By Carolyn Hall, CPA, MBA
In my last blog post, we covered how a business process review is a great tool to determine what processes can be improved upon in your medical service organization (MSO) or dental service organization (DSO). One of the most common outcomes of a BPR is a company elects to onboard an outsourced accounting firm.
With this post, let’s explore the value-added benefits of such a relationship.
A Valuable Team Addition
An outsourced accounting firm with experience in the healthcare field can help an MSO or DSO better understand the story the numbers are telling. This team can help you monitor and analyze data, discuss efficiencies, and take a closer look at practice information like patient mix and service demands. Working in real-time collaboration with such a firm, you’ll gain a valuable ally in controlling your growth and taking full advantages of opportunities to boost revenue and improve your bottom line.
Here are a few specific ways in which an investment in an outsourced accounting firm can pay off.
Maintain your focus on core strengths. Your patients demand your full attention. You will be able to keep your focus on the delivery of quality medical or dental services and let your accounting firm watch the numbers and pursue strategic growth paths.
Extend valuable collaborative relationships. With an outsource model, you are not dealing with just one individual, but a whole team of experienced accounting professionals – even those with in-depth tax knowledge if necessary. All team members work under the direction of a competent accounting manager with experience in your field and the ability to get things done.
Gain comprehensive coverage. Your staff accountant takes vacation days, gets sick, or can suffer from work overload. When you have an entire outside accounting team behind you, someone is always available to cater to your business.
Receive critical internal controls. From a security standpoint, it is vital to segregate duties in your accounting department, but it would be costly and inefficient to hire a staff of three or four people just to have ample resources available to handle your accounting processes. However, that is the exact attention you get with the support of a trusted outside accounting firm - a full segregation of duties.
Take advantage of the latest technological tools and processes. You will find it advantageous to work in the cloud with a state-of-the-art dashboard and gain real-time insight into all activity conducted on your behalf, but it is not efficient for your team to learn the intricacies of multiple systems. An outsourced accounting firm will take that burden from you and your team.
More than anything else, when you form a collaboration with a trusted outsourced firm, you’ll gain a team of accounting professionals with a skill set that makes them valuable partners in the ongoing growth and prosperity of your MSO or DSO.
Carolyn Hall is the leader of CFO Advisory at Wiss. You can contact her at (973) 994-9400 or at email@example.com.