HEALTH CARE

SECTOR

Every hospital’s ultimate goal is to offer excellent health care services to their clients. To maintain that quality care, it is essential to concentrate on the needs of patients and let someone else oversee your finances. It is crucial that any given health company to run smoothy, it must have to follow a budget. They have to know how much money is coming in and how much is going out. This ensures that there is enough cash to run the facility. It also means that they’re able to pay staff, order supplies, attend to patients, and more.

Healthcare businesses must also follow rules for tax and auditing purposes. These rules are often complex. So, they need someone with advanced knowledge in this area to assist it that. At Adamjee Auditors, we are motivated to create profound accounting solutions for hospitals. Our goal is to offer the accounting, bookkeeping and tax planning strategies that will keep your hospital running efficiently. We understand what accounting and tax services would best work for your health that will essentially save you on time, money and reduce potential risks.

We are positioned to provide the tools you need to see where your money is going so you can identify and reduce unnecessary expenses.

Essential aspects of accounting and financial Management for health care facilities

Planning

In order to grow, you need to have already established SMART goals to make sure you bring out the best of your organization. The purpose here is to identify objectives and then work through the steps required to accomplish these objectives

Controlling

 Taking Control is just as important, to prevent things from going wrong. You must ensure that each area of the organization is following the plan that has been established lest the errors can become irreversible if not fixed at the right time. One way this can be done is by studying and comparing past and current reports. This information would therefore identify the missing steps of the organizations plan that are not being followed

Organization & Directing

When organizing, it’s important to make stringent decision on how the resources of the organization are utilized to most effectively carry out the plans that have been established.  Therefore, this element is essential for medical facilities. When directing it requires working on a day to day basis to keep the results of the organizing running efficiently. The Purpose is to ensure effective resource use and provide daily supervision

Decision Making

Effective Decision making occurs parallel to planning, organizing, and controlling. All types of decision making rely on information, and the primary tasks are analysis and evaluation. Thus, the purpose is to make informed choices

Advantages of outsourcing your Medical Practice Accounting

Healthcare accounting is not something you can take care of yourself. Since hiring skilled labor can prove to be very costly, outsourcing is a viable option. If you’re in two minds about outsourcing your healthcare accounting, here are 9 advantages of partnering with a third-party service provider

Cheaper Costs

The advantage of outsourcing healthcare accounting reduces costs. Hiring full-time employees that are qualified to take care of all your finance and accounts needs can be expensive. By outsourcing accounting, you can bring in huge savings in operational costs. You also get to benefit from reduced administrative costs and zero training costs.

Timely Delivery

Outsourced accounting providers are equipped with the latest tools and technologies, helping them complete your accounting chores on time. They are also well trained on how to carry out the task ,thus this helps to save much on time.

No Document Management

Document management can be a complex tasks. It deals with physically storing files, electronic storage, scanning, indexing, shredding, micro-filming, printing, and more. When you outsource accounting, all your data is safe with your service provider and available on cloud for you to access easily. Outsource partners also follow secure practices to keep data confidential, so you won’t have to worry about safeguarding critical information.

Time Saving

 In-house accounting can take up a lot of your time and energy. By outsourcing to a third-party service provider, your accounting tasks are streamlined, thus eliminating redundancies and solving problems effectively. This frees up valuable time that you and your staff can spend working on your core competencies.

Customized solutions

Outsourcing services can provide a variety of accounting services, your healthcare organization can further benefit by receiving customized solutions. Service providers can consolidate documents and collect data to generate comprehensive reports on the functioning of your organization.

Varied Services

Your medical organization might need various accounting services like bookkeeping and payroll processing, medical provider accounting, tax preparation,  tax planning, new business setup and incorporation, etc. Setting up a department for all these services might not be cost effective, but by partnering with just one service provider can get you access to these services.

 

Healthcare, Accounting and Tax Services

  • Management consulting
  • Healthcare accounting and bookkeeping
  • Withholding Tax Services
  • Cash flow maintenance
  • Budgeting
  • Financial forecasting
  • Financial statement preparation
  • VAT Reconciliation Services

We Provide Services to the following sector practices:

  • Independant Physician Associations
  • Private Physician Practices
  • Single-Speciality Clinics
  • Integrated Physician Practices
  • Multi-Speciality Clinics
  • Hospital-Based Physicians
  • Dental Offices