver.
5. Ability to scale up or down
Outsourcing medical accountants allows healthcare providers to scale up and cut back when needed. This is one of the beauties of having outsourced professionals.
For example, they can deal with more time-consuming jobs, such as analyzing financial reports. These can also work on things with time-sensitive deadlines. When the job is complete, then the outsourced team shrinks.
Why you should outsource medical accountants
One way to succeed in the healthcare industry is to streamline the administrative operations of the medical practice. With qualified medical accountants, physicians do not need to worry about dealing with all accounting concerns.
These outsourced professionals can manage crucial tasks, while healthcare providers can focus on giving the best possible patient care and attention.