Does it make sense to outsource your accounting functions? Yes, as it’s becoming more common to see arrangements in which CPA firms take on tasks like bookkeeping for health care MSOs, tax planning for health care MSOs, and a long list of other finance/accounting functions. This article will discuss the benefits of outsourcing accounting services.
At first, it might seem counter-intuitive for MSOs to outsource when they already act as outsourced business specialists for medical professionals. The scope of what MSOs do has snowballed that many have chosen to do a bit of outsourcing themselves. When it comes to accounting for healthcare accounting MSOs, a CPA firm can take on the accounting/finance burden for their medical service organization clients. MSOs can benefit from outsourcing to a CPA firm in many ways. Four benefits top the list: enhanced internal controls, constant staff coverage, better focus, and better technology.
Benefits of Outsourcing Accounting Services
A CPA for health care MSOs can assume many different roles. Taking on the MSO’s various accounting services, tax planning, compliance, bookkeeping, and budgeting functions are among the most common ones. Further, a CFO advisory for health care MSOs takes on an even more significant number of duties. In the long run, the MSO itself ends up gaining a few key benefits of outsourcing accounting services.
- Better technology: If you have multiple clients within your MSO and all of them have their own systems, it makes sense to outsource the entire accounting function to a firm that can leverage state-of-the-art tech, which can offer you a simple dashboard interface for keeping track of everything in the cloud.
- Sharper focus: Physician-run MSOs can often get caught up in the business end of operations, to the detriment of their patients as the heavy workload may impair their ability to deliver seamless, focused health care to patients. Outsourcing means never having to veer from your medical-based specialty.
- Total staffing coverage: If you don’t want any gaps in accounting staff coverage, which often happens for MSOs who have one or two in-house bookkeepers, you need to outsource the entire accounting function to a 24/7 CPA firm. Another benefit is that holidays, vacation time, and special company days off are never an issue when you outsource all the relevant work in the accounting domain.
- Refined internal controls: By its very nature, outsourced accounting means that all duties are fully segregated. There is no need to maintain several in-house employees to look after this essential piece of the financial integrity puzzle.
Making Wise Decisions
Here at Fusion CPA, we offer a comprehensive menu of services, including accounting for health care MSOs and CFO advisory for health care MSOs. If you feel overwhelmed, you may feel the time is right to partner with an experienced CPA firm. With the entire health care field set to undergo major changes in the next few years, the accounting function won’t get any simpler.
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