Medical establishments, like
any other business entity, need sound accounting practices to keep them running.
Fulfilling this need is considered a top priority for large hospitals, most of
which possess enough resources for an in-house accounting department. Sadly,
this isn’t the case for smaller-scale clinics, which turn to outsourcing accounting
services. Here are some of their most common forms, along with brief
descriptions.
Private accountants. These professionals
often have multiple clients, and are trained on special accounting
considerations concerning the medical profession. One such factor is detailed cost
accounting, which typically deal with keeping patient bills constant with the
rising costs of acquiring and maintaining medical equipment.
Accounting firms. They
practically serve as a small clinic’s accounting department, and provide specific
services tailored to meet their clients’ needs. These may include billing, payables,
receivables, and the production of cash flow statements or monthly/annual
financial reports.
Part-time accountants. Clinics can
also hire accountants on an hourly basis, who work within the premises at frequencies
ranging from a day or two per week. Their services typically don’t differ with
the first two, only the work shift does.
Tax consultants. These
professionals specialise in the preparation of annual tax returns, and giving
out tax advices. As the saying goes, taxes are one of the most certain things in
this world, and medical establishments are not exempted from taxation,
regardless of their valuable services to people.
