An independent healthcare practice often carries many responsibilities, and one that often slips under the radar is bookkeeping. Keeping patient and financial records is essential for a practice running smoothly, but it can also be time-consuming. Many offices that let their bookkeeping practices slip find out the hard way that this can have a major impact.
So, how do you keep accurate and easy-to-access books that make it simple to access critical patient information while keeping this from taking over your job and pulling focus from the heart of being a medical provider? There are some simple ways to minimize the effort of keeping accurate books while also keeping on top of the latest developments in the process.
This is the most common step many offices take today to modernize their bookkeeping. Paper is reliable, yes, but it’s also filled with problems. You need physical space to hold all the individual patient sheets and financial records, which can quickly eat up a large part of the office space.
Not only that, but it’s vulnerable to fire and flooding – one disaster could wipe out years of tracking. It’s also costly, as the cost of paper, ink and storage space can add up quickly. A computer-based bookkeeping system can be expanded more easily, and savvy bookkeepers are able to duplicate the data and store the backups offline.
Use a Cloud-Based Accounting Software
The best choice for a new accounting system is a cloud-based program. Much like with paper-based systems, a traditional online system has its risks.
You’re usually vulnerable to hacking or service interruptions, which can cause major patient communication disruptions. A cloud-based system hosts your data off-site and entrusts it to a company that often manages data for some of the most powerful companies in the world.
Not only is your data more secure, but you can access your data from anywhere as long as you’re logged in on any device. Many third-party companies can help you organize your medical revenue cycle management.
Customize Your Chart of Accounts
Your chart of accounts is the main tracking system you’ll use to keep track of your transactions and patient interactions and keep your medical revenue cycle organized. It’s important to ensure that this system is accessible and organized to make it easy to find a specific patient’s history with minimal delays.
Many businesses use a standardized chart of accounts at first, but as the business expands, it’ll become clearer what system works for you. Don’t be afraid to make changes and prioritize the elements that come up most often for you.
Keep Track of Your Equipment and Depreciation
Medical offices often have a lot of equipment overhead, and it’s important to keep track of how your money is being spent. Some of the top accounts will include blood pressure monitors and other diagnostic equipment, examination tables, expendable supplies like syringes, and computers to keep track of your data.
These will need to be replaced, and it’s important to keep track of the current developments in the field to know when it’s the right time to trade something in and substitute it for the newest model.
Set Up Tracking for Multiple Locations
Many independent healthcare practices expand rapidly, and it may become essential to open multiple practices. Even if different doctors run the practices, everyone should be in sync to understand what’s working and what isn’t. It’s a common mistake that practices with multiple offices use independent tracking systems.
This means that different systems could be used, making it hard to obtain vital information about office performance. More importantly, if a patient needs to transfer to a specialist in another office, it’s key that the system is optimized to make the transfer smooth and transmit all relevant information.
A cloud-based system will be able to sync up the data from more than one office without delays and streamline your bookkeeping.
Smart Bookkeeping Leads to a Successful Office
Is your office’s bookkeeping up to date? Too many offices still rely on a traditional paper system, which is vulnerable to disasters and costly to maintain. Switching to a computer-based or cloud-based system can make a big difference.
With this new system, you’ll be able to customize your bookkeeping system and keep better track of your equipment and supplies. As your practice expands, you can set up tracking for more than one office. Not only will your office run more smoothly, but your patients will also benefit as well.