healthcare accounting

HEALTHCARE ACCOUNTING

In the ever-changing landscape of the healthcare industry, it’s important to have people you can trust with your accounting responsibilities. Industry reform, a multitude of regulations, and a complex payment model are just some of the reasons having a savvy partner focused on your books makes sense. Cooper Norman partners with healthcare practice owners and operators, helping them meet the challenges of running a successful office.

Whether you have been in business for years or just recently opened a medical practice, assisted living facility, home health care center, or laboratory we have the experience needed to provide comprehensive healthcare accounting services, so you can focus on your patients or residents. We want to make accounting an easy part of your business so all of your focus can go toward the individuals that use your services. In healthcare, it is important that you are able to truly focus on the experience you are giving to those that come in contact with your business.

If you need help with the financial management of your healthcare business, we would be happy to share our expertise on all topics from the Health Care Reform Act to tax advantages for healthcare practitioners. Our team has years of experience to help you through the complicated decisions and components that go into healthcare finances. Whether you need to design a physician compensation plan or set up an accurate, automated payroll system, you’ve come to the right place. If you have 3 employees or over a hundred, we are able to ensure that they are all getting compensated accurately and on time for each paycheck. Billings and collections, expense management, and valuations of your practice are just a few of the services we can provide to keep your practice on the right course. Getting paid for services that you have provided can prove to be difficult and take up a significant amount of your time. We have the resources to reach out for what is owed to the business.

What a Healthcare Accountant Does

A healthcare accountant can help you move beyond keeping up with daily billing and collections. Finances are complicated and take consistent attention to have things done right and not get behind on them. Cooper Norman hires experienced, talented, and dedicated accountants who can complete whatever accounting tasks you may need. With our help, you can focus on growing your business and providing stellar healthcare to patients. If you are in the healthcare industry, we know that your priority lies in helping people, and we want you to be able to do just that.

So, what does a healthcare accountant do? We can track your financials, provide month-end reporting, offer virtual CFO services, set up your bank accounts, and help you strategize the best way to accomplish your future goals. That could include anything from maximizing revenue to valuing the practice to helping you prepare for new endeavors such as retirement.
 
Here is an overview of the services we offer current healthcare accounting clients:
 

• Business advisory services. 

 
As part of our concierge business advisory services, we often tailor comprehensive solutions for individual practices. This may include preparing to sell the practice or acquire additional health care practices under your banner.
 

• Tax strategies, planning, and compliance. 

 
Tax planning and compliance are complex topics best left to the experts. Cooper Norman provides technical support and hands-on assistance with the tasks needed to comply with tax law and maximize tax-saving strategies. We have years of experience and knowledge about the ins and outs of taxes in healthcare. 
 

• Valuation services. 

 
Are you thinking about retiring or selling your practice to pursue other endeavors? Our team can provide a valuation of your healthcare practice. We go about this methodically, conducting essential research to establish a fair market value (FMV), informing you of the compliance challenges, and assisting with all aspects of the sales process. This allows you to know exactly what you have and what to expect during the process of handing your business off to another individual. 
 

• Mergers and acquisitions. 

 
Do you plan to grow your business by acquiring other practices? If so, it’s important to have the financial expertise required to work through the types of financial transactions involved in the consolidation of companies. We can help you tender offers, manage acquisitions and make strategic decisions to operate more efficiently after adding new assets to your healthcare portfolio. It can be a complicated process to merge finances after purchasing another practice, we are here to help you through it and make it a smooth transition.
 

• Accounting services. 

 
Healthcare accounting processes start at the transaction level and include month-end reporting, variance analysis, and financial planning to grow the business. We offer the training you need on easy-to-use enterprise-level products such as QuickBooks. It’s important to choose the right software to meet the current and future needs of your healthcare practice. We are able to help with learning new software and getting the most out of the software that you are using. 
 

• Payroll services. 

 
Payroll calculations include compensation, bonus, and benefits. Payroll often eats up a lot of valuable time. You can trust Cooper Norman with your bookkeeping tasks to ensure that your employees are being compensated correctly and getting their paychecks on time. We also provide outsourced controller services to streamline your accounting processes and improve the processing accuracy of your payroll.
 

• Personnel management services. 

 
The people you hire to work behind the desk, treat your patients and keep your book’s matter. In fact, they are often the most important resources in your healthcare practice. If you need assistance setting up an equitable personnel management program, we can help you improve the relationship between employees and managers. Those that work for you and the work relationships are important and we want to support you in having a healthy work environment. 
 

How Having a Healthcare Accountant Is Advantageous

Having a dedicated healthcare accountant comes with tangible benefits. You need a seasoned professional to help you determine patient eligibility and copays. We can also conduct coding audits to ensure that healthcare payers receive complete and accurate information. These efforts help avoid delays and shorten the time between treatment and payment. All of these steps will help to ensure that you are getting proper compensation for the services provided.
 
From claims tracking to following through on denied claims, we can help you manage payments more efficiently.
 

Who Needs a Healthcare Accountant?

If you own or operate a physician, chiropractor, aesthetician, or other healthcare practice, it’s time for you to leave your accounting to the professionals. Having a healthcare accountant gives you access to CPAs and other professionals focused on the medical industry and gives you the freedom to spend time on more immediate things within your practice.
 

WHY YOU SHOULD CHOOSE COOPER NORMAN

 
Those who manage healthcare practices are often providers too. When healthcare providers spend enormous energy managing the finances of their business, it takes away from their time with patients, decreases billable hours, and can quickly burn out doctors and other providers. We want the physicians that we work with to spend their time doing what they enjoy most which is being with their patients.
 
Cooper Norman specializes in providing healthcare accounting services for medical practices and facilities. We would be happy to share our roster of professionals, with backgrounds in bookkeeping, tax planning, cash flow management, payroll, and accounting. Our team members are well versed in the healthcare industry and the services they provide can help you maintain a profitable, smoothly operating office.
 
As a healthcare accounting firm that has worked beside doctors and other practitioners for many years, Cooper Norman is dedicated to staying on top of trends and regulations that impact your bottom line. We do our part to follow the changes happening within the industry so we can continue to give top of the line services.
 
Contact us today to set up a consultation to discuss your concerns, and questions and find out how our services can help set up your practice for success when it comes to financials.