Healthcare companies face many unique challenges that make it difficult to sustain financial success.
High turnover rates, intensive employee training, and deciding what technology to include in your practice or healthcare business can all strain your employees and hinder your business operations.
Fully Accountable takes the stress out of healthcare financial planning.
With our full-service financial experts, you have access to timely reports, up-to-date compliance, and valuable insight from fractionalized CFOs. Our accounting team doesn’t simply bookkeep, we consult you on how to keep your business financially healthy.
You already have enough to worry about while ensuring the health of your patients. Let a fully managed accounting firm take care of your finances.
What are Health Companies?
There are many different types of businesses that provide healthcare products or services. These companies typically engage in owning and operating facilities where they distribute products such as skin care products, supplements, and pharmaceuticals.
Today, health care is one of the most important industries in our society. It not only accounts for a substantial percentage of GDP, but it also has a profound effect on all other aspects of life as well – from education to jobs and what we do for entertainment.
What Are Some of the Accounting and Finance
Challenges Healthcare Companies Face?
Healthcare companies face the following challenges
- Accumulating backlog of deliverables and requests
- Inability to handle more specialized projects due to the lack of staff
- High turnover
- Steep learning curve for training
- Limited candidates
- Challenges cross training
- Issues identifying and implementing new technologies to increase efficiency and reduce operational costs.
Outsourced arrangements help organize your financial infrastructure so you can overcome these many challenges.
Many organizations only turn to outsourced accounting and finance options in times of emergency when it’s too late. However, implementing outsourced accounting services into your business plan before these issues arise can help you avoid them before they begin.
What Are Some of the Key Benefits of
OutsourcedAccounting for Healthcare Companies?
Due to limited prospect pools, health care organizations might have to employ accounting staff who don’t have much experience or a thorough understanding of the industry. Outsourced accounting offers fractionalized professionals who can provide industry-specific insight that responds.
Outsourced accounting professionals identify potential issues and respond to them using experience working with other healthcare companies of all sizes and requirements. Using outsourced accounting services gives you access to such benefits as:
- Industry expertise
- Thorough understanding of industry-specific accounting standards and financial reporting.
- Experienced project management and leadership skills.
- Scalable workforce that can achieve quick deployment.
Insight for the Future
Having financial professionals who understand the operational challenges healthcare businesses face are few and far between. When you have access to a full-service, fractionalized financial service like Fully Accountable, you geet experienced professionals who stay up to date on all of your complex accounting issues such as:
- Revenue recognition
- Lease accounting
- Not-for-profit accounting changes
- Capitalization rules
- Pension timing
Business decisions should be based on current, relevant, and meaningful financial information and insight. Outsourced professionals transform fragmented and cumbersome financial reports into simplified formats that your organization can easily understand and implement.
You never have to worry about staying compliant when you use outsourced accounting firms. They have a strong understanding of US generally accepted accounting principles. They also understand how to apply them to your financial statements.
Improved Efficiency and Cost Reduction
Inefficient month-end processes cause delays in your bookkeeping process and monthly report generation. In turn, these issues can cause large-scale issues with financiers. Streamlining these processes allows for better resource allocation and more time for thorough report analysis.
Stronger reports and reduced costs aid the following areas:
- Cost flow distribution
- New debt payment opportunities
- Reduced operational costs
Implementing new technology and streamlining existing systems is challenging if you don’t know how to identify inefficiencies and strengthen your systems. If you aren’t looking to improve your client services, and eliminate obstacles through technology, you’re falling behind your competition.
Having an outsourced accounting firm assess the state of your organization’s accounting and operational software will give you access to suggestions that can change the current systems and advice on whether newer systems work better.
In times of growth, the hiring process can prove to be a nightmare and outsourced accounting services can scale according to the needs of an organization. Outsourced accounting allows you to scale without worrying about whether you will have overflow or won’t be able to fulfill complex projects.
They allow your staff to focus on the day-to-day needs of your organization and they can integrate the appropriate accounting software and data while utilizing its financial and operational processes across your organization, according to its needs.
Call Fully Accountable Today to Schedule a Free Consultation
Fully Accountable is a full-service outsourced accounting organization that will handle all of your financial needs.
Whether you’re acquiring or merging with another company, uncertain of eligible tax breaks, or simply can’t keep up with the demand during a talent shortage, our fractionalized experts will keep you on the path to sustained growth.
Our controllers and CFOs provide accurate reporting as well as insightful projections and we will teach you how to make the most out of the tech-enabled industry.