Healthcare Practice Challenge: Put Patients First and Keep the Practice Financially Healthy

Accounting Hurdles for Healthcare Practices

Billing Issues Cause Income Leaks

Financial review of payments from insurance providers, patients and government programs can be complex but is necessary.

Issues

  • Lost income
  • Negative impact on operations

In-House Expertise is Expensive

Bookkeeping can be managed in-house with administrative staff. Accounting oversight requires education.

Issues

  • Critical accounting work can get de-prioritized due to lack of understanding
  • Replacement & cross-training is difficult

Incorrect Financials Damage Lending Options

If financials are wrong, lines of credit can be interrupted.

Issues

  • A/R must match for all revenue streams
  • Partnerships require tracking of distributions and investments

Tight Operations Control is Challenging

When many hands touch copays, insurance and agency payments, dishonesty can be overlooked.

Issues

  • Practice Manager is not an accountant
  • Without external review & confirmation fraud is easier

Blazej Business is the Ideal Accounting Partner for Healthcare Practices

We work with medical practice partnerships that gross over $2M annually

We understand financial reporting for partnerships and for practices with multiple locations

We know how to work with internal administrative staff to maintain solid accounting practices while the professionals concentrate on their patients

Weekly

The Blazej Business Bookkeeping & Accounting Teams will do the coding or double-check internal staff.

Bookkeeping & Accounting

  1. Coding bank and credit card transactions to ensure the books stay up to date
  2. Asking questions on expenses and deposits to maintain the quality of financial reports

Monthly

The Blazej Business Accounting Teams will perform the tasks or review internal staff work.

Accounting

  1. Reconcile bank, credit card & loan accounts
  2. Review Balance Sheet and P & L
  3. Confirm payroll and benefits 
  4. Any outstanding questions are resolved with the partners

Quarterly

The Blazej Business Accounting Teams will perform the tasks or review internal staff work.

Accounting

  1. Quarterly review
  2. Review and correct unreconciled items
  3. Confirm payroll tax deposits
  4. Reconcile owner draw account(s)

Sharing Responsibilities is Smart

  1. Fundamental business operations are delegated to the in-house bookkeeper, the practice manager and the principal
  2. Accounting expertise is available on demand as needed, as opposed to hiring an accounting manager
  3. Always updated financial reports gives lenders, banks and partners a clear picture of the practice at any time
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Multiple Locations

Compare & Contrast with Meaningful Metrics

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Multiple Businesses

Keep them as separate as needed without unnecessary complications

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Reports Lenders Love

P&L statements that accurately reflect the business's condition & that reconcile with other systems

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Accounting Oversight & Training

Use in-house administrative staff for routine transaction maintenance.