Medical Accountants-The Basic Requirement

Medical Accountants help practices to Spend less time on finances matters, and more time with patients. Basically they will monitor all financial issues of a practice like billing, claims submission, insurance verification, taxation, payroll, creditors and debtors, tax implications, pending bills, online bank transactions, fulfilling statutory obligations, book keeping, reporting and final balance sheet. In addition they give Partnership structure advice and deal with partnership disputes, budgeting, forecasting and cash flow. Medical Accountants will update financial status to the Practice thus visualizing balance-sheet of income and expenses to the practice. 

Part of offering quality health care to the patients involves a well orchestrated office administration. Medical accountants can put the financial concerns of private medical practice to rest and let practice focus on more important aspects such as the healthcare to the patients.

Of all the professions, the medical profession is arguably the most complex in terms of accounting and taxation. Medical Insurance companies will stipulate different rules and bye-laws to process med claims. They follow certain set of formats and billing codes (like CPT and ICD codes in USA) for each claim. These codes will help them in analyzing data and avoiding misuse and manipulations. Medical Accountants at the practice are conversant with these codes and formats, so that they will deal with billing issues without burdening practice. 

Medical Accountants are also providing their services through outsourcing companies. By outsourcing practice can reduce cost by 30% to 50%. Improved Return on Capital Employed, Improved Customer Satisfaction levels. But these outsourcing companies have to comply with some security standards of the origin country. Practices in most of the advanced countries are opting outsourcing of the accounting system without compromising with security and privacy of patient data.

Medical accountants are attuned to the constant changes faced by the medical profession and are a reliable source of information and advice on the impact of government legislation and policy decisions made locally by primary care and acute trusts. For doctors seeking to grasp the opportunities arising from the new era of healthcare commissioning, Medical accountants provide expert advice on funding, financial modeling, contract documentation and negotiations with the PCT. They have unrivalled financial intelligence on what makes the most profitable, well-managed medical practice.

In an increasingly globalised and complex economy Medical Accountants aim to develop innovative accounting, tax and consulting services that will rise to these exciting challenges and deliver practices high economic, sustainable value.