Gastroenterology is one of the most respected professions in the medical field. Some of the best and brightest doctors have the opportunity to specialize in this field. Unfortunately, medical practitioners like you most likely are not accounting professionals, making you less prepared for the financial side of your business. Gastroenterology practice CPAs can help you simplify the gastroenterology bookkeeping and tax planning of your practice.
Gastroenterology Practice Bookkeeping & RCM
An excellent way to understand the vital role that gastroenterology practice accounting plays in the success of your business is looking at your Revenue Cycle Management. RCM focuses on the management of your expenses and income. It is one of the main responsibilities gastroenterology practice CPAs have.
RCM is a way of managing payments your gastroenterology office receives. It also applies to other practices in the medical field. It involves claim processing and the entire process of generating revenue.
Effectively managing gastroenterology practice bookkeeping, including your patient revenue cycle, may require the use of special medical billing software. In other words, it is almost impossible to accurately keep tabs on the entire claims process routine involved in gastroenterology practice bookkeeping without using some form of technology to accurately track claims, collect payments, and monitor denied claims.
Problems Gastroenterology Practice CPA Can Prevent
A watchful gastroenterology accountant can be beneficial because statistics show that more than 25 percent of claims put through to insurance companies in the medical field are rejected. This is regardless of whether or not the claims were accurately and promptly sent to the insurance companies. What is startling is that statistics show that upward of 40 percent of rejected claims are not resubmitted. Clearly, this failure on the part of poor financial management leads to inexcusable revenue losses.
An experienced gastroenterology practice accountant can help your practice stay on top of bookkeeping and billing, and help decrease the chances of incurring significant losses. If your in-house accounting staff is not operating correctly, they may benefit from the guidance provided by gastroenterology practice financial advisers. Here at Fusion CPA, our financial advisers can familiarize your accounting staff with accounting platforms specifically designed for the medical field. Our gastroenterology practice financial advisers can also help you get a clearer picture of the revenue your business is generating, where revenue is being lost, how expenses can be reduced, and ways to get a firmer grasp on your payroll.
Avoiding Pitfalls: Gastroenterology Practice Tax Planning
As long as your clinic is earning money, there will always be taxes you need to address. Having tax professionals help you with your gastroenterology practice tax planning can reduce some of the stress that you have and make it easier for you to perform your medical practice. One way they can do this is by helping you keep good records of your expenses. The IRS awards tax exemptions for several expenses unique to the medical field. Tracking these expenses and knowing how much you can deduct for these expenses could potentially save you thousands of dollars every year. Fortunately, your gastroenterology practice accounting can be seamless with the help of professionals. We at Fusion CPA offer gastroenterology practice tax planning services to businesses within Atlanta, Georgia and other parts of the country. We specialize in the use of accounting platforms like QuickBooks Online, to help our clients understand their revenue, expenses, payroll, and tax obligation. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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