Healthcare Accountants Elevating the Industry

Healthcare accounting professionals are highly sought-after across the United States. As more business operators set up shop in this space, the need for experts with experience accounting for healthcare organizations, pharmaceutical companies, and other healthcare providers increases.

Healthcare accountants must have a strong understanding of the medical industry and the various laws and regulations that govern it. They must also be able to effectively manage the finances of their clients and keep up with the ever-changing landscape of the healthcare space.

The challenges those in this industry face include regulatory laws, excess benefits, fraud, and tax reforms. Without addressing or resolving these issues with professional litigation support, it’s likely that the company will suffer losses.

With this being the case, health care and medical companies must have strict internal controls for risk management purposes. Furthermore, it’s crucial to follow all government requirements.

At Northstar, we provide healthcare accounting solutions to operations in the medical space. This guarantees compliance with all regulatory policies established by the government.

What is Healthcare Accounting?

Healthcare accounting is a specialized field that requires accountants to have a deep understanding of the financial aspects of the healthcare space. These accounting services are in high demand due to the complexity of the healthcare industry and the numerous regulatory requirements that must be met.

For example, let’s say a healthcare facility is looking to purchase a new piece of equipment. The healthcare accountant would need to evaluate the cost of the equipment, the expected life of the equipment, and the impact on the facility’s budget. They would also need to research any government regulations that might apply to the purchase.

This is just one example of how healthcare accounting services can be used to ensure that a healthcare organization is compliant with all relevant laws and regulations.

How Can Healthcare Accountants Help Your Business?

Healthcare accounting involves preparing clinical documentation. However, there are other benefits to having professional handling your money.

The value medical practices find in medical accounting is that it gives information they can rely on to influence internal and external decision-makers.

Accounting best practices help your medical organization generate income. Whether you’re operating hospitals or another complex medical company, planning head for large expenditures and large one time costs life might throw at you is essential.

These services also analyze resources, their allocation, and unnecessary waste. And in case of auditing, your organization is always prepared with documentation of all payments, patients, patient payments, billing, and more.

If you’re one of the many healthcare entities that are involved in the healthcare industry, it is essential to have a team of experienced healthcare accountants working with senior management to handle the financials. As accounting professionals that work with healthcare organizations, we can help you navigate the financial complexities of the healthcare space.

We understand the ever-changing landscape of the industry and can provide you with the accounting services that you need to stay compliant with all relevant laws and maintain regulatory compliance. Contact us today to learn more about how we can help your operation thrive in the healthcare industry.

Why Does the Healthcare Accounting Role Exist?

At Northstar’s CPA firm, we handle the financials for many clients in the healthcare space. We also work with companies of all sizes, from startup companies to large publicly-traded corporations.

Whether you’re running nursing homes, physician practices, urgent care centers, hospitals, or something else in the health care space, traditional accounting isn’t the answer. You need specialized accounting services keeping track of all the revenue, expenses, and other important numbers in your operation.

This is where accounting professionals who have experience working with healthcare providers and healthcare organizations shine. As a specialized field of accounting, healthcare accounting focuses on the unique financial needs of companies in the healthcare space.

What Does Healthcare Accounting Include?

There are many different aspects of healthcare accounting, but some of the most important include:

– Reviewing and auditing financial statements

– Analyzing operational data analytics

– Identifying cost savings opportunities

– Managing cash flow

– Performing tax services

– Prepping financial reports

– Preparing a business valuation

– Managing financial records

– Assisting with compliance

– Providing advice on financial planning and budgeting

– Performing cash flow analyses

– And more!

If you’re running a healthcare operation, it’s important to have a team of accountants experienced working with health care providers on your side. We incorporate generally accepted accounting principles and apply them to the healthcare space to help you navigate the financial complexities of the healthcare space and ensure that you’re compliant with all relevant laws. Contact us today to learn more about our services!

In most cases, clients come to our firm because they need help managing the finances of their healthcare organization or they’re looking for someone to provide them with expert guidance on the ever-changing landscape of the healthcare industry.

Healthcare Accounting Services Explained

Accounting services in the health care space are similar to those in other industries, but with a few key differences. Here are some of the most common services we provide to our healthcare clients:

– Financial statement preparation: We will work with you to prepare accurate and timely financial statements that comply with generally accepted accounting principles (GAAP).

– Regulatory compliance: We will help you navigate the complex web of laws and regulations that apply to your healthcare organization. We will also help you develop and implement compliance policies and procedures.

– Financial analysis: We will work with you to analyze your financial data and identify trends and opportunities. We can also help you develop custom financial reports.

– Accounts receivable/accounts payable management: We will help you manage your accounts receivable and accounts payable processes. We can also help you develop strategies to optimize your operational capital.

– Revenue cycle management: We will help you streamline your revenue cycle to improve efficiency and reduce costs.

– Business valuations: We will work with you to valuate your healthcare business for purposes of sale, mergers and acquisitions, financial reporting, tax planning, and more.

– Tax planning and compliance: We will help you navigate the complex web of laws and regulations that apply to your healthcare business. We can also help you develop tax planning strategies to minimize your tax liability.

– Balancing balance sheets: We will work with you to ensure that your balance sheet is accurate and up-to-date.

– Business consulting: We offer a wide range of business consulting services to healthcare operations. We can help you with strategic planning, marketing, human resources, and more.

Accounting in Healthcare vs. General Accounting

Accounting in healthcare is different from general accounting services in a few key ways:

– Compliance: There are many laws and regulations that healthcare organizations must comply with, including the Patient Protection and Affordable Care Act (ACA), the Health Insurance Portability and Accountability Act (HIPAA), and more. It’s important to have an accountant on your side who understands the compliance landscape and can help you navigate it.

– Financial statements: Healthcare organizations have unique financial statement needs. For instance, you’ll need to track patient revenue, provider reimbursement, third-party billing, and more.

– Operational data: In order to make informed decisions about your healthcare operation, you need access to key operational data points. This data can help you identify cost savings opportunities, optimize your cash flow, and more.

– Financial planning: Healthcare businesses have unique financial planning needs. For instance, you may need to plan for capital expenditures, new hire training costs, marketing campaigns, and more.

At Northstar, we understand the unique challenges that healthcare businesses face. We offer a full suite of health care business accounting services to help you manage your finances, comply with regulations, and make informed decisions about your operation. Contact us today to learn more!

Who Needs Healthcare Accounting Employees/Professionals?

Health care providers, hospitals, clinics, nursing homes, home health care agencies, doctor’s offices, and any other type of organization that provides health care services need certified public accountants experienced in this space.

Some of the positions that may be found in a healthcare accounting department include:

– Accountants

– Financial analysts

– Compliance officers

– Billing specialists

– Accounts receivable/accounts payable specialists

– Data analysts

– And more!

However, there are benefits to working with a CPA firm like Northstar.

Our team of professionals work on a fractional basis to serve health care companies and organizations the same way we would if we were employed full-time by them. This provides our clients with cost-effective access to the expertise they need without the overhead costs of a full-time staff.

The Future of The Healthcare Industry: Northstar

The healthcare space is a complex and ever-changing industry. As a result, healthcare businesses need to partner with accounting firms that understand the unique challenges they face.

At Northstar, we have the experience and expertise to help your operation navigate the complexities of the healthcare space. Contact us today to learn more about our services!