Healthcare CPA Idaho Falls

 Major Financial Challenges in the Medical Field

Before exploring what a healthcare CPA is and the services they offer, let’s delve into the major challenges or complex finances that a healthcare company must consider. Looking at these challenges can give you a better understanding of the specialization that’s needed to be successful. 

Changing Regulations

Rules and regulations are constantly changing and evolving as time goes on. It’s important to stay compliant with regulations, specifically with the laws outlined in HIPAA, OSHA, ACA, etc. Staying on top of updated rules can be difficult, especially when you don’t have time to constantly check them, but it’s crucial to stay on top of them because of the risks and fines it can cost your business and patients.

Technology Advances 

As technology and medical devices advance, they are going to be implemented into your practice to give patients the best and most accurate results. These new machines or systems can be a great asset, but they will be a large investment. That is something you must consider as your operations expand. 

Complex Systems

Healthcare practices require software systems that hold a lot of data and patient information. This can include anything from their personal information, appointment details, treatment plans, payments and balances, and insurance information. These systems can be complex and hard to navigate if you’re unfamiliar with them. 

Labor/Staff Shortages

There is a shortage of medical professionals in the field, especially because it requires such high skill and knowledge. This means those entering expect to be paid more and receive more benefits, which can put financial strain on the healthcare company. 

Rising Costs 

Most expenses that affect the medical field are on the rise. As previously mentioned above, staffing shortages can cause an increase in labor costs. Other expenses, such as equipment, supplies, supply chain issues, rent, etc., are continually increasing and can add more financial stress to your medical practice. 

What is a Healthcare CPA? 

A healthcare CPA is an accounting professional who specializes in healthcare-specific services. There are nuances in healthcare accounting that require specific knowledge and expertise. All of the challenges discussed above can be helped through a healthcare CPA who can provide financial clarity.  

They can work with any type of health professional, such as nurses, doctors, dentists, physical therapists, ophthalmologists, etc., since all of these careers have similar accounting practices and financial means. Let’s take a look at their common services. 

Their Services 

• Bookkeeping: An essential part of taking care of your finances is to keep accurate records of transactions. Bookkeeping includes preparing financial statements in a timely and accurate manner. As a healthcare professional, it can be hard to stay on top of the books with all of your other responsibilities. A CPA can take on this responsibility precisely so you don’t have to stress about it.  

• Payroll: Healthcare CPAs can take care of all aspects of payroll and compensation benefits for each employee. This can be a long and tedious process, especially if there isn’t a system in place to keep everything organized. They can help keep this process as painless as possible. 

• Taxes: Taxes can be very complex, with regulations that must be followed, different structures based on business type, accurate filing, and planning. Healthcare CPAs are aware of compliance rules as they continue to change and can assist with every aspect of tax planning.   

• Audits: Healthcare CPAs can help you through the audit process. This includes examining internal controls and risk management. It’s important to ensure all of these are functioning properly so pass an audit, which CPAs can help you prepare for.  

• Profitability Oversight: One of the biggest goals of health practitioners in any discipline is to remain successful and profitable. CPAs can analyze your financials and identify areas of improvement to help you remain competitive and profitable. 

• Financial Forecasting: CPAs can help you see what your financial health can look like in the future. They can also help you create a budget that will help you achieve and maintain the goals you have in the healthcare industry.  

• Retirement Planning: As you prepare to retire, you want to make sure that everything is in order. CPAs can help you transition your practice when you’re ready and make sure you have all that you need when you aren’t working anymore. 

Benefits of Hiring a CPA for Healthcare Professionals 

Some of the major benefits of working with a healthcare CPA include:

• More time working with patients while financial health is taken care of
• Minimized compliance risk 
• Improved financial strategies 
• Accuracy and precision with financial statements
• Specialized knowledge of the industry 

Consider Cooper Norman as Your Idaho Falls Healthcare CPA

At Cooper Norman, we understand the financial challenges and ins and outs of the healthcare industry. We can help you stay compliant and help you stay on a profitable path. Our accountants have the expertise that you can rely on as a healthcare professional. We want to provide you with the best service to reach your goals. You are the number one priority, and we want to help you get there. 

If you are an Idaho Falls healthcare professional and are looking for peace of mind within your practice, contact Cooper Norman to get started today. Let’s take care of that financial health in the best way we know how!