Operating a small medical practice requires you to keep track of two crucial components. These include patients and billing. If these areas aren't running smoothly, your business will begin to have problems that affect productivity. Using a software product like NextGen Office can help you streamline the way you handle these essential areas. The software features a patient portal, which controls functions such as online payments, lab results, medication refills, and appointment requests. The other portion of the software is dedicated to enhancing revenue. It includes an account management system where you can work with and analyze your insurance accounts receivable. This area can become indispensable in assisting with accounting for medical practices. By taking the numbers from this area and transferring them to accounting software such as QuickBooks, it can make it more efficient when doing the bookkeeping for medical your practice.
Make Patient Billing More Efficient
Working with patient billing is a rigorous and complex process. Using the NextGen Office medical practice management software makes it more efficient and simpler to manage. Understanding the percentage of clean claims and denied claims and how they affect your bottom line is essential. This software's revenue analysis area provides these types of numbers. You can take care of payments from patients on the patient portal side of the software and work with insurance claims in the other area. Transferring these numbers to your bookkeeping ledger will make it easier to see how your medical practice is doing financially. Taking the time to update your bookkeeping for medical practices does take extra effort but is crucial to complete. If you would like to free up some time, you may want to outsource this work to a CPA for medical practices. They have the expertise and experience to make sure your income figures are recorded accurately.
Maintaining the Correct Figures for Your Accounting
Having the ability to track the income you receive from patients and insurance companies makes it easier to handle both your bookkeeping and tax liabilities. NextGen Office has a specific category for credit card processing and one that allows you to submit and track claims electronically. The software system also includes a real-time insurance eligibility verification and re-verification feature so that you know insurance eligibility before a patient's appointment. Outsourcing these tasks to an experienced accountant for medical practices from here at Fusion CPA can safeguard against having any errors created when numbers are being transferred to your bookkeeping ledger. Maintaining an accurate and detailed account of these figures is essential to the financial health of your business. It's also a component that's necessary when it comes time to pay taxes.
Tracking and Improving Your Revenue Results
By analyzing the metrics provided by NextGen Office, such as net collection percentages, charge entry lag times, percentages that are past due, and underpayments, it can help determine how to maximize your receivables and meet or beat both your short and long-term financial goals.
While receiving assistance from an accountant for medical practices can help ensure that your bookkeeping and tax liabilities are kept up-to-date, it's likely you'll also want to try and do all you can to boost your revenue stream. Improving this area of your business can be done by utilizing a CFO business advisory for medical practices service. Getting assistance from a seasoned CFO can be a game-changer in increasing your profit margin. Combining our CFO business advisory for medical practices service with a CPA allows us to examine your revenues thoroughly. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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