With the most reliable healthcare bookkeeping services, IBN aims to help medical practitioners and organizations achieve success.
We help the medical fraternity not only maintain records but also manage revenue cycles.
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In-house handling of financial books often results in the following challenges for healthcare businesses:
R&D Cost Recognition
Healthcare businesses that engage in R&D activities must comply with accounting standards and regulations specific to the industry, such as the GAAP and FASB. Also, the accounting treatment for R&D expenses vary based on the nature of the project, the stage of the project, and the expected outcome of the project, which makes it even more challenging to maintain books.
Managing Insurance Claims
Healthcare businesses must ensure that insurance claims are submitted accurately and on time, and they also have to follow up with insurance companies to ensure they are paid correctly. In addition, insurance companies often have strict policies and procedures that must be followed, adding to the complexity of managing insurance claims.
Compliance with Regulations
Healthcare businesses must comply with a range of regulations, including HIPAA (Health Insurance Portability and Accountability Act) regulations around patient privacy and data security. Compliance with regulations requires strict record-keeping and adherence to specific procedures and protocols, adding to the workload of healthcare businesses.
Revenue Cycle Management
From patient registration and billing to collections and financial reporting, healthcare businesses have to manage their revenue cycle effectively. Revenue cycle management requires a deep understanding of financial and accounting principles, as well as specialized knowledge of healthcare regulations and reimbursement models.
Managing Inventory and Supplies
Healthcare businesses must manage a range of inventory and supplies, including medical equipment, medications, infrastructural requirements, and other supplies. Managing inventory and supplies requires careful tracking and management of inventory levels, as well as monitoring of expiration dates and other quality control measures.
Our healthcare bookkeeping services provide an accurate and seamless approach to keeping up with your financial and patient health data. Our team of trained accountants specializes in providing you with timely and complete records of all bookkeeping activities, including medical billing. We understand the complexities of accounting for medical practices and how to accurately manage accounts receivable & payable, bank reconciliations, payroll services, charge entry, and more.
We enable you to focus on the very best patient care while providing financial security by managing your daily healthcare bookkeeping needs. Our team of professionals implements high standards and strict compliance with local regulations to keep your practice running efficiently and financially secure. As a result, we help the medical fraternity not only maintain records but also manage revenue cycles.
Our line of bookkeeping services for healthcare includes individual practitioners and hospital facilities.